Overall CD Rates Hold Steady For Week Ending August 19th, 2011

This past week we have seen the Dow move up and down, but ending the week down 450 points. Many banks have cut their CD rates but overall the top CD rate leaders have held steady. The biggest drops come from a major Credit Union – Melrose. Melrose has consistently kept their rates higher than any other major nationwide bank, but since August 8th they have cut their rates down by about a quarter percent.

Here are the current rates offered at Melrose Credit Union:

  • 12 month CD rates down to 1.05% from 1.31%
  • 24 month CD rates down to 1.31% from 1.56%
  • 36 month CD rates down to 1.81% from 2.07%
  • 48 month CD rates down to 2.07% from 2.32%
  • 60 month CD rates down to 2.57% from 2.83%

For the week ending August 19th 2011, the top CD rate holders have held steady:

  • 3 month CD’s – AloStar Bank of Commerce at 0.76%
  • 6 month CD’s – AloStar Bank of Commerce at 1.05%
  • 12 month CD’s – AloStar Bank of Commerce at 1.27%
  • 24 month CD’s – MainStreet Bank at 1.50%
  • 36 month CD’s – MainStreet Bank at 1.90%, DOWN from 2.00% from August 8th
  • 60 month CD’s – MainStreet Bank at 2.50%

Overall the best CD rates have held steady, but we suspect another drop is coming. Connexus Credit Union was also offering some of the highest CD rates, even higher than Melrose Credit Union but have since dropped their rates also.

Connexus Credit Union requires a minimum deposit of $10,000 to receive the higher rates:

  • 6 month CD rate of 1.25%
  • 12 month CD rate of 1.50%, which is down from 1.75% on August 10th.
  • 60 month CD rate of 2.50%, which is down from 3.00% on August 10th.

With these lowered rates, this puts Melrose back in the lead with the best CD rates you will find on the market. Even thought they are a Credit Union, anyone can join as long as you meet a few requirements such as opening an account and funding a savings account. They also have a minimum deposit of $5,000, which might be a little high for the average saver.

Be sure to check out our CD rates page for the most up to date rate information. CD rates can change at a moments notice so be sure to check with the financial institution about their current rates before investing.


American Express Offers A Decent 36 Month CD

American Express is not only a credit card company, but also a leader in investments, high yield savings accounts and certificate of deposits. While most major banks and financial institutions keep their rates so low, its almost as if they don’t want your business, American Express keeps their rates competitive. For instance, Bank of America offers the same 3 year CD at a rate of 0.75% APY, now how is that worth buying into? I found it hard to believe that this major Credit Card company offered decent rates on CDs.

Right now you can get their 36 Month CD at 1.85% APY and while that isn’t the best rate available, they offer a sense of security. American Express is rated one of the most stable financial institutions and Bankrate gives them a 5 of 5 star soundness rating.

There are no minimum deposits or account fees when you sign up for any of American Express’s CD products.

Currently American Express is number 11 for having the highest 3 year CD. Here is a short list of the best 36 month certificate of deposits available:

While you can get better rates from one of these other banks or credit unions, American Express will keep you feeling like your money is secure.

Be sure to check out our CD rates board for the best certificate of deposit in your area.