MetLife Moves To Top 1 Year CD Rates

MetLife moves up to being the second best 12 month CD rate available with some stipulations. The top 12 month CD rate goes to Melrose Credit Union at 1.51% with a minimum deposit of $5,000, but closely behind Melrose is MetLife at 1.45% with a steep $25,000 minimum.

MetLife’s top rate of 1.45% APY is definitely worth second place, but this online bank owned by the big insurance company requires a large investment to earn the 1.45%.

If you invest less than $15,000 in their 1 Year CD, you will earn 1.00% APY and 1.35% APY for investments of $15,000-$24,999. Any investment above $25,000 will earn you the top rate of 1.45% for the 12 months.

Melrose Credit Union still holds the top spot of the 12 month CDs at 1.51% APY, with a much smaller minimum deposit required.

Other best available CD rates include:

  • Bank of Internet at 1.41% APY with a minimum deposit of $1,000. This online bank is out of San Diego, CA.
  • Sallie Mae Bank at 1.40% APY with no minimum deposit and is owned by the big student loan lender Sallie Mae.
  • Ascencia at 1.40% APY with a minimum deposit of $500. This is an online division of PBI Bank in Louisville, KY.

All of these financial institutions have no restrictions on who can buy into their CDs. Melrose Credit Union allows anyone, anywhere to join by filling out an application and pay their $1 fee.

CD rates are always adjusting, so be sure to compare and find the best CD rates from our database of banks and credit unions.


Melrose Credit Union Holds Top Spot For 1 Year CD Rate

Melrose Credit Union located in Queens New York holds the top spot for the 12 Month CD rate at 1.51% APY. Melrose is a Credit Union open to all residents and only requires a $1 application fee. Since Melrose came on the scene they have kept the top spot for many of the CD rates we track. They are currently in a dead heat against iGoBanking, a division of Flushing Savings Bank also located in New York.

Not only do both of these financial institutions hold the top spot for many CDs, but they blow away the national average (0.59% APY – 1 year CD) for any certificate of deposit on the market today. In a struggling economy it’s difficult to find a decent rate of any kind, unless if you are planning on refinancing your mortgage or buying a house. Mortgage rates are falling to all time lows, which are good for people in the home buying market, but rates in the savings market are dismal.

The next best CD rates for the 1 year term are as follows:

  • 1.48% APY from Bank of Internet, with a minimum deposit of $1,000.
  • 1.45% APY from MetLife Bank, with a minimum deposit of $25,000.
  • 1.40% APY from Ascencia, with a minimum deposit of $500.

As the economy strengthens and interest rates increase, so should CD rates. All eyes are on what will happen next year and whether CD rates will increase in 2011, only time will tell.


Highest 12 Month CD Rates Stay At 1.55%

With CD rates continuing their fall over the past few months, the 12 month CD rate has stayed at 1.55%. Not all financial sites are promoting the highest 12 month CD rate which is from Sallie Mae Bank. If you go to their certificate of deposit section you will see their graph of how much they are paying for 12 months, 36 months and 60 months which are some of the highest rates we have seen.

While most major banks and financial institutions are lowering their rates, the big student lender, Sallie Mae has stayed steady and now they are on top for the best 1 year CDs.

In February 2010 the average 12 month CD rate was sitting around 0.77% APY and now in September, is sitting around a record low of 0.61%.

Here is a list of the next best nationally available CD rates:

  • NewDominion Bank – Paying 1.51% APY with a minimum deposit of $3,000.
  • Ascencia – Paying 1.50% APY with a minimum deposit of $500.
  • Bank of Interest USA – Paying 1.48% APY with a minimum deposit of $1,000.
  • Giantbank.com – Paying 1.46% APY with a minimum deposit of $2,500.

These banks are open to anyone within the U.S.

Be sure to compare our latest CD rates from our database of banks and other financial institutions.