Variable APY Rates Offer From Nationwide Bank Proves To Be Competitive

Nationwide Bank proves that with great investing power comes bigger rewards. Their latest offering on CD rates do not only have highly competitive rates, but it also showcases the rewards you can expect by just adding a bit more to your initial CD deposit.

About the CD Terms

Laddering CD rates are not new, but it offers consumers more options on what to do with their money. Most banks and credit unions that offer certificates of deposit terms only stick to one APY for any given amount of investment, depending on the maturity term. With Nationwide Bank’s ladderized program offer, you can choose three different APYs in each maturity term offered.

Maturity – APY

$0 to $9, 999.99

3 Month Term – 0.35%
6 Month Term – 0.55%
9 Month Term – 0.60%
12 Month Term – 1.05%
18 Month Term – 1.10%
24 Month Term – 1.20%
36 Month Term – 1.40%
48 Month Term – 1.65%
60 Month Term – 1.75%

$10,000 to $99,999.99

3 Month Term – 0.35%
6 Month Term – 0.55%
9 Month Term – 0.60%
12 Month Term – 1.05%
18 Month Term – 1.10%
24 Month Term – 1.20%
36 Month Term – 1.40%
48 Month Term – 1.65%
60 Month Term – 1.75%

$100,00 and above

3 Month Term – 0.40%
6 Month Term – 0.60%
9 Month Term – 0.65%
12 Month Term – 1.10%
18 Month Term – 1.15%
24 Month Term – 1.25%
36 Month Term – 1.45%
48 Month Term – 1.70%
60 Month Term – 1.80%

Based on the national average of 0.72% for a 1-year term, Nationwide Bank’s offering definitely looks good. It even proves itself to be better than Discover Bank’s 0.90% APY, as with a number of equally big and credible companies.

These rates hold true whilst during the maturity period, and any withdrawals made earlier than the fixed date is subject to penalty. For accounts with maturity period of more than three months but less than six, the fee is calculated as 30 days interest of the withdrawn amount. For a less than 24 month-maturity term but more than six months, 90 days interest is incurred as the fee. Lastly, a two-year or higher maturity period yields an interest equal to 180 days on the same withdrawn amount.

Applying For A CD Account

In order to open a CD account, a secure online application must be done. Personal, contact, and financial information will be asked from you. In addition, the initial deposit to open an account must not be lower than $500. If you have met the figures in the investment bracket, your APY rate can go higher.

You may then choose to roll over a new account with a different term upon maturity or withdraw the whole sum.

Each CD account is federally insured up to $25,000

Overall, Nationwide Bank is a great place to lock in your CD investment. With their ladderized program and variable APYs, you can enjoy the rewards that come with such flexibility.

Find Competitive CD Rates with Discover Bank

Discover Bank is one of the nation’s most popular banks because of its many credit card rewards and promotions. And it’s not just the credit cards that you need to unveil with Discover Bank, but their CD rates are also something worth considering.

Discover Bank currently holds some of the nation’s top rates for certificates of deposit in many categories. Below are the CD rates of Discover Bank as of January 2012:

3 Months – 0.40%
6 Months – 0.75%
9 Months – 0.85%
12 Months – 1.00%
18 Months – 1.10%
24 Months – 1.20%
30 Months – 1.25%
3 Years – 1.40%
4 Years – 1.60%
5 Years – 1.80%
7 Years – 2.05%
10 Years – 2.50%

How These Rates Compare

Discover Bank’s rates are certainly comparable with other banks that are currently on the leader board for the nation’s highest CD rates. Whether for short term or long term deposits, Discover Bank’s rates shows just how much Discover can offer back to their customers.

Discover’s rate of 0.75% for a 6 month CD is the second highest rate nationally available, after VirtualBank’s 0.85%. Discover’s 5 year CD is just also slightly lower than Intervest National Bank’s 1.95% rate. Other interesting rates from Discover is their 7 year and ten year term at a good 2.50%.

How To Start A CD Account with Discover

Starting your savings is easy with Discover. All you have to do is choose an account type, (you can even choose five at a time), enter your personal information, fund the account using any checking or savings account with either a personal check or wire transfer, and once you’ve verified your information, you can submit your application.

Managing Your CD

Once you already have your CD account opened, it doesn’t mean that you don’t have to see it up until it matures. Discover allows you to track and manage your account 24 hours a day using either phone or Internet. You can choose to accumulate interest in your CD account, and you also have the option to transfer the interest to another account. The advantage of this is that if you need to use the earnings made by your CD, you don’t have to withdraw your whole CD and suffer a penalty. It’s as if your money is really earning for you.

Discover Bank is well known for offering credit cards with great promotions for their users, but their CD rates aren’t too bad as well. If you’re looking to invest with a stable bank that offers fixed returns, then Discover Bank is a good choice.

Are CD Rates Going To Increase This Year – 2011

It has been 1 year since we wrote about the question “Will CD Rates Go Back Up In 2011” and so far rates have kept falling. Even mortgage rates are falling to their lowest levels in a year. As I write this post the United States has lost its AAA credit rating even though a default on its debt was diverted. The United States now has a credit rating of AA+ with a negative outlook, which means that the credit rating could drop again within the next 2 years unless if Congress reigns in on its overspending and debt problems.

Every program the Fed has enacted to build up the US economy has not translated into job growth or a pick up of the economy, which would translate into higher interest rates. When the Fed bought back billions of dollars worth of treasury bonds, it was speculated that interest rates would increase based on the growth of the economy and the increase of inflation. Once inflation increases so should interest rates.

In the past few weeks many CD rates were cut down a few basis points. Before the debt ceiling deal happened many were speculating that CD rates would actually increase because of Treasury yields being forced up by the small possibility of the United States defaulting. As Treasury yields increase so will interest rates, but right after the debt ceiling deal was passed, the stock market started crashing and Treasury yields actually started plummeting. Just this past week mortgage rates dropped close to 4.31%, down from 4.51% last week. It looks like CD rates will most likely continue their downward fall to record lows. How far will they go? Depends on multiple factors, but as long as the economy drags along there isn’t much hope for an increase in rates any time soon. I guess we should be asking the question “Will CD Rates Go Back Up in 2012” or more likely, ‘Will CD Rates Ever Go Back Up”. We thought last August 2010 that CD rates would surely be on the rise, since we haven’t created a magic ball and since no one can really predict the increase of rates, we made an educated guess that was completely wrong. We still have five months left in 2011 to see if rates will increase.

Here are some of the more active banks that consistently have some of the highest CD rates available nationally:

Bank of Internet cut its 12 month CD from 1.33% down to 1.20% and they also cut their short term 6 month CD rate of 1.15% down to 1.01%. The new leader for the 12 month CD term is now E-Loan at 1.26%.

First Internet Bank of Indiana currently holds the top spot for the 5 Year CD at 2.40% APY with a minimum deposit of $1,000. Discover Bank comes in second with a rate of 2.35% APY with a minimum deposit of $2,500.

If you are looking for the best CD rates, you might find better luck looking at your local credit union or a credit union that has no registration requirements like Melrose Credit Union out of New York.

You can always find the best cd rates here at

CD Rates Continue Their Slide Down, But For How Long?

Over the past few years interest rates have fallen to record lows. Low interest rates are good if you are in the market to buy a house, refinance your current mortgage or car loan, but for most of us we have seen our interest rates increase on our credit cards (Thank you CitiCards for the increased rate from 14% to 29.99%, even though I have perfect credit and never missed a payment) and our interest rates fall on our certificate of deposits, to record lows.

By taking a look back just a few months we can see that interest rates are still falling. We reported on February 22, 2011 that Walden Savings Bank had a 6 Month CD at 0.75% with a minimum deposit of $1,000. That same certificate of deposit sits at 0.60% for the 6 Month term. We also reported on April 6th, 2011 that Aurora Bank had the current best 1 year CD rate at 1.25%. Now just over two months later that same CD from Aurora is down to 1.21%.

Even the longer term CD’s are seeing drops in interest rates. The 24 Month CD from SalemFive ($10,000 minimum deposit) has dropped from 1.75% on February 21st 2011 to 1.30% on June 23rd 2011. Most major banks have been lowering their rates, while many credit unions such as Melrose Credit Union out of New York has held their rates steady for the most part. Melrose’s 2 year CD has been at 1.66% APY since February. In fact Melrose holds the top spot for the 24 month CD at 1.66% with a minimum deposit of $5,000. This is a credit union that has opened its door’s to anyone located within the USA. You will want to visit their website to view their terms and conditions for opening an account.

Thus far CD rates have fallen throughout the year, while some have held steady. If you plan on investing money into any CD, its best to research as much as you can before making a decision on which bank and term to go with. You can easily find a list of the best CD rates from our CD Rate table for your research. In an unstable economy, rates can continue to fall, so it could be wise to put your money in a higher interest, longer term CD or it could be just as bad to be stuck in a CD with a low interest rate while CD rates increase.

*We cannot make any financial advise and take no responsibility for the actions people take from visiting our website. Please consult your financial advisor before making any investment decisions.

Walden Savings Bank Offers 6 Month CD Rate At 0.75%

Looking for a short term place to store your cash? Placing your money into a certificate of deposit will earn you more than most bank savings accounts. By putting your money into a 6 month CD, you not only earn more than the average savings account, but you also don’t have to wait too long before you have access to that cash again. Short term CDs are a great way to earn a quick few bucks while you wait to make that purchase or if you are waiting to use that cash. I recently placed my money into a 6 month CD because I knew I could earn more than leaving it in a savings account, but also wanted the ability to use my money in the next 6 months to buy a house. Right now isn’t a good time to buy a house, so my money was just sitting in my bank account collecting dust, or a few pennies from its extremely low and offensive interest rate.

Walden Savings Bank has been around for over 135 years and has always provided some of the best CD rates to its customers. Walden is currently offering its six month CD rate at 0.75% APY, with a minimum deposit of only $1,000. This CD will automatically renew at the end of its term so its important that you let the bank know your intentions during that time, otherwise you might get stuck in another 6 month term. There are penalties for early withdrawals so be sure you read the fine print.

Walden Savings Bank is headquartered in Montgomery, New York and is a federal chartered mutual savings bank that opened in 1872. Walden Savings Bank maintains 11 full service branches in southeastern New York (Walden, Washingtonville, Montgomery, Cornwall-on-Hudson, Pine Bush, New Windsor, Gardiner, Scotts Corners, Circleville, Middlehope and Florida). You will want to visit one of their branches to learn more about their savings and other options offered.

Be sure to check out our most up to date CD rates table to find the best rates for any CD term.

Best CD Rates For February 17, 2011

This could be the first signs that CD rates will start increasing. One day after Sovereign Bank took the top spot for the 60 month CD term, a California based bank- Kaiser Federal Bank matched the same 3.0% APY. Kaiser Federal Bank raised its rates from 2.75% to 3.0% APY, making it a two way tie for the best available 5 year CD.

Kaiser requires a minimum of $10,000, which is much higher than Sovereigns’ minimum of just $500.

Here is a list of the top CD rates available nationally:

*TermBankFebruary 17December 1
3 Month CDCalifornia First0.80% APY0.95% APY
6 Month CDMetropolitan National1.15% APY1.15% APY
12 Month CDIncrediblebank1.45% APY1.51% APY
24 Month CDSalem 5 Bank1.75% APY1.76% APY
36 Month CDMelrose Credit Union2.17% APY2.27% APY
60 Month CDSovereign Bank3.00% APY3.03% APY

Be sure to get the best CD rate available by checking out our CD Rates board.

Best CD Rates For December 1, 2010 (Updated)

We have to post an update to the best CD rates leaderboard because of some major changes. Melrose Credit Union decided to lower their rates yesterday by about a tenth of a point across the board and since they owned the top spots for four major CD terms, we decided to post a mid-week update.

Now that Melrose lowered their rates, this has caused some major shake ups to our leaderboard, with other banks and financial institutions closely behind or over taking Melrose on some CD terms.

The New York based credit union still sits at the top of the 36-month and 60-month CD rates and ties for the lead of the 12-month term.

Sanibel Captiva Community Bank out of Florida and Bank of Internet from San Diego California still hold onto their spots of the 3-month and 6-month CDs.

Here is the updated rate table for the best CD rates in the nation:

*TermBankDecember 1November 29
3 Month CDSanibel Captiva0.95% APY0.95% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union
Bank of Internet
1.41% APY1.51% APY
24 Month CDBank of Internet1.72% APY1.76% APY
36 Month CDMelrose Credit Union2.17% APY2.27% APY
60 Month CDMelrose Credit Union2.93% APY3.03% APY

All of these financial institutions allow anyone nationwide the ability to open and invest into their certificates of deposit, either through the mail or online. Most credit unions have strict requirements that drastically reduce who can qualify for their CD products, but Melrose is an open-ended Credit Union, allowing anyone, anywhere to register for a $1 fee.

Be sure to check out the most up to date CD rates from our CD rate boards. These rates can be out dated and as with any certificate of deposit, these rates can change at any time.

Best CD Rates For Week Of November 29, 2010

There isn’t much to report for this week as we come out of a long holiday weekend. We expect rates to continue their downward slide and could see a shake up in the rates we track sometime this week. It might be wise to lock in some of these CD rates if you are sitting their wondering if rates will increase or decrease. Your best bet in this economy is to lock in short term rates before they fall even further.

Melrose Credit Union still holds most of the top CD rates we track. We expect Melrose to lower their rates across the board this week, that’s if they keep with their cycle of cutting rates every 3 months. Their 3 month mark since the last rate cut is this week.

Here are the best CD rates currently available nationally

*TermBankNovember 29Last Week
3 Month CDSanibel Captiva0.95% APY0.95% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDMelrose Credit Union1.76% APY1.76% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

These banks and credit unions qualify for our listing because they offer their CDs to anyone nationwide. As with any investment, certificates of deposits can change at a moment’s notice, be sure to check our updated CD rates table for the most up to date information.

Melrose Credit Union is not your normal credit union as they allow anyone, anywhere to join. Most credit unions have strict requirements, but Melrose’s only requirement is a $1 fee and to hold $25 in a savings account.

We encourage you to visit Bankaholic’s post about their visit to Melrose’s New York office and why they can pay such high rates, while other major banks and financial institutions continue cutting their rates.

Best CD Rates For Week Of November 22, 2010

Tis the season to give thanks and in the realm of investing, there isn’t too much to give thanks for. Over the past year we have seen CD rates continue their downward fall, with a few bright spots like iGObanking, when they where offering the highest 2 year CD, which even beat the highest 3 year CDs. Even now as banks continue to cut rates, Melrose Credit Union continues to provide outstanding products. This small, single office in Queens New York is offering the best nationally available return on the 12-month, 24-month, 36-month and 60-month certificates of deposit.

The other two banks, Sanibel Captiva Community Bank from Florida and Bank of Internet based out of San Diego California offer the best 3 month and 6-month terms.

All of the major banks, such as Chase, Band of America, Wells Fargo, stopped offering competitive rates ever since the financial crisis started in 2008.

*TermBankNovember 22Last Week
3 Month CDSanibel Captiva0.95% APY0.95% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDMelrose Credit Union1.76% APY2.00% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

CD rates can change at a moment’s notice so be sure to check our CD rates page for the most up to date information.

We list these banks and credit unions because they offer their rates to anyone nationwide.

Unlike most credit unions, Melrose is open to savers regardless of where they live and work. Anyone can open an account with Melrose for only a $1 joining fee and a minimum of $25 kept in a savings account.

Best CD Rates For Week Of November 15, 2010

The only major change to the CD rates board for the start of this week is the new leader on the 3 Month rate. Sanibel Captiva Community Bank from Fla., is now offering their 3-month CDs at 0.95%. The previous leader was Nexity Bank who recently dropped their 3 month CD from 0.86% APY down to 0.75% APY.

iGObanking still offers the best 24 month rate and Melrose Credit Union basically takes up the rest of the top spots. Melrose consistently holds the top rates for not only the 12 month CDs but also the 36 month and 60 month terms.

Bankaholic recently sat down with the people at Melrose Credit Union and asked them why they are able to offer such high CD rates, view their responses here. It’s encouraging to see a Credit Union that is actually working for the people and giving back the money made in lower loan rates and higher savings rates. With their current business plan and how they invest their customer’s money, I believe they will hoard the top spots of most of the CDs for a long time to come.

*TermBankNovember 16Last Week
3 Month CDSanibel Captiva0.95% APY0.86% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDiGObanking2.00% APY2.25% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

Certificate of deposit rates can change at a moments notice. Be sure to visit the bank or credit union’s website to see if the rates posted are still up to date.

With most credit unions, you are required to fulfill a bunch of requirements before being allowed into the credit union. Melrose has an open membership, so that anyone anywhere can join after paying a $1 fee and holding $25 in a savings account. Be sure to check out their website and download the application, fill it out and return it with the specified documents. Once you become a member you will have access to the best CD rates available nationally.

You can always compare these rates with other banks and financial institutions on our CD rates page.

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