Best CD Rates For Week Of November 8, 2010

So far CD rates have not moved much in the past month. The same leaders are sitting at the top while other major banks and other financial institutions keep cutting back their rates.

By following all of the top CDs, we can tell you that the average rates have fallen for the 24th straight month in October. Bankrate keeps track of hundreds of banks and their CD rates and every month the average rate continues to decrease. There are those few and far between moments where we find a great deal such as iGObanking’s 2.25% 2 Year CD, I don’t expect this to last much longer.

Long-term rates are being hit the hardest and while the Fed has started their new bond-buying program, interest rates are expected to fall across the board over the next many months. I do not see how our leaderboard’s rates can stay this high over the next few days and weeks.

*TermBankNovember 8Last Week
3 Month CDNexity Bank0.86%0.86% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDiGObanking2.25% APY2.25% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY


Best CD Rates For Week Of November 1, 2010

They say no news is good news, but when you are eagerly awaiting for CD rates to increase it can be an annoying game of waiting. There are no changes to report on the top CD rates leader board. iGObanking still offers the best 24 month CD rate at 2.25% APY which is almost a half point higher than the next best 2 year CD from Bank of Internet at 1.72%.

Melrose Credit Union still holds 3 of the top spots with the best rates on the 12 month, 36 month and 60 month CDs.  Melrose has consistently held the top spot for multiple CD terms for many months and their $1 joining fee makes it a very enticing investment.

*TermBankNovember 1Last Week
3 Month CDNexity Bank0.86%0.86% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDiGObanking2.25% APY2.25% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

Be sure to check out our top CD rates from our CD rates board.


Best CD Rates For Week Of October 25, 2010

We keep getting tips from our readers about iGObanking’s 24 month CD rate of 2.25% which is just slightly lower than the best 3 year CDs! The rate from iGObanking might not be around for too much longer as rates are constantly changing.

iGObanking ran a promotional 3 month CD back in the summer which boasted rates that were better than the 6 month averages.

iGObanking is looking better by the minute as they have a low $1,000 minimum deposit. Usually in exchange for a great rate you have to deposit a large sum of money, not with iGObanking.

*TermBankOctober 25Last Week
3 Month CDNexity Bank0.86%0.86% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDiGObanking2.25% APY1.79% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

Be sure to check out our top CD rates from our CD rates board.


Best CD Rates For October 18 2010

Long term interest rates are getting ready to drop again if the Fed has its way with buying billions of dollars worth of Treasury bonds. The buying of bonds will allow interest rates to continue their downward spiral in an attempt to stimulate the economy. By lowering long term interest rates it would stimulate buying and spending and help to reduce unemployment. The Fed wants to boost the inflation rate because of falling prices and wages which is being viewed as a more dangerous threat to the economy.

The meeting is set for November 2-3, 2010.

There have been no other changes to the best available CD rates since our last update.

The best 12 month CD rate still goes to Melrose Credit Union at 1.51% APY.

*TermBankOctober 18Last Week
3 Month CDNexity Bank0.86%0.86% APY
6 Month CDAurora Bank1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDBank of Internet1.79% APY1.79% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY


Highest CD Rates For September 18 2010

According to Bankrate, a leading source for bank CDs, has a new leader for the 3 month CD rates.

VirtualBank which is an online division of Lydian Private Bank in Palm Beach Gardens, Fl has just replaced ISN Bank which was just closed by the FDIC on Friday. This is one of the first banks reported as having the top CD rate and then being closed by the FDIC. As with any banking institution it is important to make sure your deposits are insured by the FDIC (Federal Deposit Insurance Corporation).

Here are our current top CD rates available:

*TermBankSeptember 18thLast Week
3 Month CDVirtualBank0.90% APY1.35% APY
6 Month CDAurora Bank1.17% APY1.25% APY
12 Month CDMelrose Credit Union1.51% APY1.55% APY
24 Month CDDiscover Bank1.80% APY2.00% APY
36 Month CDDanversbank2.50% APY2.50% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

These banks will accept any application from residents in all 50 states. Melrose Credit Union is included in the list because they allow anyone to join for a small fee of $1. There have been many changes to the short term CD rates, while the 3 year and 5 year stay the same.

Be sure the check out our list of the best CD rates throughout the nation.


Top 1 Year CD Rate Stays at 1.76%

With the US economy in a rut it seems like no bank is willing to challenge Melrose Credit Union for the top spot of the 1 Year CD at a rate of 1.76%. They have been holding the top spot for the 12 month CD for 2 months now. Sallie Mae is the closest contender with a rate of 1.55% for the 12 month CD, but they have a high minimum of $10,000. Any other major bank will come in with rates under 1.50% with Chase Bank at one of the lowest rates of 0.25% for the 1 Year CD.

With all of this said, Melrose Credit Union is looking even better than ever. Their minimum deposit of $5,000 is easily attainable for the average investor and is one of the few Credit Unions that is open to anyone, anywhere in the US.

Melrose has a single location in Queens, NY and has an opening fee of $1.

If you feel more comfortable with putting your money in a bank and not a credit union, Sallie Mae Bank is your next best bet. As we stated they hold the second best CD rate of 1.55%.

Other banks offering close to 1.50% APY 1 Year CD are:

  • New Dominion Bank, out of North Carolina with a minimum deposit of $3,000.
  • Discover Bank, with a minimum deposit of $2,500.
  • Bank of Interest with a minimum deposit of $500.

Many smaller banks hold interest rates around 1.50% APY, rather than bigger banks whose interest rates barely break over 1%. To find the highest CD rates you will want to look into a local Credit Union or view our list of the best CD rates currently available.

You can always view and compare CD rates from our CD rates database.


Best CD Rates For Monday July 19 2010

Sometimes the best CD rates come from local Credit Unions. Most Credit Unions only allow local residents to join their union, making it difficult on finding the best CD Rates.

We have found two credit unions who offer the top rates nationally on 3 month up to 5 year certificates of deposit.


Most credit unions if they are not only open to local residents require you to qualify for their membership. For instance Boeing used to be only opened to Boeing employees and most local teachers credit unions where only opened to teachers. Many credit unions have been laxing their restrictions to gain the business of others.

To join the Fort Knox credit union all you have to do is join the American Consumer Council right on their website. Follow the instructions on becoming a member. For “Eligibility Criteria,” use the menu to click on “American Consumer Council/Kentucky Chapter.”

Joining this credit union is simple in terms of qualifying for their membership. Once you have completed the application process you will be automatically enrolled into the consumer advocacy group which will give you access to their best CD rates.

The cost for joining their credit union is $15.

The Melrose Credit Union allows all U.S. residents to join their membership and the cost is only $1

All deposits at Fort Knox and Melrose are federally insured by the NCUA (National Credit Union Administration).

You can compare these CD rates from a list of the top CDs currently being offered and see why they are on top of the list for best CD rates so far this month.


Best CD Rates For Monday July 12 2010

The best 12 month CD Rates we could find for Monday July 12th, 2010 are sitting around 1.55% APY. CD Rates are expected to head to higher grounds after the end of this year and early next year. As the US economy continues to slow down and inflation stays where it’s at, the Fed has no reason to raise interest rates. As long as the Fed keeps interest rates at record lows, the interest rates on CDs will stay the same. As soon as interest rates begin increasing, so will CD Rates.

The national average for a 12 month CD is 0.83 percent starting this week. Even though this national average rate is dismal, you will find better luck with a local bank or credit union or an institution online for a much higher rate. Do not get stuck with this rate, as you can find much higher rates from Flagstar Bank and Sallie Mae.

Both of these banks are currently offering 12 month CD rates at 1.55% annual percentage yield.

Flagstar Bank requires a minimum of $500 for their CD and Sallie Mae has a minimum opening deposit of $1. These might be a good option if you are looking for a place to put a small amount of cash and earn more than the current 1.1% interest rate on a high yield savings account. The only downside to putting money into a certificate of deposit is you have to wait the full 12 month term or risk losing money from an early withdrawal penalty


Colorado Federal Savings Bank CD Rates

Colorado Federal Savings Bank is offering a competitive 1.15 percent APY 6 Month CD for deposits of $5,000 or more. The 6 Month CD rate is almost double the national average and is still better than the national average 12 month CD rate of 0.83%

A 6 month CD at 1.15% is a great deal with little risk. If rates increase in the next 6 months you will be out of this CD and ready for the next best CD. Interest rates are expected to increase later this year and into early next year so if you plan on investing long term into a CD, it would be best to wait until rates increase. Another option is to get into an Ally CD with the option of a one time rate increase. We are seeing more and more banks give this option, which allows you to lock in a higher rate while being locked into a long term CD. Without a one time option to increase your rate, you would have to get out of the CD (certificate of deposit), pay an early termination penalty and then lock into the higher rate.

Colorado Federal Savings Bank is also offering a 12 month CD at 1.45% APY and a 24 month CD at 1.95% APY, which are both higher than the national averages of 0.83% and 1.30% respectively.

They are also offering 36 month CD rates at 2.30% APY and 60 month CD rates at 2.80% APY.

For the most current rates from Colorado Federal Savings Bank, visit their CD Rates page here.


High CD Rates in Mississippi

IH Mississippi Valley Credit Union is offering an amazing 5 year CD right now.

Over at IH Mississippi Valley Credit Union very competitive cd rates they lay out the best rates offered by the credit union.

First and foremost the 60 month CD rate is being offered at 4.07% apy.

They also have some other very notable CD rates being offered.

  • 12 months – 2.02% APY
  • 15 months – 2.02% APY
  • 18 months – 2.12% APY
  • 24 months – 2.48% APY
  • 36 months – 3.04% APY

Each one of these offers come with only a $500 minimum deposit.

Account opening must be done through a local branch.  You can find the local branches by visiting their website here.

Membership to the credit union is open to residents of Quad City and nearby areas. They operate branches in Illinois cities like Rock Island, Moline, East Moline, Prophetstown, and Silvis. They also have Iowa offices in DeWitt, Bettendorf, and Davenport.

The credit union is NCUA insured.

If you are not available for membership with the credit union you can check out our highest cd rates here.

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