This small credit union from Queens, N.Y still leads in the 5-year ranking, but has dropped below the 3% barrier. They are still paying a quarter-point more than any other financial institution and also still lead in other CD terms.

One of the reasons why rates are tumbling is because the Fed continues to give banks as much cash as they want for near nothing. The Fed also announced in early November that they planned on buying $600 Billion worth of Treasury Bonds, this move has helped keep rates depressed.

Here is a list of the next best 60-month CD rates:

• Danversbank from Boston at 2.75% APY with a minimum deposit of $500.
• Stonebridge Bank from Philadelphia at 2.65% APY with a minimum deposit of $500.
• Acacia Federal Savings Bank based in Falls Church, VA at 2.60% APY with a minimum deposit of $500.
• First Internet Bank of Indiana from Indianapolis, IN at 2.55% APY with a minimum deposit of $1,000.

Anyone nationwide can qualify and open an account with these banks and financial institutions. Melrose Credit Union also allows anyone to join their credit union for a $1 fee and a $25 deposit into a savings account.

Compare these rates with our updated CD rates board to be sure you get the best rates available nationally.

Danversbank from Boston was holding the top spot at 2.50% APY, but recently dropped their rate to 2.00% APY causing them to lose the highest CD rate on the market.

Melrose Credit Union is out of New York and is open to all residents throughout the United State. They have a $1 joining fee which makes all of their certificates of deposit worth looking at. Since they hold the top spot for the 12 month, 36 month and 60 month CD rates, its worth a look at. Melrose is also close to leading in the 24 month CDs category also.

To put these interest rates into perspective here is a list of the next top 3-year certificates of deposit:

• 2.19% APY from Heritage Bank located in Phoenix and Tempe, Arizona. A minimum deposit of $5,000 is required.
• 2.15% APY from Sallie Mae Bank, has no minimum deposit and is owned by the big student loan lender.
• 2.08% APY from Bank of Internet, requires a minimum deposit of $1,000.
• 2.05% APY from USAA out of Texas, requires a minimum deposit of $1,000.

All of these financial institutions take applications online and have no restrictions on who can apply.

Be sure to check out our best nationally available CD rates. CD rates can change at any moment, so be sure to verify the current rates being offered.

Here is our list of the top certificates of deposit for September 27, 2010

These rates are available to all residents in the 50 United States and can take applications online. Be sure to check out the latest CD rates from our CD rate board.

It’s amazing to see these banks still paying 4% because you won’t find these kinds of returns with any top CDs, savings or money market accounts. It’s hard to find a better deal than with these reward checking accounts.

Most CD rates are paying significantly less than they were a year ago, September 2009 and yet these reward checking accounts have stayed the same or close to 4%.

If you are looking for the best rates then reward checking might be the way to go. The only problems you will face are their requirements for receiving the high interest rate.

These are banks paying 4% APY on balances up to:

• $25,000 from First Clover Leaf Bank. The My Great Rate Checking is easy to obtain by meeting a few of their requirements. First Clover Leaf Bank has three branches in Edwardsville, IL and one in Wood River.
• $25,000 from Danversbank. The Free Rewards checking account will pay 4.01% on balances up to $25,000. Be sure to read their monthly requirements for obtaining this great rate.
• $25,000 from Baltimore County Savings Bank.
• $10,000 from Capital Bank. Their Smart Checking account will pay you 4.01% and has 32 branches in North Carolina.
• $10,000 from AmericanNet Bank. Find their Reward Checking account to view the requirements for earning 4%.

All reward checking accounts require you to follow a few rules to earn their high interest. Usually they want you to actually use their services, instead of just opening an account and stashing your money there.

Most reward checking accounts will have you using your debit card at least 10 times a month, opt in for online banking and will require you to have a direct deposit set up on a monthly basis. For any month you do not meet the minimum requirements your earnings will drop to their average interest rate, some are as low as 0.10%.

Reward Checking accounts are different than Checking Account Promotions.

All of these banks offer great Reward Checking and are available to all US residents in any of the 50 states.