When you thought the financial news couldn’t get any worse, Melrose Credit Union lowers their 5 Year CD to 2.93% APY on Tuesday. Mortgage rates are increasing and saving rates are decreasing, it seems to be the same old news week after week. Melrose Credit Union was our glimmer of hope, our bright shining star in this dark and dreary economy.

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:

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.