AloStar Tops The 12 Month CD Chart

AloStar Bank of Commerce is back on the top of the 12 Month CD rates. Is AloStar becoming the next Melrose Credit Union? This online bank who is based in Birmingham, Alabama raised its 12 month CD rate from 1.18% up to 1.21% APY.

This rate move causes AloStar to take the lead over Sallie Mae Bank who offers a rate of 1.20% APY with no minimum balance.

To get the 1.21% rate from AloStar Bank of Commerce, you will need to deposit a minimum of $1,000.

Since the middle of August there have been multiple rate changes, most of them have been cuts. Even AloStar had cut its interest rate on their 12 month CD by a tenth of a percentage point but now has increased their rate back to the top of the list.

Here are the next best 12 month CDs being offered:

  • Sallie Mae Bank is the online bank of the student loan company pays 1.20% APY with no minimum deposit.
  • MainStreet Bank, based out of Virginia but sells its CDs nationally through their (www.airbanking.com) website pays 1.16% APY with a minimum deposit of $500.
  • Virtual Bank, the online bank of Sabadell United Bank out of Miami Florida offers 1.16% APY with a minimum deposit of $10,000.

So far interest rates have continued their overall downward fall, but for how long? No one really knows when interest rates will increase. If you keep watching, some banks offer promotions which come and go as quickly as interest rates have been decreasing. Last year we watched iGoBanking offer some of the best interest rates on CDs and their promotions would only last 2-3 days at a time.

Our CD rate table offers a look at some of the better CD rates on the market today. Be sure to check back often as rates can change at a moments notice.


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.


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.


iGoBanking Still Trumps All CD Rates

I guess there is always a gem to be found in the realm of investing. iGoBanking has one of the highest CD rates we have seen in a long time, although rates are not on the incline yet. There has been talk of CD rates increasing in early 2011, but that will all depend on ‘if and when’ the Fed increases its interest rates.

Anyways, iGoBanking has an interest rate of 1.35% on their 3 month CD! This not only is the highest 3 Month CD we have found, but also beats the highest 6 month CD and even beats the national ‘average’ rates on the 1-year, 2-year and 3-year certificates of deposit.

iGoBanking is based out of Flushing Savings Bank in New York and is the bank’s online division.

Bankaholic has been following this rate says, “iGoBanking has stuck with this deal since late July”. With their low minimum deposit of $1,000 it’s a CD rate that many will be able to take advantage of. If you do plan on investing into a certificate of deposit, shorter termed CDs are better than longer term.

With a $1,000 deposit into iGoBanking’s 3 month CD @ 1.35%, you will earn $3.38 or on a $10,000 deposit your earnings would be about $33.79. That isn’t much in the way of earnings, but its still the best rate you will find. If you are looking to store your cash for a few months, this might be the best place to make a little interest while your money sits around.

To compare how high iGoBanking’s 3 Month CD rate really is, we have listed the next 3 banks with a minimum deposit of $10,000:

  • 0.95% APY offered at VirtualBank, a division of Lydian Private Bank in Palm Beach Gardens, Fl.
  • 0.90% APY offered at Goldwater Bank, out of Scottsdale, AZ.
  • 0.80% APY offered at Woodlands Commercial Bank, located in Salt Lake City, UT.

(These CD rates were checked by Bankrate)

All of these banks allow anyone to buy their CDs regardless of where they live.

If you are looking for longer term CDs, be sure to check out our list of CD rates from top banking institutions.


High CD Rates in Florida – And Nationwide

EverBank of Jacksonville Florida is offering one of the best CD rates for Florida and the nation.

The Yield Pledge® Certificate of Deposit is offering high yields and is FDIC Insured.  With the Yield Pledge you can expect your savings to earn high yields that EverBank promises to be in the top 5% of competitive accounts from leading banks. This is true when purchasing the CD and when it rolls over.

Check out the National Best CD Rates Here.

Here are the EverBank benefits.

  • No more chasing for a high yield when you open or roll over a CD — Yield Pledge does that automatically.
  • Choose your term. –  Make the CD mold to your financial needs and goals.
  • Great features such as a reminder sent to you twenty days prior to maturity and automated rollovers.

EverBank Yield Pleadge CD Rates:

  • 3 month – 0.58% APY
  • 6 month – 0.80% APY
  • 9 month – 0.97% APY
  • 1 year – 1.19% APY
  • 2 year – 1.71% APY
  • 3 year – 1.92% APY
  • 5 year – 2.84% APY

Visit EverBank for more info and CD Minimum Balances.

EverBank can serve you.  These are not just CD Rates in Florida, but nationwide.