iGoBanking Gives Best 60 month CD at 2.25%

It seems that iGoBanking.com has awoken with some ridiculously high CD rates that trumps all other rates being offered by other banks. iGoBanking is currently holding the top rates for the 5 year CD category with a 2.25% APY. That’s not all, it also gives competitive rates for other CD term categories. Below are iGoBanking.com’s available rates for different term CDs.

iGoBanking.com CD Rates

3 month CD – 0.15% APY
6 month CD – 0.15% APY
8 month CD – 0.15% APY
9 month CD – 0.15% APY
12 month CD – 0.15% APY
13 month CD – 0.15% APY
15 month CD – 0.15% APY
18 month CD – 0.15% APY
24 month CD – 1.25% APY
36 month CD – 1.70% APY
48 month CD – 1.00% APY
60 month CD -2.25% APY
7 year CD – 1.35% APY
10 year CD – 1.75% APY

How These Rates Compare

It is surprising how iGoBanking is offering the same rate starting from their 3 month CD all the way to their 18 month CD. Competitive rates only start from their 24 month, or 2 year CD. Right now, their 2 year CD at 1.25% is still lower than the highest nationally available which is from CIT Bank and AloStar Bank of Commerce at a 1.30% APY. However, iGoBanking.com leads the way in long term CDs such as their 3 year and 5 year CD which are the highest nationally available from banks.

The only other institutions that give out better long term rates are from credit unions. Melrose credit union is offering the 5 year CD at 2.68%, and the 3 year CD at 1.91%. Fairwinds Credit Union is also giving a 2.33% APY on a 5 year CD.

About iGoBanking

iGoBanking is the online arm of Flushing Savings Bank that allows consumers to make deposits and transactions easily through their personal computer. Flushing Savings Bank has been in business since 1929 and it is an FDIC insured institution, insuring savings to the maximum of $250,000 per account.

For those who are looking for places to park their money for the long term, these rates from iGoBanking are some of the highest nationally available among banks. Managing your accounts are also made easy since everything is done online.


Top 2 Year CD Rates Drop Below 2%

It didn’t take long for iGObanking to realize how well they were paying on their 2 year CD. Just last month they were paying almost half a point higher than the next leading 2 year CD, then dropped their rates to 2.00%, still beating out the competition. Now iGObanking has dropped their 24 month rate to 1.00% APY, lower than the highest leading 6-month and 12-month rates, which are 1.15% and 1.51%.

This might be a sign of things to come as rates continue their slide down the charts. No other bank or financial institution is close to paying 2% on any 24 month CD. Keep in mind that the national average of a 2 year CD is sitting right around 0.77% APY.

Here are the next best 2 Year certificates of deposit:

  • Melrose Credit Union at 1.76% APY with a minimum deposit of $5,000 and is located in Queens, NY.
  • Presidential Bank at 1.75% APY with a minimum deposit of $1,000 and is located in Maryland, Virginia and Washington D.C.
  • Bank of Internet at 1.72% APY with a minimum deposit of $1,000 and is an online bank from San Diego, CA.
  • Discover Bank at 1.65% APY with a minimum deposit of $2,500 and is the online bank owned by the credit card company.

All of these banks and credit union allows anyone to join or buy their CDs. Melrose Credit union allows anyone to join for only $1. They impose no restrictions and are located out of Queens, New York.

Be sure to compare all of the best CD rates from our certificates of deposit database.


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.


American Express Offers A Decent 36 Month CD

American Express is not only a credit card company, but also a leader in investments, high yield savings accounts and certificate of deposits. While most major banks and financial institutions keep their rates so low, its almost as if they don’t want your business, American Express keeps their rates competitive. For instance, Bank of America offers the same 3 year CD at a rate of 0.75% APY, now how is that worth buying into? I found it hard to believe that this major Credit Card company offered decent rates on CDs.

Right now you can get their 36 Month CD at 1.85% APY and while that isn’t the best rate available, they offer a sense of security. American Express is rated one of the most stable financial institutions and Bankrate gives them a 5 of 5 star soundness rating.

There are no minimum deposits or account fees when you sign up for any of American Express’s CD products.

Currently American Express is number 11 for having the highest 3 year CD. Here is a short list of the best 36 month certificate of deposits available:

While you can get better rates from one of these other banks or credit unions, American Express will keep you feeling like your money is secure.

Be sure to check out our CD rates board for the best certificate of deposit in your area.


iGObanking Drops Highest 24 Month CD Rate

I guess all good things come to an end, at least in this economy. iGObanking just lowered their 24 month CD rate from 2.25% to 2.00% APY, which is still over a quarter point higher than the next leading rate from Bank of Internet at 1.72% APY. Even though iGObanking dropped their 2 year CD rate to 2.00%, that rate is actually third best for the 3 year CDs.

iGObanking is an online division of Flushing Savings Bank in New York.

Here are the next best nationally available 2 year CD rates:

  • Melrose Credit Union at 1.76% with a minimum deposit of $5,000, based out of Queens, New York.
  • Bank of Internet at 1.72% with a minimum deposit of $1,000, based out of San Diego, California.
  • Discover Bank at 1.65% with a minimum deposit of $2,500, the online bank of the major credit card company.

All of these banks and credit unions allow anyone to purchase their certificates of deposit and impose no other restrictions.

Melrose Credit Union allows anyone, anywhere to join for only $1 and must keep at least $25 in a savings account.

Be sure to check out our best CD rates leader-board for the best CDs in your area.


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


Raise Your Rate With Ally’s 2 Year CD

Ally usually sits around the top of the best CD rates available nationally, but ever since iGObanking took the top spot for the 2 Year CD at 2.25%, no other financial institution has come close to beating their offer. Ally’s 2 Year CD rate sits at 1.60%, which is still a decent rate and is only 4th place behind Bank of Internet at 1.72% and Discover Bank at 1.65%.

Ally is one of the more stable financial institutions with a 4 of 5 star rating from Bankrate and is also FDIC insured. Ally offers a one time rate increase if they ever increase their rates on any of their certificate of deposits. Their 2 year CD rate of 1.60% may be a good deal because they have no minimum deposit and if they increase their rates in the next few months you will also be able to increase your rate. With their one time rate increase, if CD rates increase in 2011, you will have the option of capturing the better rate without starting a new 2 year term.

Ally does have an early withdrawal penalty for any withdrawals before the maturity date. The fee is equal to 60 days interest.

Be sure to compare how Ally’s CD rates stack up against other banks and financial institutions.


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.


Melrose Credit Union Holds Top Spot For 1 Year CD Rate

Melrose Credit Union located in Queens New York holds the top spot for the 12 Month CD rate at 1.51% APY. Melrose is a Credit Union open to all residents and only requires a $1 application fee. Since Melrose came on the scene they have kept the top spot for many of the CD rates we track. They are currently in a dead heat against iGoBanking, a division of Flushing Savings Bank also located in New York.

Not only do both of these financial institutions hold the top spot for many CDs, but they blow away the national average (0.59% APY – 1 year CD) for any certificate of deposit on the market today. In a struggling economy it’s difficult to find a decent rate of any kind, unless if you are planning on refinancing your mortgage or buying a house. Mortgage rates are falling to all time lows, which are good for people in the home buying market, but rates in the savings market are dismal.

The next best CD rates for the 1 year term are as follows:

  • 1.48% APY from Bank of Internet, with a minimum deposit of $1,000.
  • 1.45% APY from MetLife Bank, with a minimum deposit of $25,000.
  • 1.40% APY from Ascencia, with a minimum deposit of $500.

As the economy strengthens and interest rates increase, so should CD rates. All eyes are on what will happen next year and whether CD rates will increase in 2011, only time will tell.

Pages: 1 2 Next