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


3 Month CD Rates Move Past 1%

According to Bankrate, BankDirect has the highest 3 Month CD rate at 1.01%. This puts the 3 Month certificates of deposit back above the 1% line.

BankDirect is the online division of Texas Capital Bank and has branches in all of the major cities in Texas. The 1.01% APY is available for deposits of at least $10,000.

Lately it hasn’t been a trend for banks to increase their interest rates, especially with Bank of America and Chase cutting their rates across the board.

The increased rate of 1.01% pulls Goldwater Bank, from Scottsdale, Arizona down to the number 2 spot with a rate of 0.85% APY and the same minimum deposit of $10,000.

Here are the next best 3-month certificates of deposit:

  • 0.83% APY from Nexity Bank of Birmingham, Alabama. This rate requires a minimum of $1,000.
  • 0.80% APY from Woodlands Commercial Bank of Salt Lake City, UT. This rate requires a minimum of $2,500.
  • 0.80% APY from VirtualBank of Palm Beach Gardens, Florida. This rate requires a minimum of $10,000.

These banks allow anyone to open an account online and have no other restrictions. A simple application process is the only required step.

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