Best CD Rates For December 1, 2010 (Updated)

We have to post an update to the best CD rates leaderboard because of some major changes. Melrose Credit Union decided to lower their rates yesterday by about a tenth of a point across the board and since they owned the top spots for four major CD terms, we decided to post a mid-week update.

Now that Melrose lowered their rates, this has caused some major shake ups to our leaderboard, with other banks and financial institutions closely behind or over taking Melrose on some CD terms.

The New York based credit union still sits at the top of the 36-month and 60-month CD rates and ties for the lead of the 12-month term.

Sanibel Captiva Community Bank out of Florida and Bank of Internet from San Diego California still hold onto their spots of the 3-month and 6-month CDs.

Here is the updated rate table for the best CD rates in the nation:

*TermBankDecember 1November 29
3 Month CDSanibel Captiva0.95% APY0.95% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union
Bank of Internet
1.41% APY1.51% APY
24 Month CDBank of Internet1.72% APY1.76% APY
36 Month CDMelrose Credit Union2.17% APY2.27% APY
60 Month CDMelrose Credit Union2.93% APY3.03% APY

All of these financial institutions allow anyone nationwide the ability to open and invest into their certificates of deposit, either through the mail or online. Most credit unions have strict requirements that drastically reduce who can qualify for their CD products, but Melrose is an open-ended Credit Union, allowing anyone, anywhere to register for a $1 fee.

Be sure to check out the most up to date CD rates from our CD rate boards. These rates can be out dated and as with any certificate of deposit, these rates can change at any time.


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.


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.