High CD Rates Available at State Department Federal Credit Union

State Department Federal Credit Union is currently out to be competitive as it raises its rates for both CDs and IRAs this November. Among its best offers are the 2.42% APY on the 5 year CD, 2.07% APY on the 4 year CD, 1.61% APY on the 3-year CD, 1.41% APY on the 2-year CD, and even 1.21% on the jumbo CD. All of these rates are considerably higher compared to those nationally available from the banks.

CD Rates Offered by State Department Federal Credit Union:

6 month – 0.60% APY
12 month – 0.95% APY
24 month – 1.41% APY
36 month – 1.61% APY
48 month – 2.07% APY
60 month – 2.42% APY

How These Rates Compare

Currently, State Department FCU is giving away one of the highest CD rates available for long term CDs. Its 5 year CD is certainly better than the leading 5 year CD from Discover Bank and First Internet Bank of Indiana at 2.00%. It is also offering a higher 5 year CD than Fairwinds Credit Union at 2.33%. The same also rings true for their 2 year CD, with the highest available at banks being 1.30% from AloStar and CIT Bank. However, Doral Bank is still offering a higher 3 year CD at 1.65% APY, which is just slightly higher than State Department’s 1.61%.

Membership

Traditionally, Credit Unions have always been strict on their membership, opening its doors only to those who live in the same community or works in certain companies. Luckily, State Department FCU is making membership easy for all. Initial membership is open to those who are employees of the Department of State or any one of the organizations listed in their website. However, if you are not affiliated with any of them, you can easily become a member of SDFCU by joining the American Consumer Council or ACC. When opening your account at SDFCU, just choose ACC on your application and you will immediately be part of the council. There are no hidden fees or charges to join the organization.

About State Department Federal Credit Union

SDFCU was first chartered in 1935. Now, 76 years later, the credit union has grown to accommodate over 67,000 members worldwide. It currently has $1.8 billion in assets and is federally insured by the NCUA.


Sallie Mae CD Rates Review

Sallie Mae is an institution that is best known for its educational services such as student loans. It currently serves 23 million customers and it offers various education products such as savings tools, tuition payment plans and educational loans that help college students get the education they need in a financially affordable way.

Despite this main function, Sallie Mae has diversified into more investment opportunities and is now offering money market accounts, savings accounts and certificates of deposit. One of the best things about this is that the institution is offering CD rates at nationally competitive annual percentage yields.

Below are some of the CD rates provided by Sallie Mae:

* 12 month CD – 1.20% APY
* 36 month CD – 1.36% APY
* 60 month CD – 1.66% APY

Term choices are limited for Sallie Mae since they only offer three time choices. But despite this minor setback, the rates they give for each term is considerably good. Let’s take a look at some comparisons for each of Sallie Mae’s rates as compared to the nation’s top lenders.

Right now, the top contender for the 12 month CD is AloStar Bank of Commerce with a 1.21% APY. Although this is higher than Sallie Mae, there is very little difference and Sallie Mae obviously comes to a close second.

For 36 month or 3 year CD’s, the leading bank is Discover Bank with 1.70% APY. This is a far cry from what Sallie Mae is currently offering but the institution is still above the national average which is now at 1.22%. The same also goes for the 60 month CD where the national average is lower at 1.34%, however other banks such as First Internet Bank of Indiana is offering the rate as high as 2.24%.

Despite falling behind on other rates other than the 1 year CD, Sallie Mae is still offering interest rates that are higher than the average. For those who are planning to invest in a 24 month CD, Sallie Mae would be a good choice after AloStar.


CD Rates Hold Steady, But For How Long?

Today the Dow dropped 634 points or down 5.55% to 10,809. This is the lowest the Dow has been since 2008 and comes after the week of the US debt ceiling hike and downgrade of the US debt from AAA to AA+ by S&P.

Today a few banks have already lowered their rates on short and long term certificates of deposits. The bright spot is, those banks were not offering any of the top CD rates, so who really cares or knows. The current list of the top CD rates has held steady… well so far. When you find a big gap between the first and second place holders of any CD rate, usually you will see a decrease coming from the top holder.

Here is an example of the top three leaders in each CD term starting with the 6 month CD rates. We added Melrose Credit Union to show how much higher their rates are, compared to normal bank rates, plus to get the Melrose Credit Union rate you have to become a member, which is open to everyone located anywhere in the US:

6 Month CDs

  • AloStar Bank of Commerce – 1.05% APY
  • AuroraBank – 1.04% APY
  • Ascencia – 1.02% APY

12 Month CDs

  • (Melrose Credit Union – 1.31% APY)
  • AloStar Bank of Commerce – 1.27% APY
  • E-Loan – 1.26% APY
  • Sallie Mae – 1.20% APY

24 Month CDs

  • (Melrose Credit Union – 1.56% APY)
  • MainStreet Bank – 1.50% APY
  • AuroraBank – 1.46% APY
  • VirtualBank – 1.46% APY * (has the lowest rating of 1 out of 5 stars on bankrate)

36 Month CDs

  • (Melrose Credit Union – 2.07% APY)
  • MainStreet Bank – 2.00% APY
  • Doral Bank – 1.80% APY
  • AuroraBank – 1.75% APY

48 Month CDs

  • MainStreet Bank – 2.50% APY
  • (Melrose Credit Union – 2.32% APY)
  • Transportation Alliance – 2.06% APY
  • American Bank – 2.00% APY

60 Month CDs

  • (Melrose Credit Union – 2.83% APY)
  • MainStreet Bank – 2.60% APY
  • First Internet Bank of Indiana – 2.40% APY
  • Discover Bank – 2.35% APY

As you can see most banks are being competitive in the rates they offer. The biggest gaps in rates are between the 36 Month CD and the 48 Month CD, which could mean these rates will be adjusted at any time.

You can find MainStreet Bank’s CD here.

For all of our best CD rates, be sure to visit our CD Rates page.


Top 10 Banks With the Best CD Rates for 2011

Looking for the best Certificate of Deposit (CD) rates to get your money growing at the early parts of the year 2011? Looks like banks from all over America are here to help you earn money out of money.

Certificates of deposit will allow your money to earn interest at a fixed rate set by the bank. With a minimum requirement, you’ll be able to earn much more than your regular savings account without having to tie your money to an establishment for a long time. CD’s can give you fixed returns at a period of 30 days, 60 days, 6 month CD’s, 1 year, and more, depending on what type of CD the bank offers, and the CD you choose. So where can you go to make the most out of your money?

Right now, the top 10 12 month CD rates range from 1.24% to 1.35% interest rates. It may not be as high as CD’s in previous years, but these CD rates are as good as it gets for now. Leading the pack is the Metropolitan National Bank of New York City. With a minimum deposit of only $1,000, depositors can enjoy the highest CD rate with a relatively small amount of deposit.
Investors not located in New York City need not worry since anyone can open an account online through their website. One thing depositors have to note however is that if they would like to collect their interest at maturity, they will have to inform the bank ahead of time as the bank will automatically roll the money into another 1 year CD. Early withdrawals will suffer a penalty, so it’s best to keep track of the timeline.

Other banks that give as much as 1.30% interest on one-year certificates of deposit are Bank of Internet USA in California, Incredible Bank in Wisconsin, and Ascencia, PBI Bank in Louisville Kentucky.

Below is a list of the top 10 banks with the best CD rates by far. Find out if you have one near your area, if not, you could always go ahead and open an account online.

1.    Metropolitan National Bank
New York, NY
Interest Rate: 1.35%
Minimum Deposit: $1,000

2. Bank of Internet USA
San Diego, CA
Interest Rate: 1.30%
Minimum Deposit: $1,000

3.  Incredible Bank
Wasau, WI
Interest Rate:    1.30%
Minimum Deposit: $10,000

4. Ascencia, a div. of PBI Bank
Louisville, KY
Interest Rate: 1.29%
Minimum Deposit: $1,000

5. Transportation Alliance Bank
Ogden, UT
Interest Rate: 1.25%
Minimum Deposit: $1,000

6. Aurora Bank, FSB
Wilmington, DE
Interest Rate: 1.25%
Minimum Deposit: $1,000

7. 89 Goldwater Bank
Scottsdale, AZ
Interest Rate: 1.25%
Minimum Deposit:$5,000

8. Ally Bank
Midvale, UT
Interest Rate: 1.24%
Minimum Deposit: $0

9. Nationwide Bank
Columbus, OH
Interest Rate: 1.24%
Minimum Deposit:$500

10. MetLife Bank
Bridgewater, NJ
Interest Rate:    1.24%
Minimum Deposit: $25,000

For those who are low on cash, Ally Bank in Midvale Utah will give you the best deal there is. With a 1.24% CD rate and no minimum deposit required, it gives hope to the starting investor.

When shopping for CD rates, it’s always best to check out the fees that might come along with it. Be aware of the rules your bank imposes and get the lowdown on taxes, fees and penalties. This will help you make the smarter decision on getting the most out of your money.


Top CD Rates For September 27 2010

As the summer winds down for most of the United States, banks have stopped adjusting their CD rates. Nothing has really happened over the past few days in terms of who holds the top CD rates in the nation.

Here is our list of the top certificates of deposit for September 27, 2010

*TermBankSeptember 27thLast Week
3 Month CDGoldwater Bank0.85%0.85% APY
6 Month CDAurora Bank1.17% APY1.17% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDDiscover Bank1.80% APY1.80% APY
36 Month CDDanversbank2.50% APY2.50% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

These rates are available to all residents in the 50 United States and can take applications online. Be sure to check out the latest CD rates from our CD rate board.


Top CD Rates For August 30 2010

CD Rates Hold SteadyThere have not been many changes to the top CD Rates in the past few months. Most banks have either lowered their short-term and long-term rates or stayed steady. Nothing has changed which can either mean one of two things. The US economy is holding steady or banks have mixed emotions on what will happen next. The Fed has stated they will step in and ‘do something’ if the US economy begins to falter. As long as the Fed keeps interest rates near zero percent, CD rates and mortgage rates will continue at their low levels.

The only certificate of deposit that has moved the most in the past few weeks is the 2 year CD.

Here are the best CDs currently available to resident’s nationwide:

  • 3 Month CD – 1.35% APY at iGobanking with a minimum deposit of $500.
  • 6 Month CD – 1.25% APY at NewDominion Bank with a minimum deposit of $3,000.
  • 12 Month CD – 1.55% APY at Sallie Mae Bank with no minimum deposit.
  • 24 Month CD – 1.95% APY at NewDominion Bank with a minimum deposit of $3,000.
  • 36 Month CD – 2.50% APY at Danversbank with a minimum deposit of $500.
  • 60 Month CD – 3.03% APY at Melrose Credit Union with a minimum deposit of $5,000.

The credit union listed in our leadership board is open to anyone in the U.S. regardless of where they live or work.

Be sure to check our CD rates page for the most up to date rates.


Top 1 Year CD Rate Stays at 1.76%

With the US economy in a rut it seems like no bank is willing to challenge Melrose Credit Union for the top spot of the 1 Year CD at a rate of 1.76%. They have been holding the top spot for the 12 month CD for 2 months now. Sallie Mae is the closest contender with a rate of 1.55% for the 12 month CD, but they have a high minimum of $10,000. Any other major bank will come in with rates under 1.50% with Chase Bank at one of the lowest rates of 0.25% for the 1 Year CD.

With all of this said, Melrose Credit Union is looking even better than ever. Their minimum deposit of $5,000 is easily attainable for the average investor and is one of the few Credit Unions that is open to anyone, anywhere in the US.

Melrose has a single location in Queens, NY and has an opening fee of $1.

If you feel more comfortable with putting your money in a bank and not a credit union, Sallie Mae Bank is your next best bet. As we stated they hold the second best CD rate of 1.55%.

Other banks offering close to 1.50% APY 1 Year CD are:

  • New Dominion Bank, out of North Carolina with a minimum deposit of $3,000.
  • Discover Bank, with a minimum deposit of $2,500.
  • Bank of Interest with a minimum deposit of $500.

Many smaller banks hold interest rates around 1.50% APY, rather than bigger banks whose interest rates barely break over 1%. To find the highest CD rates you will want to look into a local Credit Union or view our list of the best CD rates currently available.

You can always view and compare CD rates from our CD rates database.


Best CD Rates For Week Of July 26, 2010

Two credit unions continue to hold the top spot for offering the highest CD Rates in the nation. Most credit unions have too many requirements for the average person but Fort Knox Federal Credit Union and Melrose Credit Union have made it easy for the average person anywhere in the U.S to apply for their CDs.

These rates continue to hold steady for the week of July 26, 2010. To find all of the current CD Rates, be sure to view our CD Rate tables.

You have to become a member with both of these credit unions before you can gain access to their top CD rates. Both credit unions have a low joining fee, which may start to eat into your earnings if you plan on only investing a small amount of money.

Your deposit at Fort Knox and Melrose Credit Union are insured by the National Credit Union Administration (NCUA), which is like the FDIC for banks.

You can always compare the best CD Rates from many banks and credit unions in our database.


Best CD Rates For Monday July 19 2010

Sometimes the best CD rates come from local Credit Unions. Most Credit Unions only allow local residents to join their union, making it difficult on finding the best CD Rates.

We have found two credit unions who offer the top rates nationally on 3 month up to 5 year certificates of deposit.


Most credit unions if they are not only open to local residents require you to qualify for their membership. For instance Boeing used to be only opened to Boeing employees and most local teachers credit unions where only opened to teachers. Many credit unions have been laxing their restrictions to gain the business of others.

To join the Fort Knox credit union all you have to do is join the American Consumer Council right on their website. Follow the instructions on becoming a member. For “Eligibility Criteria,” use the menu to click on “American Consumer Council/Kentucky Chapter.”

Joining this credit union is simple in terms of qualifying for their membership. Once you have completed the application process you will be automatically enrolled into the consumer advocacy group which will give you access to their best CD rates.

The cost for joining their credit union is $15.

The Melrose Credit Union allows all U.S. residents to join their membership and the cost is only $1

All deposits at Fort Knox and Melrose are federally insured by the NCUA (National Credit Union Administration).

You can compare these CD rates from a list of the top CDs currently being offered and see why they are on top of the list for best CD rates so far this month.