At this time, Doral Bank holds the top rank for 1-year certificates of deposit. It has surpassed both AloStar Bank of Commerce, and Sallie Mae, with a rate of 1.150% which is the highest available today. AloStar is giving out a 1.120% rate while Sallie Mae is offering a 1.10% rate.

And if this isn’t enough, Doral Bank is also at the top of the charts in the 3 year CD category. It is currently offering a high rate of 1.65%, followed by Discover Bank’s 1.500% rate.

With all the great rates that Doral Bank is offering, is it truly the best bank to place your money in? One of the indicators of a bank’s safety is the number of years it has been in business. Doral Bank currently has branches in Puerto Rico, New York and Florida. The New York and Florida branches have only opened its doors to business in December 2010 and September 2010 respectively.

Despite being a relatively young bank, Doral Bank is FDIC insured meaning your money is safe for the maximum amount of $250,000. For those who have amounts less than this, then there would be no reason not to invest in Doral Bank. However, for those individuals who are planning to place more than this amount, then it may be safer to invest in larger and more reputable banks.

Here are the current rates offered at Melrose Credit Union:

• 12 month CD rates down to 1.05% from 1.31%
• 24 month CD rates down to 1.31% from 1.56%
• 36 month CD rates down to 1.81% from 2.07%
• 48 month CD rates down to 2.07% from 2.32%
• 60 month CD rates down to 2.57% from 2.83%

For the week ending August 19^th 2011, the top CD rate holders have held steady:

• 3 month CD’s – AloStar Bank of Commerce at 0.76%
• 6 month CD’s – AloStar Bank of Commerce at 1.05%
• 12 month CD’s – AloStar Bank of Commerce at 1.27%
• 24 month CD’s – MainStreet Bank at 1.50%
• 36 month CD’s – MainStreet Bank at 1.90%, DOWN from 2.00% from August 8^th
• 60 month CD’s – MainStreet Bank at 2.50%

Overall the best CD rates have held steady, but we suspect another drop is coming. Connexus Credit Union was also offering some of the highest CD rates, even higher than Melrose Credit Union but have since dropped their rates also.

Connexus Credit Union requires a minimum deposit of $10,000 to receive the higher rates:

• 6 month CD rate of 1.25%
• 12 month CD rate of 1.50%, which is down from 1.75% on August 10^th.
• 60 month CD rate of 2.50%, which is down from 3.00% on August 10^th.

With these lowered rates, this puts Melrose back in the lead with the best CD rates you will find on the market. Even thought they are a Credit Union, anyone can join as long as you meet a few requirements such as opening an account and funding a savings account. They also have a minimum deposit of $5,000, which might be a little high for the average saver.

Be sure to check out our CD rates page for the most up to date rate information. CD rates can change at a moments notice so be sure to check with the financial institution about their current rates before investing.

12 month CD’s gives you the most sensible comparison on just how much you can earn when you put your money in a CD rather than in a savings account. Right now, Aurora Bank savings account rates gives a 0.90% APY, a far cry from the 1.25% they can give you with a CD.

For a 12 month CD, Aurora Bank requires a $1,000.00 minimum deposit. However, if you deposit bigger amounts, higher interest rates are adjusted accordingly. Other CD terms offered by the bank are 6 month CD’s at 1.07%, 18 months at 1.38%, 24 months at 1.5%, 36 months at 1.81%, 48 months at 2.05% and 60 months at 2.39%.

Other banks that are also giving away high CD rates at this time of the year is Ally Bank at 1.24% APY, Discover Bank at 1.20% APY, Ever Bank at 1.01% APY, and SallieMae at 1.00% APY.

Aurora Bank has been into consumer banking for 85 years, with headquarters at Wilmington Delaware. The bank services over 340,000 customers and offers a wide range of services from checking accounts, savings accounts, money market, certificates of deposit, loans, and many more.

Flagstar CDs are FDIC insured and the rate will remain locked the entirety of the term.

Flagstar CD Rates:

• 6 Month – 1.25% apy – $500 Minimum Deposit
• 12 Month – 1.55% apy – $500 Minimum Deposit

Certain fees will be applied to your CD for early withdraw. Those fees are as follows:

• 6 Months — A fee equal to 30 days of interest, whether the interest is earned or unearned.
• 12 Months — A fee equal to 180 days of interest, whether the interest is earned or unearned.

Other important disclosures:

• No additional funds after opening may be deposited before maturity.
• You may withdraw interest any time during the term after the interest is credited to your account.
• Visit Flagstar CD Rates page here for more information.

Why open a Certificate of Deposit?

When opening a CD with Flagstar, or other financial institutions, you are putting your money in a low-risk investment with a guaranteed competitive rate. Your money remains secure in a CD.  Placing your money in volatile investments or low interest savings accounts can be risky and less rewarding.  Investing in a CD is quick easy and you will always reap a reward.

Remember to check out our Best CD Rates Nationwide.

The national average for a 12 month CD is 0.83 percent starting this week. Even though this national average rate is dismal, you will find better luck with a local bank or credit union or an institution online for a much higher rate. Do not get stuck with this rate, as you can find much higher rates from Flagstar Bank and Sallie Mae.

Both of these banks are currently offering 12 month CD rates at 1.55% annual percentage yield.

Flagstar Bank requires a minimum of $500 for their CD and Sallie Mae has a minimum opening deposit of $1. These might be a good option if you are looking for a place to put a small amount of cash and earn more than the current 1.1% interest rate on a high yield savings account. The only downside to putting money into a certificate of deposit is you have to wait the full 12 month term or risk losing money from an early withdrawal penalty

• 2.50% APY 13 month
• 3.00% APY 25 month
• 3.25% APY 36 month

A minimum deposit of $1,000 is required with a maximum of $90,000 per term. If you wish to have more than one open CD and you are maxed at $90,000 deposited you can open multiple CDs. You will not find these specials listed on their bank’s website but can be verified by calling or emailing the bank. These are details as of today (10/14/09).

To get these rates you will have to visit the branch to open the CD. Any resident located in East North Carolina, including the cities of Washington, Leland, Morehead City, New Bern, Currituck, Hatteras, Engelhard, Williamston, Wilmington, Hertford, Greenville and Columbia. If you are looking for a specific locations phone number just go to their website and in the “About Us” link on the top of the page click “Our Locations” to find the bank closest to you with addresses and phone numbers.

If you look at BauerFinancial they rate East Carolina Bank as a 4 star (Excellent) bank but Bankrate rates the bank as a 2 star (below peer group). You can read into both ratings on those sites to see why they rate East Carolina Bank as they do. The bank has been a FDIC member since 1934 (FDIC Certificate # 2017). Remember these competitive CD rates are only available to local residence.