bank rates

1.76% Continues To Lead 1-Year CD Rates

It seems no one is interested in challenging Melrose Credit Union, which has held the top spot in our rankings of the best 12-month CD rates since July 1.

It continues to pay an unbeatable 1.76% APY – about a quarter-point more than the next best 12-month CDs — with a minimum deposit of $5,000.It seems no one is interested in challenging Melrose Credit Union, which has held the top spot in our rankings of the best 12-month CD rates since July 1.

Melrose, which has a single location in Queens, N.Y., has an unusual open charter that allows all U.S. residents, no matter where they live or work.

The membership fee is only $1, you can apply online, and we haven’t received a single complaint about the credit union’s customer service.

The next best nationally available 12-month certificate of deposit earns 1.55%, with no minimum balance, from Sallie Mae Bank, the online bank owned by the big student loan lender.

After that you’ll find five banks offering 1.50% APY:

AmTrust Direct, an onine division of New York Community Bank, with a $1,000 minimum deposit.

Ascencia Bank, a division of PBI Bank in Louisville, Ky., with a $500 minimum deposit.

CapitalOne Bank, which has 700 branches in Connecticut, New Jersey, Louisiana, New York and Texas, with a $5,000 minimum deposit.

Discover Bank, an online bank owned by Discover Card, with a $2,500 minimum deposit.

H &R Block Bank, owned by the income tax preparation company, requires a $250 minimum deposit.

Compare these returns with the best CD rates from scores of other banks in our extensive database.

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Comments (4)
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4 Existing Comments
  1. RateRunner said:
    on August 9th at 10:40 am

    Just one bank in Chicago was seized by regulators last week, pushing the total number of failed banks to 109 for the year. Don’t miss this or any of the other new posts on our Personal Finance blog. You can always reach it by clicking on the “Finance” tab at the top of every page.

  2. DealMaven said:
    on August 11th at 08:32 am

    You can cross CapitalOne Bank off the list. Today it dropped its 1.50% APY on a 12-month CD to 0.50%. That’s not a typo!

  3. DealMaven said:
    on August 11th at 08:46 am

    They’re dropping like flies! Today AmTrust also lowered its rate on the 12-month CD. It’s paying 1.00% APY instead of the 1.50% it paid yesterday.

  4. tickyul said:
    on August 11th at 08:03 pm

    Banks do not need to pay you for your deposits, they are flush with cash, big brother is giving it to them at next to nothing.