bank rates

CD Rates Leaderboard For Jan. 17, 2011

Salem Five Bank in Massachusetts continues to lead our rankings of the best 24-month CD rates.

But reader CharleyR reports that “there has been a glitch in the Salem Five system that has prevented some, but not all, customers from opening the 24-month CD special account online.”

He says he’s been “working with an extremely helpful CSR, working out an alternative of using their mail-in application form. She says they are guaranteeing the rate with mailed forms postmarked by 1/18/11.”

Let us know if you’ve experienced similar problems with Salem Five.

Here’s where to find all of the best nationally available CD rates right now:

3-Month CDs Sanibel Captiva 0.95% APY $1,000
6-Month CDs Bank of Internet USA 1.11% APY $1,000
12-Month CDs Melrose Credit Union 1.41% APY $5,000
Bank of Internet USA 1.41% APY $1,000
24-Month CDs Salem Five Bank 1.75% APY $10,000
36-Month CDs Melrose Credit Union 2.17% APY $5,000
60-Month CDs Melrose Credit Union 2.93% APY $5,000

Banks and credit unions qualify for our rankings by selling their certificates of deposit online or through the mail, to savers nationwide.

Melrose continues to be one of the few credit unions eligible for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

Sanibel Captiva refers to Sanibel Captiva Community Bank, which has three branches in southwest Florida, and Bank of Internet USA is an online bank based in San Diego.

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

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Comments (2)
1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 3.75 out of 5)
2 Existing Comments
  1. CharleyR said:
    on January 20th at 11:42 am

    As of this morning, Salem Five was still offering the 1.75% APY 24-month rate. But the computer system glitch has not been resolved. The CSR tells me, however, that online applications work with Foxfire. I have Windows7.

  2. CharleyR said:
    on January 20th at 03:04 pm

    Even with Foxfire, the telephone assistance of a CSR was necessary, I discovered. But the process avoided the mails.