bank rates

CD Rates Leaderboard For Jan. 3, 2012: Top 60-Month Bank CD Now Pays Just 2%

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.Well, this is a bad start to the new year.

We’ve confirmed a reader tip that Quaint Oak Bank has stopped accepting CD applications from savers who live outside Pennsylvania.

The best nationally available 60-month bank CD rates now fall a full two-tenths of a percentage point.

At 2% APY, the top spot on our CD Rates Leaderboard now belongs to Hudson City Savings Bank (www.hcsbonline.com).

This bank has 130 branches in New Jersey, New York and Connecticut. If you live in the tri-state area, you’ll pay a $500 minimum deposit; other savers must kick in $5,000.

If you’re looking for a higher yield on long-term CDs (and you’re willing to put in a little work), there are three places to look: Credit unions that offer membership to savers in all 50 states, odd-term nationally available bank CDs or local banks and credit unions that restrict membership.

Nationally available credit union CDs

Melrose Credit Union (www.melrosecu.org) boasts the highest 60-month CD rates available to savers nationwide at 2.68% APY with a $5,000 minimum deposit. This New York institution raised its CD rates in August and has left them unchanged ever since. Melrose is open to anyone who pays a $1 membership fee and deposits $25 in a savings account.

Andrews Federal Credit Union (www.andrewsfcu.org) pays 2.30% APY with a $1,000 minimum deposit on 60-month CDs. If you’re not eligible through military affiliation, you can become a credit union member by joining the American Consumer Council for free. Credit Union membership requires a $5 deposit in a savings account.

Pentagon Federal Credit Union (www.penfed.org) pays 2.25% APY with a $1,000 minimum deposit on 60-month CDs. (It pays 2.75% APY on 7-year CDs.) PenFed also recently increased its 12-month CDs a bit to 1.16% APY. If you’re not eligible through military affiliation, you can become a credit union member by joining either the National Military Family Association for a one-time $20 fee or Voices for America’s Troops for a one-time $15 fee.

Odd-term CDs

There’s only one of these worth noting of which we’re aware. U.S. Bank pays 2.25% APY on 59-month CDs with a $1,000 minimum deposit. U.S. Bank sells its certificates of deposit online, at branches or over the phone to its checking account customers.

Local or restricted deals

Here’s a few 60-month CDs we’re written about recently:

El Paso, Texas-based GECU (www.gecu-ep.org) pays 2.85% APY with a $1,000 minimum deposit on 60-month CDs. Membership is open to anyone who lives or works in El Paso County or in Doña Ana County not more than 25 miles from the El Paso branch at 1500 N. Resler St.

GPO Federal Credit Union in upstate New York pays 2.50% APY with a $1,000 minimum deposit on 60-month CDs. Membership is limited to residents near the credit union’s Hartford, N.Y. headquarters.

First Choice Bank (www.firstchoice-bank.com) in New Jersey pays 2.40% APY with a $1,000 minimum deposit on 60-month CDs. You don’t have to be a New Jersey resident to buy these certificates of deposit, but you do need to visit a First Choice Bank branch in person if you’re not already a customer.

None of the deals mentioned above qualify for our CD Rates Leaderboard because the banks or credit unions either place restrictions by not accepting deposits from all savers, regardless of where they live, charge fees to join or offer odd-term deals.

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

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