bank rates

CD Rates Leaderboard For January 8, 2011

The economic recovery “will be moderately stronger in 2011 than it was in 2010,” Federal Reserve Chairman Ben Bernanke told a Senate committee on Friday.

But he reiterated the need for the nation’s central bank to keep bolstering the recovery by holding short- and long-term interest rates at record lows.

Nothing encouraging there. If Ben has his way, and he probably will, we’ll have a tough time earning a reasonable return on our money through most, if not all, of the upcoming year.

At least there were no changes in our Leaderboard during the first week of 2011.

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

TERM BANK RATE MIN. DEPOSIT
3-Month CDs Sanibel Captiva 0.95% APY $1,000
6-Month CDs Bank of Internet USA 1.11% APY $1,000
Ascencia 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 Melrose Credit Union 1.66% APY $1,000
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.

Ascencia is an online division of PBI Bank based in Louisville, Ky., while Bank of Internet 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)
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  1. CharleyR said:
    on January 8th at 12:59 pm

    Although I agree that Ben Bernanke will probably have his way, that should not stop anyone from supporting legislative changes to reign in the Fed’s authority, particularly in the area of long-term debt purchases. The market manipulation and US government debt monetization Bernanke is trying (with pitiful results) to achieve, plus the potential use of “monetary policy” to bail out state, local and foreign governments, is really scary for a senior citizen like me. If anyone knows of an organization supporting such legislative changes worth contacting for support, please post it here. (Ron Paul is a bright man, a fine fellow and all that, but he’s not my idea of an effective spokeperson.)

  2. Lorne Marr said:
    on January 10th at 06:12 am

    Since Congress does nothing but wrangles over raising the country’s debt limit it is hard to expect any signs of a U.S. recovery in the near future.