bank rates

CD Rates Leaderboard For March 16, 2011

Metropolitan National Bank in New York has hit savers with a double-whammy, leading to a shake-up in our CD Rates Leaderboard.

The bank now requires all new certificates of deposit be purchased at one of its four branches. This disqualifies Metropolitan from our list of nationally available deals.

Metropolitan slashed its yields, as well, making its rates less attractive even for a local deal.

That means we have a new 6-month CD rates leader — Aurora Bank, which held the top spot for a time earlier this year. Aurora, however, has cut its rates twice since February.

The former Lehman Brothers Bank, based in Wilmington, Del., is paying 1.08% APY with a minimum deposit of $1,000. It has a single branch in Jersey City, N.J.

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

3-Month CDs California First 0.80% APY $5,000
6-Month CDs Aurora Bank 1.08% APY $1,000
12-Month CDs Incrediblebank 1.45% APY $10,000
24-Month CDs Melrose Credit Union 1.66% APY $5,000
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 is 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.)

The banks on today’s Leaderboard are:

  • California First National Bank, an online bank based in Irvine, Calif.
  • Incrediblebank, the online division of River Valley Bank, based in Wausau, Wis.

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

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