bank rates

CD Rates Leaderboard For March 7, 2011

Salem Five Savings Bank’s nearly two-month run at the top of the CD rates mountain has ended.

The Massachusetts-based bank, which has 22 branches just north of Boston, cut its rate today on 24-month certificates of deposit by a tenth of a percentage point to 1.65% APY with a $10,000 minimum deposit.

That means Melrose Credit Union once again has the best nationally available deal on 2-year CD rates. The Queens, N.Y.-based credit union offers 1.66% APY.

While Melrose’s rate is just a bit better than Salem Five’s, it also has a much lower $5,000 minimum deposit.

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 Metropolitan National 1.15% 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 Kaiser Federal Bank 3.00% APY $10,000

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 other banks on today’s Leaderboard are:

  • California First National Bank, an online bank based in Irvine, Calif.
  • Metropolitan National Bank, which has three branches in Manhattan and one in Brooklyn, N.Y.
  • Incrediblebank, the online division of River Valley Bank, based in Wausau, Wis.
  • Kaiser Federal Bank, which has nine branches in the Los Angeles area.

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

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Comments (1)
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One Existing Comment
  1. Mike at Bankaholic said:
    on March 9th at 09:44 am

    Salem Five has since cut its 24-month rates even further to 1.50% APY