bank rates

CD Rates Leaderboard For May 25, 2011

It’s been a busy day on the CD Rates Leaderboard.

First, we had a new 60-month CD rates leader. And then we didn’t.

Then, Salem Five Savings Bank cut its 24-month CD rates by a quarter point to 1.50%, dropping from the top spot in that term.

Of course, Salem Five is simply repeating history.

This is twice now in 2011 the Massachusetts-based bank with 22 branches north of Boston has boosted 24-month CD rates, only to drop them a month or two later.

Salem Five’s move 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.

As for American Savings Bank’s 60-month deal, we were wary (as always) a small bank could keep up with the pent-up demand of savers.

It decided to restrict the 3% deal to all but its local market in Ohio and Kentucky just a few hours after we wrote about the offer.

Here’s where to find all of the top CD rates:

TERM BANK RATE MIN. DEPOSIT
3-Month CDs Nexity Bank 0.81% APY $1,000
6-Month CDs Nexity Bank 1.12% APY $1,000
12-Month CDs Melrose Credit Union 1.41% APY $5,000
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 only bank on today’s Leaderboard is Nexity Bank, an online bank based in Birmingham, Ala.

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

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