bank rates

Danversbank Dominates 3-Year CD Rates

A big gap is developing between what Danversbank is paying and the next best 36-month CD rates.

It’s paying 2.50% APY on 3-year certificates of deposit with an affordable $500 minimum deposit.

That’s almost a quarter-point more than you can earn at second-place Melrose Credit Union.

It's paying 2.50% APY on 3-year certificates of deposit with an affordable $500 minimum deposit.
We don’t usually see that kind of spread in our rankings of the best nationally available CD rates.

When we do, it usually doesn’t last long.

Several enterprising banks looking to grab customers raise their rates to compete with the higher return.

Ha-ha-ha! Just kidding. (I’m sharing what passes for humor around Bankaholic World Headquarters these days.)

We expect Danversbank to cut its rate any day now.

The next best nationally available 36-month CD rates are:

2.27% APY with a minimum deposit of $5,000 from Melrose Credit Union, which is located in Queens, N.Y. Its open charter allows any U.S. resident to join for $1, no matter where they live or work.

2.25% APY with a minimum deposit of $500 from NOVA Bank, which has five branches in Philadelphia and seven in surrounding counties.

2.20% APY with a minimum deposit of $500 from Nationwide Bank, the online bank owned by Nationwide Mutual Insurance Co.

2.20% APY with a minimum deposit of $5,000 from Heritage Bank, which has branches in Phoenix and Tempe, Ariz.

2.20% APY with a minimum deposit of $500 from Acacia Federal Saving Bank, an online subsidiary of the Acacia Life Insurance Company, Falls Church, Va.

All of these banks allow customers to buy CDs online, regardless of where they live.

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

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Comments (6)
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6 Existing Comments
  1. CrankySaver said:
    on September 15th at 09:39 am

    Even a liberal guy like former Labor Secretary Robert Reich is warning the Federal Reserve that its cheap money policies have gone far enough and pushing interest rates even lower won’t help the economy or create more jobs. So if Ben won’t listen to us, maybe he’ll listen to Reich. Click here to read this and all of the other new posts on our Personal Finance Blog, which you can always reach with the “Finance” tab at the top of every page.

  2. DealMaven said:
    on September 15th at 09:44 am

    Big changes are in store for our CD Rates Leaderboard today. NewDominoin Bank, which led in three of our six categories, lowered its rate this morning. And lowered them by a lot. Come back in just a couple of hours. We hope to get an updated Leaderboard posted by then.

  3. Glen said:
    on September 15th at 10:39 am

    I’ve been sticking my money in 6-month CDs for the past year and a half, thinking that the economy will start to pick up. Am I crazy? Should I go for a longer term?

  4. Tattler said:
    on September 15th at 10:47 am

    Time to give it up, Glen. Looks like we’ll be limping along into 2011 — at least that’s what my tea leaves are telling me.

  5. Glen said:
    on September 15th at 01:46 pm

    Tattler: That’s what I was worried about. Guess I’ll roll in to a longer term for the next one. Maybe a 9mo this time 🙂

  6. Tattler said:
    on September 15th at 05:46 pm

    That’s the spirit! Nothing too daring now. 😉