bank rates

Incrediblebank Stops Offering CDs

The best 12-month CD rates took a hit today when Incrediblebank abruptly stopped taking applications for new certificates of deposit, just as it did last summer.

The move causes a shake-up in our top 12-Month CD ratesIncrediblebank, the online division of River Valley Bank, based in Wausau, Wis., had offered since mid-February the top nationally available rate on 12-month CDs at 1.45% APY with a $10,000 minimum deposit.

Now the top deal once again belongs to Melrose Credit Union, which had held the lead for a solid five months before Incrediblebank returned to the rankings. The New York credit union once again owns the top spot in four of the six terms we track.

Melrose is offering 1.41% APY with a $5,000 minimum deposit, half of the minimum required by Incrediblebank.

Here’s where to find all of the top 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 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 banks on today’s Leaderboard are:

  • California First National Bank, an online bank based in Irvine, Calif.
  • Aurora Bank, the former Lehman Brothers Bank, which is based in Wilmington, Del., and has a branch in Jersey City, N.J.

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. SeniorSaver said:
    on March 17th at 01:17 pm

    I’m beginning to think that Ben Bernanke won’t consider his work done until he’s completely eliminated bank deposits as an alternative to equities. By then, we’ll be paying two or three times as much for food and fuel, and we’ll have to borrow against our inflated stock portfolios to pay for them. As Jim Cramer would say: “Booyah”!