bank rates

Leading 5-Year CD Rates Still Top 3%

The Big Apple is the place to go for the best rates on 5-year CDs.

New York banks and credit unions offer the three best 5-year CD rates.Indeed, it’s the only place to go if you want your long-term savings to earn more than 3% a year.

Melrose Credit Union, which has a single office in Queens, is paying 3.29% APY with a $5,000 minimum deposit.

This unusual credit union has a unique charter that allows anyone to join, regardless of where they live or work.

Astoria Federal Savings is paying 3.05% APY with a minimum deposit of $500.

You can buy one of these CDs by visiting one of Astoria’s 85 branches in Brooklyn, Queens, Nassau, Suffolk and Westchester counties, or by calling 1-800-Astoria (278-6752).

A customer service representative will take the info needed to fill out an application over the phone, and send you the form to sign. The rate you’re quoted when you call will be honored for 10 days, which should be enough time to mail the application and a check back to the bank.

Hudson City Savings Bank is paying 3.00% APY. It requires a minimum deposit of $5,000 for online purchases and $500 for CDs obtained at one of its more than 100 branches in New York, New Jersey and Connecticut.

You can also earn 3.00% APY on a nationally available 60-month certificate of deposit from:

Sallie Mae Bank, the online bank owned by the big student loan lender, with no minimum deposit required.

Discover Bank, owned by the credit card company, with a minimum deposit of $2,500.

Fort Knox Federal Credit Union, which has a dozen branches surrounding the military base and the nation’s gold repository in central Kentucky, requires a $500 minimum deposit.

Anyone can qualify for membership in Fort Knox by joining the American Consumer Council, right on the credit union’s web site.

Just click on “Become a member” on the home page or rate page, then “Click here to get started.” When you’re asked for “Eligibility Criteria,” use the pull-down menu to click on “AMERICAN CONSUMER COUNCIL/KENTUCKY CHAPTER.”

When you complete the application, the credit union will automatically enroll you in the consumer advocacy group and you’ll be able to buy CDs as part of the application process.

Membership in the American Consumer Council is free. Joining the credit union costs $15.

Signing up at Melrose is even easier and membership only costs $1.

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

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Comments (2)
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2 Existing Comments
  1. DealMaven said:
    on July 30th at 03:15 pm

    For top rates on 3-, 6-, 12-, 24- and 36-month CDs, click on the CD term you’re interested in on The CD Rates Leaderboard for July 30.

  2. DealMaven said:
    on August 11th at 09:54 am


    Hudson Savings Bank
    and Astoria Federal Savings have both cut their rates, taking them out of the rankings. Hudson is now paying 2.75% APY, while Astoria Federal slashed its rate to 2.25% APY. And Knox Federal Credit Union has been eliminated from our listings.