bank rates

Melrose Alone As 1-Year CD Rates’ Leader

We were hoping for some shake-up in 12-month CD rates, but this isn’t exactly what we had in mind.

Melrose Credit Union continues to have the best nationally available 12-month CD Rates.

There had been little movement among the top nationally available rates for several weeks.

That is, until Ascencia dropped its rate last week by 0.05%, followed by Bank of Internet, which also dropped its rate 0.05% — the second such drop in a month.

That left Melrose Credit Union to extend its lead in 12-month rates without doing a thing. Melrose has held at 1.41% APY since Nov. 29.

Even with the rate reductions by Bank of Internet and Ascencia, the top nationally available rates still dwarf the 12-month rates offered by large banks and thrifts, which are paying an average annual yield of 0.48% APY – the lowest it’s been since Bankrate began tracking this rate in October 1983.

A rate that pitiful isn’t worth your time, or money, when better deals are to be had with banks on our CD Rates Leaderboard.

The best nationally available 12-month rates are:

1.41% APY at Melrose Credit Union, which has a single office in New York City and requires a $5,000 minimum deposit.

1.31% APY at Bank of Internet USA, an online bank based in San Diego, Calif., which requires a $1,000 minimum deposit.

1.30% APY at Ascencia, the online division of PBI Bank in Louisville, Ky., that requires a $500 minimum deposit.

1.30% APY at Colorado Federal Savings Bank, which is an online bank based in Greenwood Village, Colo., and requires a $5,000 minimum deposit.

1.29% APY at Ally Bank, an online bank owned by auto loan giant GMAC Financial that requires no minimum deposit.

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

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. Kathy at Bankaholic said:
    on March 16th at 10:03 pm

    Everyone’s dropped their rates as of March 16, 2011, except Melrose and Ascencia.

  2. Kathy at Bankaholic said:
    on March 30th at 09:46 am

    Only Melrose is still offering this rate as of March 30, 2011.