bank rates

MetLife Joins Leaders In 1-Year CD Rates

We’ve added MetLife Bank to our ranking of the best nationally available 12-month CD rates — although we have some misgivings about that.

Its top rate of 1.45% APY is clearly worthy of second place.

The online bank owned by the big insurance company is paying 1.45% APY with a hefty $25,000 minimum deposit.But the online bank owned by the big insurance company requires you to invest at least $25,000 to get it.

Although we don’t throw banks out of our rankings because their minimum deposits are too high, we think this is excessive.

You’ll only earn 1.00% APY if you invest less than $15,000 in a 1-year certificate of deposit at MetLife Bank, and 1.35% APY for CDs between $15,000 and $25,000.

Melrose Credit Union continues to lead our rankings with a top rate of 1.51% APY on 12-month CDs and $5,000 minimum deposit.

The other best nationally available rates are:

1.41% APY with a $1,000 minimum deposit from Bank of Internet, an online bank based in San Diego. (It just lowed its rate from 1.48% APY this week.)

1.40% APY with no minimum deposit from Sallie Mae Bank, owned by the big student loan lender.

1.40% APY with a $500 minimum deposit from Ascencia, an online division of PBI Bank in Louisville, Ky.

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs.

Melrose is one of the few credit unions in 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.)

You can find the application online, but you must print it and mail it in with the required documentation.
Once you’ve become a member you can request an application to purchase a CD by phoning or emailing the credit union.

See how these returns compare with 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. DealMaven said:
    on November 15th at 09:54 am

    MetLife dropped the rate on its 12-month CD over the weekend. It now pays 1.25% APY, which eliminates its standing in the best-paying one-year rates.