bank rates

Non-Traditional Banks Top 5-Year CD Rates

Which bank offers the best rate on 5-year CDs?

That depends on your definition of a bank.A credit union and three online banks owned by an insurance company, a student loan lender, and a credit card company are paying more than traditional banks.

If you’re asking about the traditional bank down on the corner, the answer is Stonebridge Bank, which has four branches in Southeast Pennsylvania.

It’s paying 2.80% APY with a $500 minimum deposit.

But that doesn’t top our rankings of the best nationally available rates. Not even close.

A credit union and three online banks owned by an insurance company, a student loan lender, and a credit card company are paying more.

The leading rates on 60-month CDs are:

3.29% APY with a $5,000 minimum deposit from Melrose Credit Union, which has a single office in Queens, N.Y. Melrose has a unique charter that allows anyone to join, regardless of where they live or work. Membership costs only $1.

3.00% APY: with no minimum deposit required from Sallie Mae Bank, the online bank owned by the big student loan provider.

3.00% APY: with a minimum deposit of $2,500 from Discover Bank, owned by the credit card company.

2.95% APY: with a $500 minimum deposit from Acacia Federal Savings Bank, subsidiary of the Acacia Life Insurance Company, Falls Church, Va.

Aren’t you glad you don’t have to depend on a traditional 20th century bank for your 21st century savings?

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

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Comments (4)
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4 Existing Comments
  1. DealMaven said:
    on August 13th at 12:50 pm

    There are lots of new posts you’ll want to see on our Personal Finance blog. You can always reach it by clicking on the “Finance” tab at the top of every page.

  2. DealMaven said:
    on August 18th at 11:36 am

    After a thorough check of the CD rates this morning, we’re glad to report that there have been no changes to The CD Rates Leaderboard for August 17.

    Those same good rates are still available.

  3. DealMaven said:
    on August 19th at 09:58 am

    Once again, the top nationally available rates listed on The CD Rates Leaderboard for August 17 haven’t changed.

    We’d like to tell you that rates went up, but at least they haven’t fallen.

  4. DealMaven said:
    on August 24th at 02:17 pm

    This morning Discover Bank lowered its rate on the 60-month CD to 2.90% APY. That leaves Melrose CU and Sallie Mae Bank as the only two paying 3.0% or more.