bank rates

Rumble In Queens Over 3-Year CD Rates

Melrose Credit Union and iGObanking, the online division of Flushing Savings Bank, are now vying for the best nationally available deal on 36-month CD rates.

Is Queens big enough for Melrose Credit Union and Flushing Savings Bank?

This isn’t exactly the Jets and Sharks.

But after Flushing’s online division, iGObanking, raised its rates yesterday, these New York neighbors are vying for the top spot in our rankings of the best nationally available 36-month CD rates.

Melrose, which has a single office on Queens Boulevard, is paying 2.27% APY with a $5,000 minimum deposit.

Flushing, which has nine of its 15 New York area branches in Queens, is paying 2.25% APY with a minimum deposit of $1,000 through its iGObanking Web site.

This is exactly what savers need to see in this horrible market. A little competition for their money. So we’re rooting for both of them.

The next best nationally available rates on 3-year certificates of deposit are:

2.15% APY with a $1,000 minimum deposit from Kaiser Federal Savings Bank, which has nine branches in southern California.

2.15% APY with a $500 minimum deposit from NOVA Bank, with 12 branches in the Philadelphia area.

2.08% APY with a $1,000 minimum deposit required, from Bank of Internet, an online bank based in San Diego.

2.05% APY with a $500 minimum deposit required, from Nationwide Bank, an online subsidiary of Nationwide Mutual Insurance.

2.05% APY with a $3,000 minimum deposit required, from NewDominion Bank, a predominantly online bank with branches in Charlotte and Mooresville, N.C.

These banks qualify for our rankings by imposing no restrictions on who can buy their CDs, and all take applications over the Internet.

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.)

Click here to compare these deals with the best CD rates from dozens of other banks in our database.

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Comments (3)
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3 Existing Comments
  1. Sherri said:
    on October 21st at 03:05 pm

    Remember the gas wars? Here’s hoping some more banks join in the fray.

  2. CrankySaver said:
    on October 21st at 04:46 pm

    I know this is a little off the subject, but is reporting that McDonalds will be bringing the McRib sandwich back to every single one of its restaurants for a six week run beginning Nov. 2. If true, it will be the first time in 17 years that this sweet and tangy barbequed delite has been available nationwide.

  3. Tango Tart said:
    on October 21st at 07:27 pm

    Yum. The mcrib. Not these interest rates. The igo 2 year deal looks better to me.