bank rates

Salem Five Leaps To Share 4-Year CD Lead

Ever since E-Loan substantially raised the top nationally available yield across every major CD term from 1 to 5 years at the end of last month, developments on our CD Rates Leaderboard have been sparse.

Today, Salem Five Bank finally delivers some Leaderboard news, unveiling a new 48-month CD that pays the same 2.00% APY as E-Loan’s top-billed certificate.

Requiring the same $10,000 minimum investment as E-Loan, Salem Five’s co-leading CD can be opened online or in person at one of the bank’s 29 Massachusetts branches.

Note that in addition to Salem Five’s standard SalemFive.com site, it also operates SalemFiveDirect.com, which offers a separate menu of CDs that are only available online, not at any branch, but are not currently as competitive.

Ranking the best nationally available 4-year certificates of deposit is a new Bankaholic feature we started this month, broadening our coverage to seven CD terms from 3 months to 5 years.

E-Loan’s big July splash was welcome news for savers who are still waiting for the Federal Reserve to raise interest rates. If we’re lucky, that could happen in a few weeks but might take as long as December.

I recently asked Manuel Chinea, chief operating officer of E-Loan’s parent company, Popular Community Bank, how long we can expect these new chart-topping rates to continue.

Although he couldn’t say how long the rates will last, he indicated he expects E-Loan CDs to remain competitive through the rest of this year.

“But that doesn’t mean we might not pull back in a particular term as we manage the durations of our deposit portfolio,” Chinea added.

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