bank rates

Sallie Mae Bank Cuts 5-Year CD Rates

Sallie Mae Bank has reduced what had been the second-best return on 60-month CDs from 2.90% APY to 2.75% APY, and taken a step down in our rankings.

The online bank, owned by the big student lender, requires no minimum deposit. It joins three other banks paying 2.75% APY, which are now tied for the third-best nationally available 5-year CD rates:

That pushes the online bank owned by the big student lender from second to third in our rankings of the best 60-month CD rates.

  • Danversbank, with 30 branches in the Boston area, has a minimum deposit of $500.
  • Discover Bank, an online bank owned by the credit card company, has a minimum deposit $2,500.
  • American Express Bank, an online bank owned by the credit card company, requires no minimum deposit.

The second-best return is now available from Acacia Federal Savings Bank. The online bank owned by the Acacia Life Insurance Co., based in Falls Church, Va., is paying 2.85% APY with a $500 minimum deposit.

And, of course, Melrose Credit Union continues to lead our rankings with the only return over 3%.

This credit union with a single office in Queens, N.Y., continues to pay 3.03% APY with a $5,000 minimum deposit.

All of these banks and credit unions accept online applications for certificates of deposit from customers in all 50 states.

We include Melrose in our rankings because it has a unique charter that allows anyone to join for only $1, regardless of where they live or work. You will also have to maintain a savings account with at least $25 in it to qualify for membership.

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

Our certificate of deposit calculator will also let you see exactly what you’ll make with any deposit, at any rate, for any term.

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