bank rates

Same Banks, Lower Rates On 5-Year CDs

The same banks have led our rankings of the best 5-year CD rates all summer.

Unfortunately, the rates they’re offering today are not as good as the rates they were paying back in June.

Melrose Credit Union, which has a single office in Queens, N.Y., grabbed the lead in mid-June by paying what now seems a generous 3.29% APY.

Today it’s paying 3.03% with a $5,000 minimum deposit.

The next best rates are:

3.00% APY with no minimum deposit required from Sallie Mae Bank, the online bank owned by the big student loan provider. (This is the only rate that is unchanged from early summer.)

2.90% APY with a $500 minimum deposit from Acacia Federal Savings Bank, an online bank owned by the Acacia Life Insurance Co.

2.90% APY with a minimum deposit of $2,500 from Discover Bank, an online bank owned by the credit card company.

For more on cratering interest rates check out the posts The Fed Parties On As Savers Suffer and Ben Bernanke Offers No Hope To Savers.

They’re on our Personal Finance blog, which you can always find by clicking on the “Finance” tab at the top of every page.

Melrose Credit Union has a unique charter that allows anyone to join for $1, regardless of where they live or work. You’ll also be required to put at least $25 in a savings account before you can buy one of its CDs.

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

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  1. DealMaven said:
    on August 31st at 03:02 pm

    Check out the best 3-month to 36-month yields on The CD Rates Leaderboard for August 31.