bank rates

Time Running Out On Top 3-Year CD Rate?

We’re getting nervous.

Melrose Credit Union continues to offer the best nationally available 36-month certificates of deposit – and the top 12-, and 60-month CD rates, too.

Melrose Credit Union continues to offer the best nationally available 36-month CD rates, but it's about due for a rate cut.But our records show Melrose rarely goes more than three months without lowering its CD rates.

The last time the New York credit union cut its CD rates?

Three months ago today.

And what day of the week does Melrose typically use to change its CD rates?

Tuesday.

How much does Melrose usually lower its rates when they’re revised?

By about a quarter-point for a CD that’s this long.

So if you want to capture its top rate of 2.27% APY, with a $5,000 minimum deposit, it might be wise to act quickly.

The next-best 3-year CD rates are:

2.05% APY with a $1,000 minimum deposit from Bank of Internet, an online bank based in San Diego.

2.00% APY with a $500 minimum deposit from Acacia Federal Savings Bank, an online bank owned by Acacia Life Insurance Company, in Falls Church, Va.

2.00% APY with a $500 minimum deposit from Country Bank, which has 14 branches in central Massachusetts.

2.00% APY with a $500 minimum deposit from Danversbank, which has 30 branches in the Boston area.

2.00% APY with a $1,000 minimum deposit from USAA, a diversified financial company based in San Antonio.

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs either online or through the mail.

Melrose is one of the few credit unions that qualify for 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.)

You must also join USAA by filling out an online application before you can buy one of its CDs, but there’s no membership fee.

See how these returns compare with CD ratesfrom scores of other banks in our database.

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