bank rates

Top 1-Year CD Rates Keep Paying 1.55%

Here’s what passes for a success story these days: The top 12-month CD rates available today are pretty much the same as they were two weeks ago.

The top 12-month CD rates available today are pretty much the same as they were two weeks ago.In fact, Sallie Mae Bank has been paying the same 1.55% APY since spring.

Its refusal to lower its rate, as virtually everyone else has done, is why the online bank owned by the big student lender has risen to the top of our rankings of the best 1-year CD rates.

The national average for a 12-month CD has tumbled from 0.77% in March to a record low 0.61% this month.

The next best nationally available rate is 1.51% APY, available from:

Melrose Credit Union, located in Queens, N.Y., which requires a $5,000 minimum deposit.

NewDominion Bank with branches in Charlotte and Mooresville, N.C., which requires a $3,000 minimum deposit.

These online banks pay 1.50% APY:

Ascencia, an online division of PBI Bank, which has 17 branches in central Kentucky, and requires a $500 minimum deposit.

H&R Block Bank, an online bank owned by the income tax preparation company that requires a $250 minimum deposit.

TriState Capital Direct, a Pittsburgh-based online bank that requires a $50,000 minimum deposit.

All of these banks and credit unions accept online applications from customers in all 50 states. (We include Melrose in our rankings because it has a unique charter that allows anyone to join for just $1, regardless of where they live or work.)

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

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  1. Jen Stryker said:
    on September 9th at 03:05 pm

    According to a new study by the American Bankers Association almost half of all checking account customers have opted in to their bank’s overdraft protection. That’s the nasty little program where banks will cover relatively small debit card purchases even if you don’t have enough money in your account – and whomp you with a fee for doing so. Don’t miss this or any of the other new posts on our Personal Finance blog, which you can always reach it by clicking on the “Finance” tab at the top of every page.