bank rates

Top 24-Month CD Rates Hold At 1.75%

There’s been a huge shake-up across the CD Rates Leaderboard.

Not so for 24-month CD rates, where Salem Five Bank continues to rule.

The Salem, Mass.-based bank grabbed the top spot from Melrose Credit Union on Jan. 12 with a special certificate of deposit offering 1.75% APY with a $10,000 minimum deposit and hasn’t let go.

And Melrose since then has lost all but one of the top spots it once held.

Of course, all Leaderboard rates are significantly higher than the 24-month rates of large banks and thrifts, which are paying on average 0.73% APY.

The next best nationally available 24-month rates are:

1.66% APY at Melrose Credit Union, which has a single office in New York City and requires a $5,000 minimum deposit.

1.65% APY at Country Bank, which has 14 branches in central Massachusetts and requires a $500 minimum deposit.

1.60% APY at Metropolitan National Bank, which has three branches in Manhattan and one in Brooklyn, and requires a $1,000 minimum deposit.

1.55% APY at Bank of Internet USA, an online bank based in San Diego, Calif., that requires a $1,000 minimum deposit.

1.55% APY at MetLife Bank, the insurance giant’s online bank which requires a $25,000 minimum deposit.

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

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

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Comments (2)
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2 Existing Comments
  1. Kathy O'Gorman said:
    on February 27th at 12:51 pm

    Rates are holding up as of 2/27.

  2. Kathy at Bankaholic said:
    on March 16th at 09:32 pm

    Just MetLife Bank is offering this rate as of March 16, 2011. All of the rest have lowered their rates.