bank rates

Top 36-Month CD Rates Still Above 2%

Melrose Credit Union still leads the 36-month rankings – its last remaining top spot position on the CD Rates Leaderboard.
Melrose Credit Union offers a 2.17% APY
Melrose has held the position since Dec. 17, offering a 2.17% APY with a $5,000 minimum deposit.

But who knows how long that will last.

A Bankaholic.com smarty noticed a while back that the New York City-based credit union typically changes its rates every three months, on the last Tuesday.

That Tuesday fell this week. But Melrose left its rates unchanged.

I’ve been checking the rate page compulsively over here. (The anticipation is killing me.)

While it lasts, Melrose’s rate is much better than the second top nationally available 36-month CD rate.

That 2.00% APY return is available for certificates of deposit from five banks:

OneWest Bank, which has 82 branches in southern California and requires a $1,000 minimum deposit.

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

Danversbank, which has more than 30 branches in the Boston area and requires a $500 minimum deposit.

NOVA Bank, which has a dozen branches in the Philadelphia area and requires a $500 minimum deposit.

Tennessee Commerce Bank, which has a single location in Franklin, Tenn., and requires a $2,500 minimum deposit.

You may want to note that Connecticut-based People’s United Bank has acquired Danversbank. So rates there may be on shaky ground, too.

Banks and credit unions qualify for our CD Rates Leaderboard by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

And their rates are significantly higher than the 36-month rates of large banks and thrifts, which are paying an average annual yield of 1.06% APY.

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

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Comments (3)
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3 Existing Comments
  1. Kathy at Bankaholic said:
    on March 16th at 09:13 pm

    All of these rates are still available on March 16, 2011, except for two:
    OneWest’s rate has slipped to 1.80% APY.
    But Tennessee Commerce Bank’s rate rose to 2.15% APY.

  2. Kathy at Bankaholic said:
    on March 30th at 09:11 am

    These rates are still offered as of March 30, 2011, except for OneWest’s (it’s now 1.80% APY) and Tennessee Commerce Bank’s (it’s 2.15% APY).

  3. Kathy at Bankaholic said:
    on May 26th at 10:11 am

    These rates are still good as of May 26, 2011, except for OneWest, which is still at the lower 1.80% it posted in March, and Tennessee Commerce, which has seesawed and now stands at 1.75%.