bank rates

Top 5-Year CD Rates Finally Fall Below 3%

It’s a sad day.

Even the best nationally available 5-year CD rates have fallen below 3%.
Melrose Credit Union has led our 5-year rankings since June and its return is still a quarter-point more than anyone else is paying.
Melrose Credit Union was the last to pull back, lowering its top rate of 3.03% APY to 2.93% APY on Tuesday.

The small credit union in Queens, N.Y., has led our 5-year rankings since June and its return is still a quarter-point more than anyone else is paying.

But the slide below 3% underscores the terrible plight savers face, as the Fed continues to give banks all the money they need for next to nothing.

The next best nationally available 60-month CD rates are:

2.75% APY with a $500 minimum deposit from Danversbank, which has more than 30 branches in the Boston area.

2.65% APY with a $500 minimum deposit from Stonebridge Bank, which has four branches in suburban Philadelphia.

2.60% APY with a $500 minimum deposit from Acacia Federal Savings Bank, an online bank owned by the Acacia Life Insurance Company, based in Falls Church, Va.

2.55% APY with a $1,000 minimum deposit from First Internet Bank of Indiana, an online bank located in Indianapolis.

These banks and credit unions qualify for our rankings by imposing

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