bank rates

Top 5-Year CD Rates Hold At 3.29% APY


Melrose Credit Union
continues to lead our rankings of the best 60-month CD rates.

Melrose Credit Union continues to lead our rankings of the best 60-month CD rates.For almost a month now it’s been paying 3.29% APY with a $5,000 minimum deposit.

We were worried about telling readers about a credit union, even though Melrose is unique. It has an open charter that allows all U.S. residents to join and buy CDs online, no matter where they live or work.

But we haven’t received a single complaint from anyone who’s been turned down or turned off by the New York City-based credit union’s customer service.

The other banks in our rankings have cut their rates this summer as the average return on 5-year certificates of deposit fell to a record low of 2.00%.

The next best nationally available 5-year CDs now pay 3.00% APY. They are from:

Sallie Mae Bank, the online bank owned by the big student loan lender, with no minimum deposit required.

Discover Bank, owned by the credit card company, with a minimum deposit of $2,500.

Hudson City Savings Bank, which requires a minimum deposit of $5,000 for online purchases and $500 for CDs obtained at one of its branches in New York, New Jersey and Connecticut.

Stonebridge Bank, in West Chester, Pa., with four branches in southeast Pennsylvania, requires a $500 minimum deposit.

Click here to compare those returns with the best CD rates from scores of other banks.

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Comments (3)
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3 Existing Comments
  1. Jen Stryker said:
    on July 12th at 11:24 am

    They are being marketed as acount advances and peddled to customers whose paychecks are directly deposited into their checking accounts.Supposedly legitimate banks such as Wells Fargo, Fifth Third and U.S. Bank are getting into the payday loan racket. A new study by the National Consumer Law Center says they’re peddling these extremely expensive loans to customers whose paychecks are automatically deposited into their checking accounts.

  2. RateRunner said:
    on July 12th at 11:34 am

    Parkway Bank continues to offer North Carolinians one of the best local deals we’ve seen on 36-month CDs. It’s paying 3.00% APY, which is almost half a percentage point higher than the best nationally available 36-month CD rate, with a minimum deposit of just $1,000.

  3. CrankySaver said:
    on July 12th at 04:39 pm

    The Wall Street Journal is reporting that individual investors are once again fleeing the stock market for the safety of CDs, bonds and annuities. “Some were tantalized by equities during the 70% rally that began in March 2009 and ran through April,” the Journal says. “But mutual-fund data and other clues suggest that that brief infatuation has ended.” It’s clearly the volatility, not the great rates we’re earning from fixed-income investments, that has investors spooked..