bank rates

Top 60-Month CD Rates Back At 3%

Welcome back, 3%. We’ve missed you.

Sovereign Bank moves to the top of the Leaderboard on 5-year CDsSovereign Bank, which briefly flirted last summer with the top nationally available CD rates, is the first bank or credit union in months to offer savers throughout the country 3% APY on 5-year CDs.

A bank representative said its 3.00% deal requires a $500 minimum deposit and is available online.

There hasn’t been a nationally available deal on certificates of deposit this good since November, when Melrose Credit Union dropped its rates from 3.03%. Melrose had led our 60-month rankings since June.

Wyomissing, Pa.-based Sovereign is owned by Spanish financial giant Santander. Residents of the eight states where Sovereign has more than 700 branches – Rhode Island, Pennsylvania, Connecticut, Maryland, Massachusetts, New Hampshire, New York and New Jersey – can apply in person.

Any saver may apply online or over the phone at 877-768-2265.

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

2.93% APY with a $5,000 minimum deposit from Melrose Credit Union, which has a single office in New York City.

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

2.75% APY with a $10,000 minimum deposit from Salem Five Bank, which has 22 branches just north of Boston.

2.75% APY with a $10,000 minimum deposit from Kaiser Federal Bank, which has nine branches in southern California.

2.75% APY with a $500 minimum deposit from Astoria Federal Savings, which has 85 branches in Brooklyn, Queens, Nassau, Suffolk and Westchester counties.

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.

Melrose is one of the few credit unions that qualify for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

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

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Comments (5)
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5 Existing Comments
  1. NickelAndDimed said:
    on February 17th at 09:49 am

    It looks like Kaiser Federal Savings has joined Sovereign Bank in raising its 60-month CD rates to 3.00% APY. We’ll post a new CD rates Leaderboard later today reflecting this change.

  2. Kathy O'Gorman said:
    on February 27th at 01:06 pm

    Sovereign’s rate has dropped to 2.80% APY.

  3. Kathy at Bankaholic said:
    on March 16th at 09:45 pm

    Sovereign, Salem Five and Astoria have dropped their rates, but these rates are still available at Melrose CU, Danversbank and Kaiser Federal as of March 16, 2011.

  4. Kathy at Bankaholic said:
    on March 30th at 09:33 am

    Only Melrose and Danversbank are still offering these rates as of March 30, 2011.

  5. Kathy at Bankaholic said:
    on May 26th at 10:27 am

    Melrose and Danversbank’s rates have held up as of May 26, 2011, but all of the others have lower rates.