bank rates

Top 60-Month CD Rates Just Under 3%

When last we wrote about 60-month CD rates at the beginning of March, we hoped it wouldn’t be long before the CD Rates Leaderboard sported a 3% return.

Melrose Credit Union holds the top spot, offering 2.93% returns.And it did reappear, thanks to Leaderboard newcomer Quaint Oak Bank.

Unfortunately, the suburban Philadelphia bank dropped its 60-month rates — along with all of its others — after about a week.

Quaint Oak’s current rate of 2.70% APY with a $500 minimum deposit keeps it in our rankings, just not in the top spot.

And so we wait for 3% again. Sigh.

The current top nationally available rate for 60-month CDs is again 2.93%, offered by oh-so-familiar Melrose Credit Union, which has a single office in New York City and requires a $5,000 minimum deposit.

We shouldn’t lament too much, as the current average yield offered by big banks and thrifts has held at just 1.71% for weeks.

And local banks offering 3% pop up now and again, like at Citadel Federal Credit Union in suburban Philly.

Other top nationally available 60-month CD rates are:

2.80% APY at Sovereign Bank, which is owned by Spanish financial giant Santander and requires a $500 minimum deposit.

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

2.65% APY at Tennessee Commerce Bank, which has a single location in Franklin, Tenn., and requires a $2,500 minimum deposit.

2.55% APY at OneWest Bank, which has 82 branches in southern California and requires a $1,000 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 (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on May 16th at 09:26 am

    These deals are still available as of May 16, 2011, except for Quaint Oak’s rate, which has dropped to 2.60% APY.