Just a quick update on where to find the best deals.
You can still earn 3.10% APY on a 24-month certificate of deposit from GMAC Bank, and the minimum deposit is just $500.
Intervest National Bank a New York-based online bank is paying 3.00% on a 30-month CD with a $2,500 minimum deposit ($1,000 if it’s an IRA CD).
Charter Bank a community bank out in New Mexico is offering a 14-month CD at 3.00% and a $5,000 minimum deposit.
Be sure and check all of your local banks and credit unions for deals. They’re often better than the best rates you’ll find nationally.
Melrose Credit Union in Briarwood, N.Y., is offering 3.19% APY on 12-month and 3.34% on 24-month CDs.
Mutual Bank with branches in Chicago, Houston, Staten Island, N.Y. and Edison N.J., is paying 2.75% APY on a 16-month CD.
Alliant Credit Union, which has offices in Illinois, Colorado and California, is offering 3.00% APY on 12- and 24-month CDs up to $25,000, and a little more on jumbo CDs.
You deserve to earn a better rate than the paltry 1.35% APY and 1.60% APY that the average one- and two-year CDs are paying.