Melrose Credit Union located in Queens New York holds the top spot for the 12 Month CD rate at 1.51% APY. Melrose is a Credit Union open to all residents and only requires a $1 application fee. Since Melrose came on the scene they have kept the top spot for many of the CD rates we track. They are currently in a dead heat against iGoBanking, a division of Flushing Savings Bank also located in New York.
Not only do both of these financial institutions hold the top spot for many CDs, but they blow away the national average (0.59% APY – 1 year CD) for any certificate of deposit on the market today. In a struggling economy it’s difficult to find a decent rate of any kind, unless if you are planning on refinancing your mortgage or buying a house. Mortgage rates are falling to all time lows, which are good for people in the home buying market, but rates in the savings market are dismal.
The next best CD rates for the 1 year term are as follows:
- 1.48% APY from Bank of Internet, with a minimum deposit of $1,000.
- 1.45% APY from MetLife Bank, with a minimum deposit of $25,000.
- 1.40% APY from Ascencia, with a minimum deposit of $500.
As the economy strengthens and interest rates increase, so should CD rates. All eyes are on what will happen next year and whether CD rates will increase in 2011, only time will tell.