This past week we have seen the Dow move up and down, but ending the week down 450 points. Many banks have cut their CD rates but overall the top CD rate leaders have held steady. The biggest drops come from a major Credit Union – Melrose. Melrose has consistently kept their rates higher than any other major nationwide bank, but since August 8th they have cut their rates down by about a quarter percent.
Here are the current rates offered at Melrose Credit Union:
- 12 month CD rates down to 1.05% from 1.31%
- 24 month CD rates down to 1.31% from 1.56%
- 36 month CD rates down to 1.81% from 2.07%
- 48 month CD rates down to 2.07% from 2.32%
- 60 month CD rates down to 2.57% from 2.83%
For the week ending August 19th 2011, the top CD rate holders have held steady:
- 3 month CD’s – AloStar Bank of Commerce at 0.76%
- 6 month CD’s – AloStar Bank of Commerce at 1.05%
- 12 month CD’s – AloStar Bank of Commerce at 1.27%
- 24 month CD’s – MainStreet Bank at 1.50%
- 36 month CD’s – MainStreet Bank at 1.90%, DOWN from 2.00% from August 8th
- 60 month CD’s – MainStreet Bank at 2.50%
Overall the best CD rates have held steady, but we suspect another drop is coming. Connexus Credit Union was also offering some of the highest CD rates, even higher than Melrose Credit Union but have since dropped their rates also.
Connexus Credit Union requires a minimum deposit of $10,000 to receive the higher rates:
- 6 month CD rate of 1.25%
- 12 month CD rate of 1.50%, which is down from 1.75% on August 10th.
- 60 month CD rate of 2.50%, which is down from 3.00% on August 10th.
With these lowered rates, this puts Melrose back in the lead with the best CD rates you will find on the market. Even thought they are a Credit Union, anyone can join as long as you meet a few requirements such as opening an account and funding a savings account. They also have a minimum deposit of $5,000, which might be a little high for the average saver.
Be sure to check out our CD rates page for the most up to date rate information. CD rates can change at a moments notice so be sure to check with the financial institution about their current rates before investing.