With the US economy in a rut it seems like no bank is willing to challenge Melrose Credit Union for the top spot of the 1 Year CD at a rate of 1.76%. They have been holding the top spot for the 12 month CD for 2 months now. Sallie Mae is the closest contender with a rate of 1.55% for the 12 month CD, but they have a high minimum of $10,000. Any other major bank will come in with rates under 1.50% with Chase Bank at one of the lowest rates of 0.25% for the 1 Year CD.
With all of this said, Melrose Credit Union is looking even better than ever. Their minimum deposit of $5,000 is easily attainable for the average investor and is one of the few Credit Unions that is open to anyone, anywhere in the US.
Melrose has a single location in Queens, NY and has an opening fee of $1.
If you feel more comfortable with putting your money in a bank and not a credit union, Sallie Mae Bank is your next best bet. As we stated they hold the second best CD rate of 1.55%.
Other banks offering close to 1.50% APY 1 Year CD are:
- New Dominion Bank, out of North Carolina with a minimum deposit of $3,000.
- Discover Bank, with a minimum deposit of $2,500.
- Bank of Interest with a minimum deposit of $500.
Many smaller banks hold interest rates around 1.50% APY, rather than bigger banks whose interest rates barely break over 1%. To find the highest CD rates you will want to look into a local Credit Union or view our list of the best CD rates currently available.
You can always view and compare CD rates from our CD rates database.