Melrose Credit Union remains at the top of the rankings for 12-month CD rates for the third straight week.
From its single office in Queens, N.Y., Melrose continues to pay 1.76% APY with a $5,000 minimum deposit.The average yield on 12-month certificates of deposit has fallen to a record low of 0.68% APY during that time.
Fortunately, this credit union has an open charter that allows all U.S. residents to join and buy certificates of deposit, regardless of where they live or work. You can apply online and membership costs only $1.
The next best, nationally available 12-month CD rates are:
1.60% with a $500 minimum deposit from Fort Knox Federal Credit Union, which also takes applications nationwide.
You can join the credit union by signing up for membership in the American Consumer Council. From the credit union’s home page, just click on “Become a member.” Then find “Not a credit union member? Click here to get started.”
Where the next page says “I’m eligible for membership through” use the pull-down menu to click on “AMERICAN CONSUMER COUNCIL/KENTUCKY CHAPTER.”
When you complete the application, Fort Knox FCU will automatically enroll you in the consumer advocacy group and you can then buy CDs as part of the process.
1.55% APY with a $1,000 minimum deposit from Harris Bank, whcih has 300 Midwest branches. This online-only offer expires July 31.
1.55% APY with no minimum balance from Sallie Mae Bank, the online bank owned by the big student loan lender.
1.51% APY with a $3,000 minimum balance from NewDominion Bank, which has branches in Charlotte and Mooresville, N.C.
Compare these returns with the best CD rates from scores of other banks in our extensive database.
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