MetLife, Melrose Tops 12 Month CDs

MetLife Bank has one of the best 12 month CD rates available with some stipulations. The top 12 month CD rate goes to Melrose Credit Union at 1.51% with a minimum deposit of $5,000, but closely behind Melrose is MetLife at 1.45%. However, MetLife's 12 month CD requires a $25,000 minimum deposit, which is quite high for a CD.

If you invest less than $15,000 in their 1 Year CD, you will earn 1.00% APY and 1.35% APY for deposits of $15,000-$24,999. Any investment above $25,000 will earn you the top CD rate of 1.45% for the 12 months.

Other top online CD rates include:

  • Bank of Internet at 1.41% APY with a minimum deposit of $1,000. This online bank is out of San Diego, CA.
  • Sallie Mae Bank at 1.40% APY with no minimum deposit and is owned by the big student loan lender Sallie Mae.
  • Ascencia at 1.40% APY with a minimum deposit of $500. This is an online division of PBI Bank in Louisville, KY.

All of these financial institutions have no restrictions on who can buy into their CDs. Melrose Credit Union allows anyone, anywhere to join by filling out an application and pay their $1 fee.

Best Savings Rates - 11/8/2010

Online banks are overall offering better savings account interest rates than local banks and credit unions. The primary reason for this is that online banks have much lower overhead costs, and do not need to maintain a brick and mortar physical locations. Often you'll be able to find better savings rates in local community credit unions. However, as interest rates continue to stay low, online banks have been the place to go to find the best savings rates.

Top Money Market and Savings Rates from Online Banks:

Sallie Mae Savings Account

Sallie Mae Bank has recently boosted their online savings account and CD rates.

Sallie Mae has traditionally been a a student loan lender but it looks like they are trying to attract more deposits with one of the top savings rates.

Sallie Mae online savings account features:

  • No Minimum Balance
  • No Monthly Fees
  • Daily Compounded Interest
  • FDIC Insured
  • 1.40% apy

SallieMae claims their High-Yield Savings Account delivers an Annual Percentage Yield (APY) that’s ‘6x the national average’ (that according to bankrates 2010 Passbook & Statement Savings Study, as of 4/21/2010.)

The account opening process is pretty streamlined and hassle free and can all be done online.

Sallie Mae bank is FDIC insured.

Sallie Mae Top CD Rates

Sallie Mae, who is traditionally known for their student loans, currently features some of the highest certificate of deposit rates available.

With products that have no minimum deposit and no monthly fees Sallie Mae CDs have pretty low requirements.  The CDs are FDIC insured and SallieMae Bank certificates have rates as high as 3.0% APY.

Sallie Mae Bank is a new contender in the online bank retail space, and it seems that they are aggressive rates to get new customers.

Sallie Mae CDs feature:

  • No Monthly Charges
  • No Minimum Deposit
  • No Hidden Charges

The current SallieMae CD rates are:

  • 12 Months - 1.55% APY
  • 36 Months - 2.40% APY
  • 60 Months - 3.00% APY

SallieMae bank is FDIC insured.