Melrose Co-operative Bank, located in Melrose, Massachusetts is offering a 1.50% APY 12-month CD rate, which is the best rate for this term in the country by far for a bank. The second best rate after Melrose is 1.26% APY. What makes the CD even more appealing is that the bank allows depositors a one-time option to add or withdraw 50% of the initial deposit without incurring a penalty or extending the term of hte CD.
There is a minimum deposit of $500 to receive the APY and a maximimum initial deposit of $100,000. The offer is only available for funds not currently on deposit at Melrose.
The downside: the owner of the account must reside in Melrose, MAor one of its abutting communities: Saugus, Wakefield, Malden and Stoneham.
Melrose Co-operative Bank is a small community based institution. Based on BestCashCow's lending profile, it is focused almost exclusively on mortgage lending and assets have grown quickly from $122 million in 2008 to $182 million in 2012. Often, smaller community based banks like Melrose offer the best rates on CDs.
If you don't live in Saugus, Wakefield, Malden, or Stoneham Massachusetts, you can still find competitive rates on savings, cds, and money market accounts from local banks and credit unions.
Find the best CD rates in your local area.