Best 60-month CD rates tumble below 2% in January

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The best nationally available 5-year bank CD rates have reached a terrible new low.

You can no longer find a 60-month certificate of deposit that pays at least 2% to savers in all 50 states.

When we saw the top CDs cross below 3% just eight months ago, we thought that was bad enough.

Now the best return you'll find is 1.95% APY, which is offered by two different banks:

Intervest National Bank, which has a single branch in New York City and six branches in Florida, requires a $2,500 minimum deposit.

Tennessee Commerce Bank, which has a single location in Franklin, Tenn., requires a $2,500 minimum deposit.

The top nationally available bank rate is almost four-fifths of a percentage point better than the national average -- 1.16% APY, according to our most recent survey of banks and thrifts.

As of Jan. 06, 2012, four other banks are offering at least 1.87% APY:

Nationwide Bank, an online bank owned by Nationwide Mutual Insurance Company, pays 1.90% APY with a $500 minimum.

MainStreet Bank, which has four branches in northern Virginia and serves customers nationally through its website, pays 1.90% APY with a $500 minimum.

Broadway Federal Bank, which has five branches in Los Angeles and Inglewood, Calif., pays 1.87% APY with a $500 minimum.

National Republic Bank of Chicago, which has two branches in Chicago, pays 1.87% APY with a $1,000 minimum.

To qualify for this list, a bank must allow savers from all 50 states to buy its certificates of deposit online or through the mail.

There are 60-month rates that top -- sometimes easily -- the best nationally available bank deals. But you'll have to look to a local institution or find a credit union that allows anyone to join regardless of where they live.

We don’t include credit unions on our list of top nationally available deals because they often impose requirements not found at banks.

The best nationally available deal we've found comes from New York-based Melrose Credit Union, which pays 2.68% APY on 5-year certificate. Anyone can join Melrose, but you'll need to pay a $1 membership fee and deposit $25 in a savings account.

You might also explore the odd-term 59-month deal offered at Minneapolis-based U.S. Bank. It pays 2.25% APY with a $1,000 minimum deposit. You can buy CDs online, and there are no restrictions.

Click here to compare these returns with the top CD rates from dozens of banks in your area.

Our CD calculator will help you figure out the interest you'll earn, for any term, amount and interest rate.

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