One year CD rates at american express witness a fall

American Express is one of the banks where the interest rates, especially for certificates of deposit, keep fluctuating. Though the bank did maintain the top ranking for a while in the list of banks offering high interest rates for one year certificate of deposit, it is not the case anymore. In recent times, though this bank has shown signs of offering the best rates of CDs, it has fallen short of it repeatedly. During the early part of December 2010, American Express occupied the prestigious third position in the list of banks offering top rates of one year CDs, with the top spot went to the Bank of Internet and the Melrose Credit Union. While the latter two banks offered customers an interest rate of 1.41 percent APY on one year deposits, American Express offered 1.30 percent.

However, after retaining this spot for a couple of weeks, the interest rates for one year CDs at American Express fell to a measly 0.90 percent. This led to this bank losing the spot in the list of banks that offer rates that are the best in the nation.

The other one year rates that are considered to be the best in the country are as follows:

Ascencia, the online counterpart of PBI Bank located in Louisiana, Kentucky is offering an interest rate of 1.40 percent APY for all customers who deposit a minimum of $500. Colorado Federal Savings Bank, located in Greenwood Village, Colorado is offering an interest rate of 1.35 percent APY for all customers who opt for invest a minimum of $5000 with them. On a minimum deposit of $2500, you can earn an interest of 1.30 percent APY from the Discover Bank, which is the subsidiary of this credit card issuer. Another addition to this list is the bank that is well known for offering student loans to people all around the country. Sallie Mae is offering an interest rate of 1.30 percent APY for its customers on one year certificates of deposit. There is no minimum amount stipulated by the bank, thus making it possible for a larger number of customers to avail their rate of interest.