bank rates

1-Year CDs: Best Pay 4 Times Average

pink piggy bankHere’s the story on 1-year CDs as told in bullet points.

  • March 5: Last time the top nationally available 12-month CD rate changed.
  • May 29: Last time the average 12-month CD rate changed.
  • 6 basis points: Difference between the best 12-month CD purchased in September 2012 and one purchased today. (A basis point is one-hundredth of a percentage point.)
  • 7 basis points: Difference between the average 12-month CD purchased in September 2012 and one purchased today.
  • Bottom line: The best CDs still offer a return more than four times as lucrative as the average certificate of deposit you’ll find at your nearby megabank.

Chart showing average 12-month cd rates and top yields.

Three banks now co-lead the term on our CD Rates Leaderboard with a 1.05% APY. The average 1-year CD pays 0.24% APY.

DollarSavingsDirect (, which is the online division of New York-based Emigrant Bank, requires a $1,000 minimum deposit.

GE Capital Bank (, which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant. It requires a $500 minimum deposit.

GE Capital Retail Bank (, which is also a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

Nationwide Bank (, which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates. It pays the second-highest rate of 1.01% APY and requires a $500 minimum deposit.

Two banks pay 1.00% APY:

CIT Bank (, the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers an Achiever CD and allows you to raise the rate once during the term, as well as add to your deposit once, with a $25,000 minimum deposit.

Colorado Federal Savings Bank (, which is an online bank based in Greenwood Village, Colo., requires a $5,000 minimum deposit.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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