bank rates

2.25% All It Takes To Top 5-Year CD Rates

AmTrust Direct has the fall's best deal on 60-month certificates of deposit.With the yield on 10-year Treasury bonds spending much of the past month below 2% you might suspect that long-term CD rates didn’t fare well either.

And you’d be right.

When September began the best nationally available deal on 5-year CDs was 2.50% APY. Now it’s 2.25% APY.

Savers lost a quarter point in just 30 days.

Believe it or not, that’s still almost a full percentage point above the current average yield offered by big banks and thrifts for the 60-month term.

It dropped from 1.31% APY to 1.26% APY over the past week to yet another record low.

The 60-month leader on our CD Rates Leaderboard is AmTrust Direct (www.amtrustdirect.com).

The online division of Cleveland-based AmTrust Bank, a division of New York Community Bank, is offering of 2.25% APY with a $1,000 minimum deposit.

Two banks are offering 2.20% APY:

First Internet Bank of Indiana (www.firstib.com), an online bank located in Indianapolis, which requires a $1,000 minimum deposit.

Quaint Oak Bank (www.quaintoak.com), a suburban Philadelphia bank with a single location, which requires a $500 minimum deposit.

Three banks are paying 2.15% APY:

Discover Bank (www.discoverbank.com), an online bank owned by the credit card company, which requires a $2,500 minimum deposit.

American Express Bank (www.americanexpress.com), an online bank owned by the credit card company, which requires no minimum opening deposit.

MainStreet Bank a northern Virginia bank that sells its CDs nationally through its airbanking.com website and requires a $500 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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