bank rates

2 Banks Offer Same 12-Month CD Rates; Why One Deal Is Better Than The Other

CIT Bank offers a rate increase and the ability to make more depositsAlthough two banks, Doral Bank Direct and CIT Bank, are offering the top 12-month CD rates of 1.15% APY on our CD Rates Leaderboard, their deals are not really the same.

The better deal is at CIT Bank, if you have $25,000 to invest.

Its rate applies to an Achiever CD, which allows you to raise the rate once if CD rates increase during the term and to add to your deposit at any time.

CIT Bank ( is the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.

Doral Bank Direct (, the online bank of Doral Bank, the leading community bank in Puerto Rico, which also has five branches in northwest Florida and two in New York City, requires a $1,000 minimum deposit.

The current average yield offered by big banks and thrifts for the 12-month term is 0.35%.

All of the banks we’re tracking easily beat that.

AloStar Bank of Commerce (, an online bank based in Birmingham, Ala., pays 1.12% APY with a $1,000 minimum deposit.

Sallie Mae Bank (, an online bank owned by the student lender with a single branch in Murray, Utah, pays 1.10% APY and has no minimum balance requirement.

Three banks are offering 1.05% APY:

Stonebridge Bank (, which has four branches in suburban Philadelphia and requires a $500 minimum deposit.

Nationwide Bank (, an online bank owned by Nationwide Mutual Insurance Company and its affiliates and has no minimum deposit.

NewDominion Bank (, which has branches in Charlotte and Mooresville, N.C., and requires a $1,000 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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Comments (2)
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2 Existing Comments
  1. Darci Swisher said:
    on November 21st at 07:42 am

    Ally Bank ( is now offering 1.05% APY for 12-month CDs, too, and requires no minimum deposit.

  2. Kathy at Bankaholic said:
    on November 28th at 08:28 am

    AloStar has dropped its 12-month rate to 1.03% APY.