bank rates

3 Banks Compete For Top 60-Month CDs

The top nationally available deal pays 1.81%Any optimism we had for 60-month CD rates has begun to fade.

The lead rate for this term on our CD Rates Leaderboard is now 1.81% APY, an offering of the New York branch of the State Bank of India (www.statebank.com).

That top rate is down slightly from earlier this fall. More worrisome, it’s about two-tenths of a percentage point less than you could have earned at the start of 2012.

State Bank of India is that country’s largest bank. In the United States, it has FDIC-insured branches in California, Chicago and New York, and requires a $5,000 minimum deposit.

Two banks pay the second-highest rate of 1.80% APY:

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $1,000 deposit.

Nationwide Bank (www.nationwide.com), which is an online bank owned by Nationwide Mutual Insurance Co. and its affiliates, requires a $500 minimum deposit.

Three banks offer 1.75% APY:

AmTrust Direct, which is the online division of Cleveland-based AmTrust Bank (www.amtrustdirect.com), a division of New York Community Bank, requires a $500 minimum deposit.

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

MyBankingDirect (www.mybankingdirect.com), which is the online bank of New York Community Bank, requires a $500 minimum deposit.

Two banks pay 1.70% APY:

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, has no minimum balance requirement.

E-Loan (www.eloan.com), which is the subsidiary of Banco Popular North America, requires a $10,000 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.

The average annual yield large big banks and thrifts are offering for the 60-month term this week is a new record low 0.94%.

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

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