bank rates

3 Banks Pay At Least 1.10% On 1-Year CDs

Folded up money.A slight increase in 12-month CD rates has left the term’s top offering just three one-hundredths of a percentage point south of where it started off 2012.

Other terms on our CD Rates Leaderboard took a much bigger hit this year.

New 12-month leader ableBanking (www.ablebanking.com), which is the online division of Northeast Bank in Maine, pays 1.12% APY and requires a $1,000 minimum deposit.

Former leader AloStar Bank of Commerce (www.alostarbank.com), which is the online bank based in Birmingham, Ala., pays 1.11% APY with a $1,000 minimum deposit.

One bank offers 1.10% APY, CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies.

Although its 12-month CD requires a hefty $25,000 minimum deposit, this Achiever CD allows you to raise the rate once if the rate goes up during the term, as well as add to your deposit once.

(CIT Bank also has a standard 12-month CD that pays 1.06% APY with a $1,000 minimum deposit.)

Four banks pay 1.05% APY:

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

MetLife (www.metlifebank.com), which is the insurance giant’s online bank, requires a $25,000 minimum deposit.

NexBank (www.nexbank.com), which is a division of NexBank Capital Inc. and has two branches in Texas, requires a $10,000 minimum deposit.

Sallie Mae Bank (www.salliemae.com), which is an online bank owned by the student lender with a single branch in Murray, Utah, requires a $2,500 minimum deposit.

The current average annual yield offered by big banks and thrifts for the 12-month term is 0.29% APY.

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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