bank rates

4 Banks Fight For Top 12-Month CD Rates

Folded $20 billAfter an all-too-brief increase, the top 12-month CD rates have fallen back to where they have spent much of 2013, to 1.05% APY.

But now there’s more competition at that rate.

Four banks all offer this top nationally available deal.

And one of them, CIT Bank (, the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers one of its Achiever CDs for the 12-month term.

That means you can raise the rate once during the term should yields increase, as well as add to your deposit once, with a $25,000 minimum deposit.

Here are the other three banks that pay 1.05% 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, requires a $500 minimum deposit.

GE Capital Retail Bank (, which is the other bank that’s a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

Chart showing top and average 12-month CD rates

Two banks pay 1.01% APY:

CapitalSource Bank (, a Los Angeles-based lender to small and middle-market business that has 21 branches in central and southern California, requires a $1,000 minimum deposit.

Nationwide Bank (, which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, requires a $500 minimum deposit.

Three banks pay 1.00% APY:

AloStar Bank of Commerce (, which is an online bank based in Birmingham, Ala., formerly known as Nexity Bank, requires a $1,000 minimum deposit.

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

Palladian PrivateBank (, which is a division of The PrivateBank and Trust Co., requires a $10,000 minimum deposit.

The current average annual yield offered by big banks and thrifts for the 12-month term is 0.23% 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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