bank rates

5 Banks Tie For Top 1-Year CD Rate

closeup of a $50 billThe 12-month term on our CD Rates Leaderboard is pretty crowded at the top, with five banks offering the same top yield.

And that’s down from six, as one bank cut its rate this week.

With this many banks offering the best nationally available deal, it’s a pretty good bet that 12-month CD rates are secure for at least a little while.

But – and there’s always a but – that rate is just 1.05% APY.

Luckily, one bank rises above the rest.

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc. that finances small businesses and middle-market companies, offers one of its Achiever CDs for the 12-month term.

Although it carries a hefty $25,000 minimum deposit, the 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.

So you at least maintain a little hope of acquiring a better rate.

(CIT Bank also has a standard 12-month CD that pays 1.01% APY with a lesser $1,000 minimum deposit.)

The other four banks tied for the top spot:

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 0.28%.

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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