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5-Year CD Rates Fall Further From 2%

Folded $20 billThe most you’ll earn for 60-month CD rates is now 1.76% APY on our CD Rates Leaderboard.

Yegads.

And — I hate to say it — I’m not confident this rate will stick around for long.

New leader EverBank (www.everbank.com) is one of those banks prone to messing with its rates, oftentimes ever so slightly.

In May, EverBank, which has 14 branches in Florida and requires a $1,500 minimum deposit, adjusted its 60-month CD rate four times — more than any other bank we track for the term.

Chart showing the top 60-month CD rates vs. average rates.

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, is offering the second-highest rate of 1.75% APY and has no minimum balance requirement.

GE Capital Retail Bank (www.gecrb.com), which is an online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant, is offering the third-highest rate of 1.65% APY and requires a $25,000 minimum deposit.

Three banks pay 1.60% 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.

First Internet Bank of Indiana (www.firstib.com), which is an online bank located in Indianapolis, requires a $1,000 minimum deposit.

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

The average annual yield large big banks and thrifts are offering for the 60-month term is 0.78% this week.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

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

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