bank rates

9 Banks Vie For Top 6-Month CD Rates

The top nationally available deal pays 0.80% APYThe momentum 6-month CD rates experienced in June has vanished in the dog days of summer.

Longtime leader Ascencia (www.ascenciabank.com), the online division of PBI Bank in Louisville, Ky., ushered in August by dropping its 6-month CD rate by a tenth of a percentage point. It now pays 0.80% APY with a $500 minimum deposit.

While Ascencia still has the top rate, it co-leads the term with three other banks:

ableBanking (www.ablebanking.com), which is the online division of Northeast Bank in Lewiston, Maine, and requires no minimum deposit.

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

EH National Bank (www.ehnbank.com), which has a single branch in Beverly Hills, Calif., and requires a $10,000 minimum deposit.

Here are five other banks we’re tracking:

AloStar Bank of Commerce (www.alostarbank.com), which is an online bank based in Birmingham, Ala., pays 0.76% APY and requires a $1,000 minimum deposit.

Ally Bank (www.ally.com), which is an online bank based in Charlotte, N.C., pays 0.75% APY and requires no minimum deposit.

Discover Bank (www.discoverbank.com), which is an online bank owned by the credit card company, pays 0.75% APY and requires a $2,500 minimum deposit.

Doral Bank Direct (www.doralbankdirect.com), which is the online bank of Doral Bank, the leading community bank in Puerto Rico that also has five branches in northwest Florida and two in New York City, pays 0.75% APY and requires a $1,000 minimum deposit.

KeySource Commercial Bank (www.keysourcebank.com), which has a single branch in Durham, N.C., pays 0.75% APY and requires a $100 minimum deposit for CDs purchased in person, over the phone or through the mail, and a $5,000 minimum deposit for CDs purchased online.

Large banks and thrifts continue to offer an annual average yield of 0.20% for 6-month CDs – a record low set June 27.

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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