bank rates

Best 12-Month CD Rates Fall To 2.26%

It’s shocking to see what’s happened to the best-paying 12-month certificates of deposit over just the past two months.

Since late April the national average for 12-month CDs has fallen 14 basis points from 1.29% to 1.15% APY — the lowest since April 2004.

12-month cd rates graph

But in the spring the top three CDs were paying 2.80%, 2.76% and 2.65% APY. Today they’re a whopping 45to 55 basis points lower.

Here are the best 12-month CD rates available nationwide:

2.26% APY with a $3,000 minimum deposit from NewdominionDirect, an online bank based in Charlotte, N.C.

2.25% APY with a $5,000 minimum deposit from OneWest Bank in Pasadena, Calif.

2.25% APY with no minimum deposit from Ally Bank, formerly called GMAC Bank, which is run by the auto financing company.

Colonial Bank is still offering 2.50% for a 12-month CD with a $500 minimum, but that rate is not available everywhere. New accounts must be opened at one of its 340 offices across Alabama, Florida, Georgia, Nevada and Texas.

Click here to compare these CD rates with the best CD rates from dozens of other banks in our extensive database.

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