bank rates

Best 12-Month CD Rates…Increase!

Bank of Internet USA is paying 1.33% APY on its 12-month CD rates.In this sad time for CD rates, it’s practically cause for celebration when a bank increases rates.

That’s exactly what happened last week when Bank of Internet USA leapfrogged over two banks to take the lead in the 12-month term on our CD Rates Leaderboard.

The San Diego-based online bank (www.bankofinternet.com) is paying 1.33% APY with a $1,000 minimum deposit – the highest 12-month CD rates we’ve seen in more than a month.

That’s three times the average annual yield of 0.44% that large banks and thrifts are offering.

Here are the other banks we’re watching:

AloStar Bank of Commerce (www.alostarbank.com), an online bank based in Birmingham, Ala., is paying 1.27% APY with a $1,000 minimum deposit.

E-Loan (www.eloan.com), a subsidiary of Banco Popular North America, is paying 1.26% APY with a $10,000 minimum deposit.

Aurora Bank (www.aurorabankfsb.com), which has branches in Wilmington, Del., and Jersey City, N.J., is paying 1.20% APY with a $1,000 minimum deposit.

Discover Bank (www.discoverbank.com), an online bank owned by the credit card company, is paying 1.20% APY with a $2,500 minimum deposit.

Colorado Federal Savings Bank (www.coloradofederalbank.com), an online bank based in Greenwood Village, Colo., is paying 1.20% APY with a $5,000 minimum deposit.

Sallie Mae Bank (www.salliemae.com), an online bank owned by the student lender with a single branch in Murray, Utah, is paying 1.20% APY and has no minimum balance requirement.

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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