bank rates

Best 5-Year CD Rates Dip To 3.26%

EverBank continues to lead our rankings of the best 5-year CD rates even though it reduced its return on those certificates of deposit not once, but twice, last month.

EverBank</a> continues to lead our rankings of the best 5-year <b>CD rates</b> even though it reduced its return on those certificates of deposit not once, but twice, last month.

In early April the Jacksonville, Fla.-based online bank cut its rate from 3.44% APY to 3.30% APY.

Then on April 23, EverBank lowered the rate to 3.26% APY with a minimum deposit of $1,500 — where it remains today.

We’re somewhat baffled as to why the best 60-month CD rates continue to fall even though the average return has risen from 2.08% APY at the end of 2009 to 2.13% APY in Bankrate’s most recent weekly survey.

That’s the best news — perhaps the only good news — savers have had all year.

The next best nationally available rates are:

3.25% APY with a $1,000 minimum deposit from iGObanking.com, the online division of Flushing Savings Bank in New York.

3.25% APY with a $500 minimum deposit from Acacia Federal Savings Bank, a subsidiary of the Acacia Life Insurance Company in Falls Church, Va.

3.15% APYwith a $5,000 minimum deposit from Hudson City Bank, with branches in New York, Connecticut and New Jersey. A $500 minimum is required for locals who can apply in person.

Check our database of CD rates to compare these rates to the best deals from scores of other banks.

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