bank rates

Big CD Rate Boost From GE Capital Retail

GE Capital Retail Bank logoBecause of some of the restrictions, we’d understand if you’re reluctant to take advantage of the best nationally available 60-month CD, a 2.28% APY offer from Connecticut’s Northwest Community Bank.

That’s why we’re thrilled to learn there’s a much more accessible deal that pays nearly as well.

GE Capital Retail Bank this morning boosted its 5-year CD rate from 2.10% APY to 2.25% APY.

This online bank is one of two banking subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant. GE Capital requires a $25,000 minimum deposit.

GE Capital Retail (www.gecrb.com) also offers the best nationally available 12-month certificate of deposit on our CD Rates Leaderboard.

A federal savings bank headquartered in Draper, Utah, GECRB has a 5-star Bankrate Safe & Sound rating.

It’s offered competitive CD rates across several terms ever since it finalized the purchase of MetLife Bank’s deposit business in early 2013.

But while GE’s 12- and 36-month offers haven’t changed in more than a year, it has gradually boosted its 60-month CD rate over the last year, pushing past 2% APY in late 2013.

Overall, there are 14 banks that offer a 5-year CD to all savers that pays at least 2% APY.

This term is clearly – finally – on the rebound. You’d have to look back to the fall of 2011 to see as many deals that pay as much.

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

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