bank rates

CD Rates Leaderboard For April 12, 2012: AloStar Rockets To Top In 1-, 2-Year CDs

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.Bust out the party hats and do the happy dance!

AloStar Bank of Commerce has rocketed to the top of our CD Rates Leaderboard in the 12- and 24-month terms after it boosted rates by more than two-tenths of a percentage point.

It pays 1.25% APY on 12-month CDs and 1.40% APY on 24-month CDs with a $1,000 minimum deposit.

The bank says these CD rates are available “for a limited time only,” so snap them up while you can.

Indeed, this is a good deal for the times.

We haven’t seen nationally available bank CD rates this high in these terms since last September.

AloStar (www.alostarbank.com), an online bank based in Birmingham, Ala., was established a year ago to acquire Nexity Bank, which the FDIC seized April 15, 2011.

On its website, AloStar notes these deals are promotional rates celebrating the bank’s birthday: “In honor of our first year in business, we thought we’d make it interesting.”

With a wink (actually an asterisk next to “interesting”), the bank acknowledges its pun was intended.

AloStar’s 12-month CD pays a tenth of a percentage point better than the next best deal, 1.15% APY offered by Doral Bank Direct and KeySource Commercial Bank.

Doral Bank Direct 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, requires a $1,000 minimum deposit.

KeySource Commercial Bank, which has a single branch in Durham, N.C., requires a $100 minimum deposit for CDs purchased in person, over the phone or through the mail and a $5,000 minimum deposit if purchased online.

AloStar’s 24-month CD enjoys an even greater lead. The next-best nationally available 2-year CD rates — 1.26% APY — belong to Broadway Federal Bank, which has five branches in Los Angeles and Inglewood, Calif., and requires a $500 minimum deposit.

Banks qualify for our rankings by accepting deposits from all savers, regardless of where they live, 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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  1. Kathy at Bankaholic said:
    on May 7th at 09:47 am

    The “limited time” ran out — AloStar’s rates are now 1.06% APY for 12-month CDs and 1.16% APY for 24-month CDs.