bank rates

CD Rates Leaderboard For April 3, 2012: One Bank Leads The Pack In 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.Two banks cut CD rates today, leading to a bit of a shakeup on our CD Rates Leaderboard.

The result? For the first time in nearly two months, a single bank owns the top nationally available 24-month CD rates.

That distinction goes to Broadway Federal Bank (, which has five branches in Los Angeles and Inglewood, Calif., and requires a $500 minimum deposit.

Broadway Federal pays 1.26% APY, the same rate it’s held since we began tracking this bank in September 2011.

Back then, the best nationally available deal was set more than a tenth of a percentage point higher.

But 1.26% APY has been good enough to top the Leaderboard since Feb. 9. That’s the day Broadway and CIT Bank first shared the lead.

CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, today cut both its 24- and 36-month CD rates.

Its 2-year Achiever CD now pays 1.20% APY, its first rate cut since Jan. 10.

But this is still an attractive deal.

With a $25,000 minimum deposit, you can add money to your account and bump up the rate once during the term.

CIT also offers a standard 24-month CD that pays 1.19% APY with a $1,000 minimum deposit. That’s down from 1.25% APY.

On 36-month CDs, CIT cut its rate from 1.46% to 1.42% APY with a $1,000 minimum deposit. That’s more than a tenth of a percentage point less than the best nationally available deal.

The other bank to cut rates today, Nationwide Bank, trimmed four terms: 12-, 24-, 36- and 60-month CDs. It had led none of those terms.

Nationwide Bank (, which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, requires a $500 minimum deposit.

It now pays:

  • 1.03% APY on 12-month CDs, down from 1.05%.
  • 1.10% APY on 24-month CDs, down from 1.20%.
  • 1.30% APY on 36-month CDs, down from 1.40%.
  • 1.65% APY on 60-month CDs, down from 1.75%.

There are often a number of rate changes at the beginning of the month, so we’ll see if this is the beginning of a shakeup or if April will continue the trend of slowing rate changes.

Here’s what we’ve seen through the first three months of 2012:

  • January: 55 rate changes, including four changes at the top of the Leaderboard.
  • February: 34 rate changes, including one at the top of the Leaderboard.
  • March: 29 rate changes, including one at the top of the Leaderboard.

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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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on April 16th at 07:13 am

    All of the rates mentioned are still available.

  2. Kathy at Bankaholic said:
    on April 20th at 07:17 am

    Alas, Broadway Federal has cut its 24-month rate to 1.16% APY.