bank rates

CD Rates Leaderboard For April 17, 2014


Christmas Eve 2012. That’s the last time Maine-based ableBanking dropped into the top spot on our CD Rates Leaderboard for 12-month CDs.

The online division of Northeast Bank, with 10 branches in the Pine Tree State, paid 1.05% APY with a minimum deposit of $1,000.

There’s a timeline below of what’s happened to the best nationally available 1-year bank CDs since then. See if you can notice a pattern.

  • On Feb. 5, 2013, CSBdirect.com, the online division of Citizens State Bank, which has four branches in Florida, raised rates to 1.10% APY.
  • On May 5, 2013, CSBdirect cut rates, handing the top CD over to multiple banks, all paying 1.05% APY.
  • On Sept. 20, 2013, E-Loan, the online subsidiary of Banco Popular, a Puerto Rican bank with 97 U.S. branches, raised rates to 1.10% APY.
  • On Oct. 18, 2013, E-Loan cut rates, handing the top CD over to multiple banks, all paying 1.05% APY.
  • On Dec. 5, 2013, AloStar Bank of Commerce, an online bank based in Birmingham, Ala., raised rates to 1.10% APY.
  • On Feb. 20, 2014, AloStar cut rates, handing the top CD over to multiple banks, all paying 1.05% APY.

Today, ableBanking (www.ablebanking.com) joins this party of five leading banks, boosting rates to 1.05% APY.

Will any bank bust through this logjam?

The other top nationally available deals belong to:

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers one of its two Achiever CDs for the 12-month term. While the $25,000 minimum deposit is higher than what most banks we track for the Leaderboard require, you can raise the rate once during the term, as well as add to your deposit once.

AmTrust Direct (www.amtrustdirect.com), an online division of New York Community Bank, which has 240 branches in five states, requires a $500 minimum deposit.

GE Capital Bank (www.gecapitalbank.com), one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $500 minimum deposit.

GE Capital Retail Bank (www.gecrb.com), the other bank that’s a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

We’re tracking 12 banks that pay at least 1.00% APY on 12-month CDs available to all savers. That’s up slightly from earlier in the month.

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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