bank rates

CD Rates Leaderboard For April 18, 2014

Was it because we wondered aloud – just one day ago – whether a bank would bust through the logjam at the top of the 12-month CD term?

No matter if VirtualBank heard our plea, this Florida-based online bank now sits at the top of our CD Rates Leaderboard, boosting 1-year CD rates to 1.07% APY.

In more good news, VirtualBank now also owns the top 24-month CD as well. It increased its yield here from 1.11% APY to 1.26% APY.

Both certificates of deposit require a $10,000 minimum deposit.

VirtualBank is the online division of Sabadell United Bank, which has 23 branches in Florida. It is owned by Banco Sabadell, Spain’s fourth-largest bank.

There’s still a lot of competition for the top 12-month CD because five banks pay 1.05% APY.

In fact, we continue to give a slight edge – even over VirtualBank – to CIT Bank’s 1.05% APY offer because it includes the option to raise your rate once during the term if yields rise and add to your deposit once. CIT’s Achiever CD requires a $25,000 minimum deposit.

As for 2-year CDs, VirtualBank holds a slim lead over Salem Five Direct (, which took over the top spot on our Leaderboard earlier this month when it boosted its offer to 1.25% APY. Salem Five Direct is the online division of the community bank Salem Five from Massachusetts.

At 1.20% APY, CIT Bank (, the online consumer bank of New York-based CIT Group Inc., which offers financing to small businesses and middle-market companies, offers another of its Achiever CDs.

If you’re in the market for 24-month CDs, you should consider CIT’s offer for the same reasons mentioned above regarding its 12-month CD.

Five banks pay 1.15% APY:

AloStar Bank of Commerce (, an online bank based in Birmingham, Ala., requires a $1,000 minimum deposit.

Barclays (, which is the online American operation of the worldwide British bank with more than $2 trillion in assets, has no minimum balance requirement.

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

Hudson City Savings Bank (, a regional bank with 130 branches in New Jersey, New York and Connecticut, requires a $500 minimum deposit for anyone living in that tri-state area but a $5,000 minimum deposit for everyone else.

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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