bank rates

CD Rates Leaderboard For April 28, 2014

Sept. 13, 2011.

That’s the last time the top nationally available 60-month bank deal paid more than it does today.

On Sept. 13, 2011, Virginia-based Mainstreet Bank spent its last day on the top of our CD Rates Leaderboard with a 2.50% APY offer.

Today, GE Capital Retail Bank raised its 5-year CD rate to 2.30% APY from 2.25% APY.

In the 958 days between Mainstreet cutting its rate and GE Capital increasing its yield, the top 60-year bank CD available to savers everywhere has fluctuated between 1.75% APY and 2.28% APY.

Of course, Pentagon Federal Credit Union offered a 3.04% APY rate in December 2013 and January 2014 – and was quite successful.

But we only include banks on our rankings, and only those that impose no restrictions on who can buy their certificates of deposit, either online or through the mail. We don’t include credit unions – even ones as easy to join as PenFed – because there are additional requirements to purchase CDs.

In PenFed’s case, it’s a requirement to join, at the same time you become a credit union member, the National Military Family Association (a one-time $20 fee) or Voices for America’s Troops (a one-time $15 fee).

GE Capital Retail Bank (www.gecrb.com) has no such restrictions. This online bank is one of two owned by GE Capital Corp., the financial services unit of the manufacturing giant.

It requires a $25,000 minimum deposit.

With its increase, GE Capital Retail Bank unseats Florida-based EverBank, which last week raised its offer to 2.27% APY. EverBank (www.everbank.com) requires a $1,500 minimum deposit.

Two other banks pay 2.25% APY:

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

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $1,000 minimum deposit.

We’re tracking 12 banks that pay at least 2.00% APY on 60-month CDs available to all savers. There are five banks that pay at least 2.15% APY.

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

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