bank rates

CD Rates Leaderboard For Aug. 15, 2012: Best 6-, 36-Month Deals Change Hands

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.Doral Bank Direct made changes today across five terms we track — some rate cuts, some rate increases — which means big changes on our CD Rates Leaderboard.

A day ago, eight banks either tied or led outright one of the six terms on the Leaderboard. Today, just four banks claim a top spot.

As for rate changes at the top, there are two.

Doral Bank Direct (www.doralbankdirect.com), 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, raised its 6-month CD rate nearly two-tenths of a percentage point to 0.93% APY with a $1,000 minimum deposit.

That offer sits well above the next-best nationally available deal of 0.80% APY, offered by four banks.

Doral also cut its term-leading 3-year CD rates, from 1.45% APY to 1.36% APY.

The new leader in that term is CIT Bank, which pays 1.42% APY with a $1,000 minimum deposit.

CIT Bank (www.bankoncit.com) is the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.

It also leads or shares the lead in three other terms with offers of:

  • 1.10% APY on 1-year CDs ($25,000 minimum deposit).
  • 1.25% APY on 2-year CDs ($25,000 minimum deposit).
  • 1.85% APY on 5-year CDs ($1,000 minimum deposit).

The 1- and 2-year certificates of deposit include options to make one additional deposit and increase the interest rate once should yields increase during the term.

As for Doral Bank Direct, its other rate changes, include:

  • A cut in 1-year rates from 1.10% to 1.02% APY.
  • An increase in 2-year rates from 1.15% APY to 1.19% APY.
  • An increase in 5-year rates from 1.50% APY to 1.74% APY.

Banks qualify for our Leaderboard rankings by accepting deposits from all savers, regardless of where they live, either online or through the mail.

We don’t include credit unions because of the restrictions they place in order to open an account.

That doesn’t necessarily make those deals any less valuable (although there are sometimes fees to join); it just means you have to jump through a few more hoops.

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

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