bank rates

CD Rates Leaderboard For Aug. 22, 2012: Bank Edges Into Top Spot For 5-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.Increase then cut. Increase then cut.

That’s the four-month trend for State Bank of India, which has hovered at or near the top of our CD Rates Leaderboard for 5-year CDs since April.

Today, it’s an increase that puts the New York branch of India’s largest bank back on top.

It boosted its 60-month rate from 1.81% APY to 1.86% APY with a $5,000 minimum deposit.

The increase means State Bank of India (www.statebank.com) narrowly edges out the 1.85% APY offer from CIT Bank (www.bankoncit.com), the online consumer bank of New York-based CIT Group Inc., which offers financing to small businesses and middle-market companies. It requires a $1,000 deposit.

Meanwhile, another bank has cut its competitive 60-month rates.

The National Republic Bank of Chicago today cut its 5-year CD rate from 1.76% APY to 1.42% APY. As a result, National Republic is no longer among the top banks we’re tracking for this term.

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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