bank rates

CD Rates Leaderboard For Aug. 7, 2012: CIT Stands Alone With Top 2-Year Deal

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.Astoria Federal Savings cut its term-leading 2-year CD rates from 1.25% APY to 1.05% APY today.

That leaves CIT Bank all alone at the top of our CD Rates Leaderboard. It pays 1.25% APY on 2-year CDs.

CIT Bank has kept this rate unchanged for nearly three months.

The bank, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $25,000 minimum deposit.

With this certificate of deposit, you can add money to your account once, as well as bump up the rate once, during the term.

To give some sense of how big of a cut Astoria made, it now ranks 19th among the top nationally available deals we’re tracking. Astoria Federal Savings has 85 branches in Brooklyn, Queens, Nassau, Suffolk and Westchester counties.

Here are the some of the closest competitors:

ableBanking (www.ablebanking.com), which is the online division of Northeast Bank in Maine, pays 1.20% APY and requires no minimum deposit.

EH National Bank (www.ehnbank.com), which has a single branch in Beverly Hills, Calif., pays 1.20% APY and requires a $10,000 minimum deposit.

MetLife (www.metlifebank.com), which is the insurance giant’s online bank, pays 1.17% APY and requires a $25,000 minimum deposit.

Broadway Federal Bank (www.broadwayfed.com), which has five branches in Los Angeles and Inglewood, Calif., pays 1.16% APY and requires a $500 minimum deposit.

The National Republic Bank of Chicago (www.nrbchicago.com), which has two branches in Chicago, pays 1.16% APY and requires a $1,000 minimum deposit.

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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