bank rates

CD Rates Leaderboard For Aug. 8, 2012: CIT Bank Owns The Best 5-Year CD, Too

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.The top nationally available 5-year CD rates have slipped back near their low point set in June after The National Republic Bank of Chicago cut its yields today.

The best nationally available bank deal on our CD Rates Leaderboard now belongs to CIT Bank, which pays 1.85% APY with a $1,000 minimum deposit.

CIT (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, began offering certificates of deposit in this term last month.

And it has been a rate leader in a number of terms since the online bank debuted last fall.

CIT also offers a top nationally available savings account.

With its rate cut today, The National Rupublic Bank of Chicago (www.nrbchicago.com) now offers the third-highest 5-year CD at 1.76% APY with a $1,000 minimum deposit.

The second best deal comes from The New York branch of the State Bank of India (www.statebank.com), which pays 1.81% APY with a $2,500 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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