bank rates

CD Rates Leaderboard For Aug. 9, 2012: Rate Hike Yields 3-Way Tie In 1-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.For the first time in more than a year, Bank of Internet USA tops our CD Rates Leaderboard.

The San Diego-based online division of BofI Federal Bank just raised its 1-year CD rates to 1.10% APY with a $1,000 minimum deposit.

That puts Bank of Internet (www.bankofinternet.com) in a tie with two other banks for the best nationally available deal.

CIT Bank (www.bankoncit.com) the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, pays 1.10% APY with a $25,000 minimum deposit.

It offers what it calls an Achiever CD, which gives you the onetime option of adding money or bumping up your interest rate should rates rise.

Doral Bank Direct (www.doralbankdirect.com), the online division of Doral Bank, the leading community bank in Puerto Rico with five branches in northwest Florida and two in New York City, pays 1.10% APY with a $1,000 minimum deposit.

Bank of Internet last topped the Leaderboard in July 2011 when it paid 1.33% APY on 12-month CDs. But that deal lasted just two weeks before the online bank cut rates.

Prior to this latest increase, Bank of Internet’s rates hadn’t been very competitive. Last month, it paid just 0.75% APY on 12-month CDs, well below the best nationally available deals.

Its 5-year CD is the only other certificate of deposit worth noting. It pays 1.60% APY, which is good enough for the 19th best rate in this term among the banks we’re tracking.

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

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

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (1)
1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
Loading...
One Existing Comment
  1. SeniorSaver said:
    on August 9th at 01:48 pm

    It’s good to see BOI back competing for CD money. Now, if it could only bump up some of its longer-term rates . . . .