bank rates

CD Rates Leaderboard For Feb. 21, 2014

We’re crowning a new top 60-month deal on our CD Rates Leaderboard today, but not without some reservations.

Connecticut’s Northwest Community Bank pays 2.28% APY on its 5-year CD. This is marked as a CD special on the bank’s website, so we recommend you take advantage as soon as you can if you’re interested.

How good is this rate? It’s the highest nationally available bank rate we’ve seen since September 2011.

Connecticut residents must make a minimum deposit of $1,000. Savers elsewhere have to deposit at least $5,000.

That beats the former top rate by more than a tenth of a percentage point.

Northwest Community Bank also pays 1.25% APY for 18-month CDs with a $10,000 minimum deposit, regardless of where you live. That beats the current 24-month lead rate, which recently fell to 1.20% APY.

You can purchase these certificates of deposit in person at a branch or by mail.

Here’s what concerns us: If you choose to purchase CDs by mail – as most U.S. savers would have to do – the rate won’t be locked in until the bank has all necessary documentation and your deposit.

If your check (that’s the only way you can make this deposit) arrives after the bank cuts rates, you’re out of luck. You won’t have to purchase a CD, but you won’t get the higher rate either.

Northwest Community Bank has branches in Avon, East Granby, Granby, New Hartford, Torrington and Winsted.

Learn more about Northwest Community Bank at www.nwcommunitybank.com or call 860-379-7561.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

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

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