bank rates

CD Rates Leaderboard For Feb. 28, 2012

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates. Two banks we’re monitoring for the CD Rates Leaderboard have done the unusual this week.

They’ve raised CD rates.

Now, these increases weren’t enough to knock off a term leader. But they’re worthy of note given the interest rate environment in which we’re living.

Both rate hikes came in 12-month CDs, which, as we mentioned last week, has been the most stable of the terms we track. The best nationally available deal has paid 1.15% APY since Sept. 30, 2011.

So who boosted CD rates?

MetLife Bank (, the insurance giant’s online bank, raised its 12-month CD rates from 1.00% to 1.05% APY. It requires a $25,000 minimum deposit.

This is the most competitive rate MetLife has offered since last summer.

Ally Bank (, an online bank based in Charlotte, N.C., raised its 12-month CD rates from 1.00% to 1.02% APY. It has no minimum deposit requirement.

This is the most competitive rate Ally has offered since, well, earlier this month.

This bank maddeningly adjusts CD rates by a fraction of a percentage point – often multiple times in a week.

In February alone, Ally has made five tweaks to its 12-month CDs, which began the month at 0.99% APY.

Do these rate adjustments mean we’ve hit bottom?

We can’t see into the future, but we can look at trends. The trends show us the movement down has slowed.

The average 12-month CD has held at or near its rock-bottom rate since November.

While there’s no improvement here, we’re not continually setting new record lows, as we did for much of the last two years.

And, as we mentioned above, the top nationally available 12-month CD rates have held at 1.15% APY for five months now.

You can get that rate from two banks:

Doral Bank Direct (, the online bank of Doral Bank, the leading community bank in Puerto Rico that also has five branches in northwest Florida and two in New York City, requires a $1,000 minimum deposit.

KeySource Commercial Bank (, which has a single branch in Durham, N.C., requires a $100 minimum deposit for CDs purchased in person, over the phone or through the mail, and a $5,000 minimum deposit if purchased online.

Banks qualify for our 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.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on March 19th at 08:32 am

    These rates are all still available.

  2. Kathy at Bankaholic said:
    on April 3rd at 08:11 am

    As we’ve reported, MetLife is selling its banking business to GE Capital. Its website says rates on CD bought before the sale is final will hold until maturity.
    The other rates mentioned here are all still available as well.