bank rates

CD Rates Leaderboard For Feb. 9, 2012: Two Banks Offer Top 24-Month CD Rates

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 now share the top nationally available 24-month CD rates after American Express Bank cut its rates this morning.

The best deal available to savers in all 50 states now pays 1.26% APY. You’ll find this and all the top rates for each term on our CD Rates Leaderboard.

Even though you can score that yield at two different banks, the deals are quite different.

Broadway Federal Bank (www.broadwayfederalbank.com) has the more straightforward option.

This California bank with three branches in Los Angeles and Inglewood offers its CD rates with a $500 minimum deposit.

CIT Bank offers a more expensive deal but one that protects savers from both rising and falling CD rates.

With a $25,000 minimum deposit, you can purchase these 24-month CDs from CIT, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle market companies.

For that minimum, you get the option of increasing your rate once or adding to your deposit once during the term.

So, if in the unlikely event CD rates increase, you can take advantage of rising yields.

If they decrease, the add-on option protects you as well by allowing you to deposit more money at today’s CD rates.

CIT Bank also offers 24-month CD rates with a $1,000 minimum deposit. Those certificates pay 1.25% APY but have neither the add-on nor rate-raising options.

As for other top deals, just two other banks we’re tracking pay more than 1.20% APY:

  • KeySource Commercial Bank (www.keysourcebank.com), which has a single branch in Durham, N.C., pays 1.25% APY. If you open a CD in person, over the phone or through the mail, the minimum deposit is $100; CDs purchased online require a $5,000 minimum deposit.
  • Virtual Bank (www.virtualbank.com), the online division of Sabadell United Bank based in Miami, pays 1.21% APY with a $10,000 minimum.

American Express Bank, the former term leader, cut its CD rates by half a percentage point. It now pays 0.80% APY on 24-month CDs. It’s no longer among the top rates we’re watching.

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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