bank rates

CD Rates Leaderboard For Jan. 10, 2012: CIT Bank Cuts Rates, Looks Good Doing It

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.How does a bank fall from the top of the CD Rates Leaderboard and yet improve its offer?

Ask CIT Bank.

The online bank has cut both its 12- and 24-month CD rates by a few hundredths of a percentage point, knocking the New York-based institution from the top of the Leaderboard in both terms.

But CIT also added a new 24-month CD to its lineup that will allow you to add money to your account and bump up the rate once during the term (should CD rates increase). It pays 1.26% APY with a $25,000 minimum deposit.

Compare that with the term leader, American Express Bank (, which pays 1.30% APY with no minimum deposit requirement.

The CIT Bank requirement is significant, and the yield is slightly lower compared to the term leader, but it’s still a better deal if you can afford it, particularly because of the add-on feature.

Yes, the bump-up provision is nice, too, but there’s no certainty CD rates will increase in the next two years.

If rates keep falling, however, you can add to your account next year and look like a genius while everyone else is chasing significantly lower 1-year rates.

CIT also has offered a 12-month bump-up CD since the online bank launched in October. This week, it cut that rate from 1.15% APY to 1.08% APY, knocking it from the top of the Leaderboard.

Doral Bank Direct now offers the top nationally available 12-month bank CD. It pays 1.15% APY with a $1,000 minimum deposit.

CIT also offers a standard 12-month CD that pays 1.06% APY and a standard 24-month CD that pays 1.25% APY, both with a $1,000 minimum deposit.

Doral Bank Direct (www.doralbankdirect) is the online bank of Doral Bank, the leading community bank in Puerto Rico, which also has five branches in northwest Florida and two in New York City.

CIT Bank ( is the online consumer bank of CIT Group, Inc., whose parent company offers financing to small businesses and middle market companies. It should not be confused with the much larger Citibank.

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. Nashir said:
    on January 23rd at 01:10 am

    Informative information here i found.

  2. Kathy at Bankaholic said:
    on March 8th at 10:28 am

    You can still get CIT Bank’s and Doral Bank Direct’s 24-month rates. American Express’ 24-month CD now pays just 0.80% APY.