bank rates

CD Rates Leaderboard For July 17, 2013

iGObanking has just given another small jolt to 60-month CD rates.

This online division of Flushing Bank in New York now pays 2.05% APY on 5-year CDs with a $1,000 minimum deposit.

That’s good enough to knock Salem Five Direct off of the top of our CD Rates Leaderboard.

If this offer looks good to you, act quickly. iGObanking is notorious for cutting rates just as quickly as it raises them.

This bank was last on our radar in the summer of 2012. It last offered the top nationally available rates in November 2011 — for less than a week.

Last fall, we wrote about some of iGObanking’s quirks. Have a read before you buy.

Even if iGObanking (www.igobanking.com) yanks this deal soon, there are two other banks that offers 60-month CD rates of 2.00% APY. That’s thanks to Salem Five Direct (www.salemfivedirect.com), the online division of Salem Five Bank in Massachusetts and the New York branch of the State Bank of India (www.statebank.com), which just boosted its yield.

We last saw three banks offering nationally available deals of at least 2% APY simultaneously at the end of 2011.

So we’re seeing a bit more anecdotal evidence that we may have finally reached the bottom on certificate of deposit yields. Average rates haven’t improved, but there has been some significant movement from the top banks.

Remember, just one month ago the top 60-month CD available to all savers paid almost a third of a percentage point less than it does today.

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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