bank rates

CD Rates Leaderboard For July 18, 2012: Rate Cut Hits 12-Month Certificates

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.This particularly active week on the CD Rates Leaderboard continues.

We’ve had two changes among the top 2-year CDs, a change in 3-year CDs and now a change in 12-month CDs.

Most of these changes, unfortunately, have involved rate cuts.

Today, the cut comes from Doral Bank Direct, which trimmed its 1-year certificate rates from 1.15% APY to 1.10% APY.

That’s still good enough to land a tie at the top of our Leaderboard.

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

CIT Bank also offers the top rate, but with a $25,000 minimum deposit.

CIT Bank (www.bankoncit.com) is the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.

It offers what it calls an Achiever CD, which gives you the onetime option of adding money or bumping up your interest rate should rates rise.

With yields this low, we like this deal quite a bit.

The rate cut has bunched up a term that was already tight.

We now count nearly two dozen banks that offer 12-month CD rates within two-tenths of a percentage point of the top certificate.

Our advice: Don’t spend a lot of time being choosy over such low rates.

Banks qualify for our Leaderboard rankings by accepting deposits from all savers, regardless of where they live, either online or through the mail.

We don’t include credit unions because of the restrictions they place in order to open an account.

That doesn’t necessarily make these deals any less valuable (although there are sometimes fees to join); it just means you have to jump through a few more hoops.

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

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