The New York branch of the State Bank of India is back on top of the CD Rates Leaderboard thanks to a big increase in its 60-month CD rate.
This branch of India’s largest bank today boosted its yield by more than a third of a percentage point to 1.80% APY with a $5,000 minimum deposit.
That rate is the best we’ve seen for a nationally available deal in more than a month.
State Bank of India (www.statebank.com) has three FDIC-insured U.S. branches that act independently from one another. The Chicago branch also has a spot on the Leaderboard with its 12-month CD.
The New York branch hasn’t had a deal this good since last fall, when it offered a 5-year CD at 1.86% APY.
But that’s not all the good news.
Today, we’re also adding a new 12-month co-leader to our list.
DollarSavingsDirect, an online division of Emigrant Bank, pays 1.05% APY on 12-month CDs with a $1,000 minimum deposit.
Emigrant Bank is based in New York City and has two branches.
We first wrote about DollarSavingsDirect (www.dollarsavingsdirect.com) in 2008, when it offered a 3.75% APY online savings account.
Those were the days.
DollarSavingsDirect shares the best nationally available 60-month CD rate with GE Capital Retail Bank (www.gecrb.com), which requires a $25,000 minimum deposit and the Chicago branch of the State Bank of India, which requires a $2,500 minimum deposit.
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.