bank rates

CD Rates Leaderboard For June 6, 2012: State Bank Of India Back On Top

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.State Bank of India is back on the board.

Three weeks after it cut its top 60-month CD rates, the New York branch of India’s largest bank has reversed course and increased rates.

It’s now tied at the top of the CD Rates Leaderboard, offering 5-year CDs at 1.81% APY.

State Bank of India (www.statebank.com) requires a $2,500 minimum deposit. It has FDIC-insured branches in California, Illinois and New York, but this deal is only available in New York.

That’s a higher minimum than you’ll pay at National Republic Bank of Chicago (www.nrbchicago.com), which pays 1.81% APY with a $1,000 minimum deposit.

The latest change is part of a fairly steady pattern we’ve seen over the last few months.

As I’ve done for every month this year, I thought I’d share the numbers we’ve compiled on rate movement. May looked a lot like April, with 37 rate changes among the banks we’re watching for the Leaderboard. Seven of those rate changes were at the top.

In two terms we track — 6- and 60-month CDs — the top rate on June 1 was lower than the top rate on May 1. All the other top rates remained unchanged.

Here’s the rest of the 2012 picture:

  • January: 55 rate changes, including four changes at the top of the Leaderboard.
  • February: 34 rate changes, including one at the top of the Leaderboard.
  • March: 29 rate changes, including one at the top of the Leaderboard.
  • April: 38 rate changes, including seven at the top of the Leaderboard.

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.

Have you ever purchased a CD from State Bank of India? Share your experience below by making a comment.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (1)
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
Loading...
One Existing Comment
  1. Kathy at Bankaholic said:
    on June 22nd at 11:52 am

    State Bank of India and National Republic Bank of Chicago are both now paying 1.91% APY on 60-month CDs.