bank rates

CD Rates Leaderboard For March 13, 2014

We told you last weekend just how grim things look for 6-month CD rates.

The latest development has not improved the outlook.

Pacific Mercantile Bank (www.pmbank.com), one of two banks tied at the top of our CD Rates Leaderboard with a 0.90% APY offer on 6-month CDs, has just cut rates in a number of terms.

This means CapitalSource Bank (www.capitalsourcebank.com), a Los Angeles-based lender to small and middle-market business, which has 21 branches in central and southern California, now leads the term by itself. It requires a $10,000 minimum deposit.

Pacific Mercantile, which is a community bank with seven branches in southern California, had been competitive in five of the terms we track. It now offers just one (barely) competitive rate – a 3-month CD.

Here are the rate cuts:

  • 3-month CD: 0.42% APY to 0.30% APY.
  • 6-month CD: 0.90% APY to 0.50% APY.
  • 12-month CD: 1.02% APY to 0.65% APY.
  • 24-month CD: 1.16% APY to 0.80% APY.
  • 36-month CD: 1.21% APY to 0.85% APY.

Once again, it’s probably not a good time to be investing in 6-month CDs.

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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