bank rates

CD Rates Leaderboard For March 19, 2014

We’re crowning two new leaders in nationally available 60-month CDs today, as competition among the top banks we’re eyeing for our CD Rates Leaderboard continues to improve.

Both CIT Bank and GE Capital Retail Bank pay 2.25% APY.

You might notice that’s a slight decline in the top rate. That’s because Connecticut’s Northwest Community Bank cut its 5-year offer this morning from 2.28% APY to 2.12% APY.

We don’t find this turn a huge deal since CIT and GE Capital Retail are much more convenient banks to work with for most savers.

CIT Bank just raised the rate it offers on 5-year term CDs from 2% APY to 2.25% APY with a $1,000 minimum deposit.

It also increased its 5-year jumbo rate from 2.25% APY to 2.30% APY with a $100,000 minimum deposit. If you have the cash at your disposal, this is the best deal available today.

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

A state bank headquartered in Salt Lake City, Utah, CIT has a 4-star Bankrate Safe & Sound rating.

Since launching nationwide online operations in 2011, the bank has regularly expanded its deposit product offerings and generally maintained very competitive rates.

Its 1-year and 2-year Achiever CDs, for example, currently share the top spots for those maturities on our Leaderboard.

Also, CIT’s 5-year rate boost was accompanied by an increase in its 4-year CD rates (which are not tracked on the Leaderboard).

CIT has an efficient online account opening process.

Of course, we wrote about GE Capital Retail’s big rate boost when it happened two weeks ago.

You’ll need a cool $25,000 minimum deposit to take advantage of this bank’s offer.

This online bank is one of two banking subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant. (www.gecrb.com)

A federal savings bank headquartered in Draper, Utah, GECRB has a 5-star Safe & Sound rating.

It’s offered competitive CD rates across several terms ever since it finalized the purchase of MetLife Bank’s deposit business in early 2013.

Right now, there are 13 banks that offer 5-year CDs to all savers that pay at least 2% APY. Among this group, we’ve seen four rate increases and two decreases so far this month.

This fact – and CIT’s big rate boost – are just further indications that the 5-year CD is coming back into vogue.

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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