bank rates

CD Rates Leaderboard For May 14, 2012: CIT Bank Boosts Its 24-Month Offer

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.CIT Bank increased its term-leading 24-month CD rates today.

That puts some sunlight between the online bank and its competitors for the best nationally available deal on our CD Rates Leaderboard.

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, pays 1.25% APY on 24-month CDs. It requires a $25,000 minimum deposit.

That’s up from 1.20% APY, the rate it fell to following an April 3 cut.

Aside from the yield, this offer from CIT stands above other competitors because it allows savers to hedge against both higher and lower future CD rates.

That’s because this Achiever CD allows you to add money to your account once (good if rates continue to fall) and bump up the rate once (good if rates increase) during the term.

Here are the other top nationally available deals:

EH National Bank (www.ehnbank.com), which has a single branch in Beverly Hills, Calif., pays 1.20% APY with a $10,000 minimum deposit.

MetLife (www.metlifebank.com), the insurance giant’s online bank, pays 1.17% APY with a $25,000 minimum deposit.

AloStar Bank of Commerce (www.alostarbank.com), an online bank based in Birmingham, Ala., pays 1.16% APY with a $1,000 minimum deposit.

Broadway Federal Bank (www.broadwayfed.com), which has five branches in Los Angeles and Inglewood, Calif., pays 1.16% APY with a $500 minimum deposit.

Metropolitan National Bank (www.metropolitanbankny.com), which has three branches in Manhattan and one in Brooklyn, pays 1.16% APY with a $1,000 minimum deposit.

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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  1. Kathy at Bankaholic said:
    on June 27th at 07:05 am

    These rates are still available except for these:
    AloStar now pays 1.11% APY, and Metropolitan National Bank now pays just 0.85% APY.