bank rates

CD Rates Leaderboard For May 2, 2012: AloStar Drops From Top Rankings

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.May is shaping up to look a lot like April when it comes to CD rates.

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We saw more movement among the top nationally available CDs in April than we’ve seen since January.

That has continued into the first two days of May, as several banks have cut rates, including the online bank AloStar Bank of Commerce, which no longer shares the top nationally available 6-month deal on our CD Rates Leaderboard.

KeySource Commercial Bank leads the term by itself with an offer of 0.85% APY.

AloStar today cut rates across four terms, a little less than a month after it boosted rates as part of a promotion to celebrate the Alabama-based bank’s one-year anniversary.

Indeed, AloStar led the charge in April among the banks that offered a few big rate increases.

In the end, though, the top nationally available deals in two terms are lower today than they were at the beginning of April.

The best 24-month CD rates pay 1.25% APY, down from 1.26% APY. And the best 60-month CD rates fell from 1.95% APY to 1.91% APY.

Overall, there were 38 rate changes among the banks we’re watching, including seven changes at the top of the Leaderboard.

Here’s how that compares with the first three months of 2012:

  • 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.

Remember, 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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