Earlier this month, we warned of some erosion among the top 60-month CD rates.
Well, it’s only gotten worse.
Green Bank, a Texas-based bank with 12 locations, today cut its 5-year CD rate from 1.85% APY to 1.50% APY.
The rate cut means we have a change at the top of the CD Rates Leaderboard.
Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, now offers the top nationally available deal at 1.75% APY with no minimum balance requirement.
Back in early May, when we were lamenting the softness of 5-year CD rates, we noted that there were just three nationally available deals that paid at least 1.70% APY, down from five at the beginning of April.
With today’s rate cut, there’s just one. (CIT Bank earlier cut its rate.)
Today, six banks pay at least 1.60% APY. They are:
GE Capital Retail Bank (www.gecrb.com), an online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant, pays 1.65% APY and requires a $25,000 minimum deposit.
EverBank (www.everbank.com), which has 14 branches in Florida, pays 1.61% APY and requires a $1,500 minimum deposit.
Bank of Internet (www.bankofinternet.com), a San Diego, Calif.-based online bank, which pays 1.60% APY and requires a $1,000 minimum deposit.
CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, pays 1.60% APY with a $1,000 minimum deposit.
First Internet Bank of Indiana (www.firstib.com), an online bank located in Indianapolis, which pays 1.60% APY and requires a $1,000 minimum deposit.
Nationwide Bank (www.nationwide.com), which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, pays 1.60% APY and requires a $500 minimum deposit.
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.