bank rates

CD Rates Leaderboard For May 22, 2012: Online Bank Gives 6-Month CDs Big Boost

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.We haven’t seen nationally available 6-month CD rates this high in seven months.

For this bit of good news, we can thank Acacia Federal Savings Bank, which now owns the top 6-month deal on our CD Rates Leaderboard.

The online bank owned by Acacia Life Insurance Co. today increased its 6-month CD rates by a quarter of a percentage point to 1.00% APY.

That’s nearly two-tenths of a percentage point better than its closest competitor.

Acacia (www.acaciafederal.com), based in Falls Church, Va., requires a $500 minimum deposit.

As many as four banks offered 1% yields on 6-month CDs in early October. But within a matter of days, all had cut their interest rates.

These changes were part of the short-term rate slide following the Federal Reserve’s late-summer announcement that it intended to continue its choke hold on interest rates.

Acacia also increased its 3-month CD rate today, from 0.40% APY to 0.50% APY. That’s still well short of the top nationally available deal on our Leaderboard.

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 those 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 22nd at 12:50 pm

    Acacia’s CD rates have crashed since this posting: Both 6-month and 3-month CDs are now paying 0.25% APY.