bank rates

CD Rates Leaderboard For May 8, 2013

Texas-based NexBank just took a huge whack to the yields on its certificates of deposit, which has caused a big shakeup on our CD Rates Leaderboard.

The upshot: We have changes at the top in three of the terms we track.

It also means we’ve crossed two thresholds we’ve never before seen.

As long as we’ve tracked them, the best nationally available 3-month CD has never paid less than 0.50% APY.

Until now.

And the best nationally available 24-month CD has never paid below 1.25% APY.

Until now.

NexBank, which has two branches in the Dallas area, cut several of its terms by as much as a quarter of a percentage point. Its certificates remain competitive, but just barely.

The new 3-month term leader is Florida-based EverBank (, which pays just 0.46% APY with a $1,500 minimum deposit. The predominately online bank held the top spot in this term as recently as last month before it cut its own rates.

There’s really no good reason to purchase a CD at this rate, no matter the term.

NexBank shared the 12-month lead with three other banks, which — for now — have not cut rates. You can still earn 1.05% APY at the following institutions:

  • CIT Bank (, the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers one of its Achiever CDs for the 12-month term.

    With a $25,000 minimum deposit, you can raise the rate once during the term as well as add to your deposit once.

  • GE Capital Retail Bank (, an online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $25,000 minimum deposit.
  • State Bank of India – Chicago (, the Chicago branch of India’s largest bank, which requires a $2,500 minimum deposit.

The new 24-month leader is CIT Bank, which pays 1.20% APY. This is also an Achiever CD, although savers don’t appear to be achieving much with this news.

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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