bank rates

CD Rates Leaderboard For Nov. 14, 2011: iGObanking Vaults To Top On Two Terms

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.iGObanking just boosted its 36- and 60-month CD rates by more than a percentage point each, giving it the best nationally available deals in both terms.

That’s right, the best nationally available deals improved because a bank increased its rates.

And what an improvement for iGObanking.

With a minimum deposit of $1,000, it’s paying 2.25% APY on 60-month CDs and 1.70% APY on 36-month CDs.

Just last week, the online division of Flushing Savings Bank in New York offered 60-month CDs for a puny 1.20% APY. It’s 36-month CDs were an even punier 0.64% APY.

No more. It now edges out Quaint Oak Bank for the top 60-month deal and Doral Bank Direct for the top 36-month deal on our CD Rates Leaderboard.

Quaint Oak Bank (www.quaintoak.com), a Philadelphia bank with a single location, pays 2.20% APY with a $500 minimum deposit. Doral Bank Direct (www.doralbankdirect.com) pays 1.65% APY with a $1,000 minimum deposit.

This isn’t the first time iGObanking (www.igobanking.com) has significantly boosted rates. Last October, the bank jacked up its 24-month CD rates by a half a percentage point to offer the best nationally available deal.

It cut that rate by a quarter of a percentage point less than three weeks later.

The moral of this story: Act fast. iGObanking is bound to cut its CD rates — as it has in past — with just as much speed as it raised them.

In fact, iGObanking had competitive CD rates as recently as August when it offered the fourth best nationally available 5-year certificate of deposit.

Rate offered then: 2.25% APY.

Then the bank repeatedly slashed its return.

We should also note that iGObanking also hiked its 24-month CD rates by just under a full percentage point to 1.25% APY. That’s not quite good enough to top the national leader in that term: 1.31% APY offered by Goldwater Bank.

One last thing: Although it’s odd-term CD rates prevent it from making our rankings, U.S. Bank’s 59-month CD also pays 2.25% APY.

Banks qualify for our rankings by accepting deposits from all savers, regardless of where they live, 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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Comments (2)
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  1. elliot said:
    on November 17th at 03:22 pm

    A picture comes to mind of wizard-like bankers behind the green curtain, flipping coins — up or down this month, or week? How can they even keep track of it all?

  2. Mike Cetera said:
    on November 18th at 08:53 am

    Well. That was quick. iGObanking has already cut its CD rates:

    — 60-month CD pays 1.75% APY.
    — 36-month CD pays 1.25% APY.
    — 24-month CD pays 0.90% APY.