bank rates

CD Rates Leaderboard For Nov. 5, 2012

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates. The online division of Maine’s Northeast Bank — ableBanking — has only been on our radar for a couple of months.

But already it’s made a name for itself on our CD Rates Leaderboard.

Today, for example, ableBanking boosted its 1-year CD rate, putting it in a tie for the top nationally available deal with another capitalization-challenged online division, airbanking, which is operated by Virginia’s MainStreet Bank.

Both pay 1.12% APY, but ableBanking (www.ablebanking.com) requires a $1,000 minimum deposit, while you can buy an airbanking (www.airbanking.com) certificate of deposit with just $500.

AbleBanking first came to our attention in July. One of our contributors was not an early fan.

But the bank quickly rose to the top of our Leaderboard for 6-month CDs — and it has a unique angle besides its top interest rates.

AbleBanking says it will donate $25 to any charity of your choice when you become a customer and another quarter percentage point of your average balance every year thereafter. (So, if you have $10,000 in the bank, it will donate $25 on the anniversary of when you signed up.)

One thing to note about ableBanking’s rates: Although we don’t have a long history of data, this bank did cut its rates on both Aug. 17 and Sept. 17.

With these two top leaders, the best 12-month CDs pay more than they have since the middle of July, when Doral Bank Direct gave up the lead on best nationally available deal it had held since Sept. 30, 2011.

With rates this low, you shouldn’t spend a lot of time agonizing over a few one-hundredths of a percentage point, but there are a few other deals that pay at least 1.10% APY we’d like to highlight:

  • AloStar Bank of Commerce (www.alostarbank.com), an online bank based in Birmingham, Ala., pays 1.11% APY and requires a $1,000 minimum deposit.
  • Bank of Internet (www.bankofinternet.com), a San Diego, Calif.-based online bank, pays 1.10% APY requires a $1,000 minimum deposit.
  • CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, pays 1.10% APY with a $25,000 minimum deposit. That’s a hefty minimum, but this bank’s Achiever CD allows you to raise the rate once on this CD if the rate goes up during the term as well as to add to your deposit once.

Banks qualify for our rankings by accepting deposits from all savers, regardless of where they live, either online or through the mail.

Compare this return with the best CD rates from scores of banks in our extensive database.

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Comments (2)
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  1. peth said:
    on November 5th at 04:28 pm

    Thanks for doing the math to make my choices easier. Your site is tops!

  2. Sam said:
    on November 5th at 11:06 pm

    May be unrelated but found finance infographic that can help for tomorrow’s elections

    http://www.mortgagerefinance.com/Mortgage-News/Obama-vs-Romney-Real-Estate-and-Mortgage-Refinance-Infographic/421