bank rates

CD Rates Leaderboard For Oct. 17, 2012: Yield On Top 5-Year CD Falls

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates. The top nationally available 5-year bank CDs have fallen back to their 2012 low.

Which is to say, the best deal available to all savers has never been worse than it is today.

This cheery news comes as a result of a rate cut at the New York branch of the State Bank of India, which trimmed its 60-month CD offering from 1.86% APY to 1.81% APY.

India’s largest bank, which has three FDIC-insured U.S. branches remains atop our CD Rates Leaderboard despite the cut (

Overall, the yield on the top nationally available 5-year CD has fallen almost 10% in 2012. Year over year, the rate has fallen 17%.

You can earn a bit more than State Bank of India’s offer — which requires a $5,000 minimum deposit — if you have a large nest egg to invest.

Both CIT Bank and Nationwide Bank offer a jumbo 5-year CD that pays 1.85% APY. But you’ll have to deposit at least $100,000 in either case.

For savers with less money to put toward a certificate of deposit, consider one of several nationally available credit union CDs that pay 2% on our list of the highest CD rates from credit unions and local banks.

We don’t include credit unions on our Leaderboard rankings because many credit unions include account restrictions such as fees to join that could impact your earning potential.

Here are the banks where you can find other top 5-year CDs:

  • CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, pays 1.80% APY with a $1,000 minimum deposit.
  • Nationwide Bank (, which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, pays 1.80% APY with a $500 minimum deposit.
  • AmTrust Direct ( and MyBankingDirect (, online divisions of New York Community Bank, pay 1.75% APY with a $500 minimum deposit.
  • Discover Bank (, an online bank owned by the credit card company, pays 1.75% APY with a $2,500 minimum deposit.

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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