bank rates

CD Rates Leaderboard For Oct. 2, 2013

The yield on the top 60-month CD has just inched a bit higher, thanks to one U.S. branch of India’s largest bank.

The New York branch of the State Bank of India this morning boosted its 5-year offer by a tenth of a percentage point.

The top nationally available deal on our CD Rates Leaderboard now pays 2.10% APY.

Comparing the best 60-month CD rates during the last few yearsState Bank of India (www.statebank.com) has three FDIC-insured U.S. branches that act independently from one another. This offer requires a $5,000 minimum deposit.

State Bank of India is one of six banks that now pays at least 2.00% APY on 5-year CDs.

Unlike most banks, State Bank of India lets savers know the minimum amount of time a deal will last. It says the 60-month offer is effective through Oct. 8.

We’ll let you know if the rate changes after that date.

It’s a good thing this bank boosted rates, too, because the former leader, iGObanking, slashed its yield this morning. It was a good run, but we’re surprised the offer from the online division of Flushing Savings Bank lasted as long as it did.

iGObanking no longer offers a competitive rate in this term.

But the big British bank Barclays does. It raised its rate today a tenth of a percentage point to 2.00% APY, making its offer among the best.

The online American operation of this bank (www.banking.barclaysus.com) has no minimum balance requirement.

There’s just one credit union on our list of the highest CD rates from credit unions and local banks that offers a better nationally available deal. But the 2.22% APY offer from Stanford Federal Credit Union requires a hefty $100,000 minimum deposit — and an active checking account.

It’s these type of restrictions that make credit unions ineligible for our Leaderboard.

There are also 10 local deals on our list that beat State Bank of India’s offer.

Go have a look.

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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