bank rates

CD Rates Leaderboard For Oct. 29, 2012

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates. We’re happy to welcome back a bank that spent a good deal of summer and fall 2011 on top of the CD Rates Leaderboard.

Airbanking, the online division of MainStreet Bank, which has five branches in northern Virginia, has bumped its 1-year CD rate to 1.12% APY, just nudging past the deal offered by AloStar Bank of Commerce.

The airbanking offer requires a $500 minimum deposit.

This bank made a strong push last year, offering top CD rates and savings accounts when it first launched its website open to savers nationwide. It last offered a competitive deal just before the new year.

You’ll have to click on the “airsavings” tab at the top of the homepage (www.airbanking.com) to find the page on certificates of deposit and apply.

One note of caution: An existing airbanking customer reports difficulty using the online application process but was permitted to open an account by phone and mail.

We’ll follow up to see if the online application problem persists.

As we mentioned earlier, this is the best nationally available offer, just beating the 1.11% APY deal from AloStar, an online bank based in Birmingham, Ala. It requires a $1,000 minimum deposit.

The other offers we’re watching come from:

  • Bank of Internet (www.bankofinternet.com), a San Diego, Calif.-based online bank, which pays 1.10% APY. It 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. It pays 1.10% APY with a $25,000 minimum deposit.

This bank’s Achiever CD allows you to raise the rate once if the rate goes up during the term as well as to add to your deposit once.

Airbanking also offers a no-penalty, 1-year CD that pays 1.02% APY. That ranks as the 11th-highest CD rate in this term.

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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