bank rates

CD Rates Leaderboard for Feb. 5, 2013: Small Florida bank drives big changes


CSBdirect.com really made a mess of the CD Rates Leaderboard today.

First off, it dropped the 60-month lead rate of 2.05% APY that we’d grown so fond of.

It lasted nearly a month – CSBdirect.com debuted on the Leaderboard with that offering on Jan. 8.

To be honest, that’s longer than we expected the online division of Florida-based Citizens State Bank to hold to that 5-year CD rate, which was the highest we’d seen in more than a year and a quarter of a percentage point higher that the previous leader.

Thankfully, we don’t have to go back to that low of a rate – Texas-based Green Bank (www.greenbank.com) is paying 1.95% APY through its GO! online banking.

Be forewarned: This nationally available GO! CD rate is tricky to find on Green Bank’s website. From the home page, look for the blue “open an online account” tab at the top right. This will take you to the GO! page, and you can open certificate of deposit accounts from there.

If there’s an easier way to locate these rates, we haven’t figured it out. Clicking through to Green Bank’s rates through the personal banking tab will lead you to rate sheets for Austin, Dallas and Houston.

The rate if you walk into one of those Texas branches and buy a 60-month CD in person is 1.85% APY – a tenth of a percentage point less than what Green Bank offers to savers online.

But back to CSBdirect.com. It raised three other CD rates and now leads the 12- and 24-month terms and co-leads the 36-month term.

Its new 12-month rate of 1.10% APY edges out the five banks that co-led the term with an offering of 1.05% APY: Colorado Federal Savings Bank (www.coloradofederalbank.com), CIT Bank (www.bankoncit.com), GE Capital Retail Bank (www.gecrb.com), NexBank (www.nexbank.com) and Sallie Mae Bank (www.salliemae.com).

And CSBdirect.com’s new 24-month rate of 1.35% APY topples NexBank’s 1.30% APY, putting the Texas-based bank in second place once again.

NexBank does find some consolation in the 36-month term. CSBdirect.com’s new offering of 1.40% APY is only good enough to be its co-leader.

Banks qualify for our rankings by imposing no geographic 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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