bank rates

Celebrate Early With These CD Rate Hikes

fireworksThe fireworks have started early, as we have a bunch of preholiday CD rate increases to report.

Yes, increases.

Banks we track for our CD Rates Leaderboard have raised rates this week in all six terms we track.

Unfortunately, none of the increases was enough to topple our term leaders.

3-month CDs

Before today, we weren’t tracking 3-month CD rates from California’s EH National Bank (www.ehnbank.com). But this bank, which requires a $10,000 minimum deposit, increased its yield to 0.30% APY. That’s just good enough to track, but well below the top rate.

Follow the daily changes to the best 3-month CD rates on our new list.

6-month CDs

EH National’s 6-month CD is much more competitive with other nationally available deals. This bank, with a single branch in Beverly Hills, raised its rate to 0.80% APY from 0.70% APY. That’s good enough to tie for the second-best rate available to all U.S. savers.

Follow the daily changes to the best 6-month CD rates on our new list.

12-month CDs

Discover Bank (www.discoverbank.com), the online bank owned by the credit card company, raised its 12-month offer to 1.00% APY from 0.95% APY. This offer from a bank that once offered extremely favorable rates is still fairly low on our list.

It requires a $2,500 minimum deposit.

Follow the daily changes to the best 12-month CD rates on our new list.

24-month CDs

Last month, CIT Bank (www.bankoncit.com) rebranded its special certificates of deposit, switching names from Achiever CDs to RampUp CDs. But the features remain unchanged – a one-time chance to raise your interest rate should yields rise and a one-time chance to add to your account deposit.

Now this online consumer bank of CIT Group Inc, a small- and middle-market business lender, has boosted its yield to 1.25% APY from 1.20% APY. That’s good enough to tie for the second-best rate in this term.

The minimum deposit for this RampUp CD is $25,000.

We also recorded a second rate increase in this term.

Discover Bank raised rates from 1.05% APY to 1.15% APY, good enough for the middle of our list.

Follow the daily changes to the best 24-month CD rates on our new list.

36-month CDs

CIT Bank raised its 36-month RampUp CD rate as well, to 1.40% APY from 1.35% APY – the second-best nationally available rate.

We also added another bank to our tracking list this morning. State Farm Bank (www.statefarm.com), the online bank of the insurance company, raised its 3-year CD rate to 1.30% APY, about in the middle of the pack as far as competitive rates go.

It requires a $500 minimum deposit.

Follow the daily changes to the best 36-month CD rates on our new list.

60-month CDs

State Farm Bank also increased its 60-month CD rate – to 2.10% APY from 2.05% APY. We’re now tracking seven banks that pay at least as much as State Farm now offers.

Follow the daily changes to the best 60-month CD rates on our new list.

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