bank rates

CIT Keeps Hold On Best 2-Year CDs

Just one bank is keeping 24-month CD rates afloat on our CD Rates Leaderboard.

Luckily, it’s CIT Bank (www.bankoncit.com) and one of its Achiever CDs.

The online consumer bank of New York-based CIT Group Inc., which offers financing to small businesses and middle-market companies, pays 1.25% APY and allows you to add money to your account once, as well as to bump up the rate once, during the term with a $25,000 minimum deposit.

CIT Bank also owns the second-highest rate. Its standard 24-month CD pays 1.20% APY with a minimum deposit of $1,000.

Two banks offer the next-best rate of 1.19% APY:

EH National Bank (www.ehnbank.com), which has a single branch in Beverly Hills, Calif., and requires a $10,000 minimum deposit.

Doral Bank Direct (www.doralbankdirect.com), which is the online bank of Doral Bank, the leading community bank in Puerto Rico that also has five branches in northwest Florida and two in New York City and requires a $1,000 minimum deposit.

MetLife (www.metlifebank.com), which is the insurance giant’s online bank, pays 1.17% APY and requires a $2,000 minimum deposit.

Broadway Federal Bank (www.broadwayfed.com), which has five branches in Los Angeles and Inglewood, Calif., pays 1.16% APY and requires a $500 minimum deposit.

Four banks pay 1.15% APY:

ableBanking (www.ablebanking.com), which is the online division of Northeast Bank and requires no minimum deposit.

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank and requires no minimum deposit.

Discover Bank (www.discoverbank.com), which is an online bank owned by the credit card company and requires a $2,500 minimum deposit.

The New York branch of the State Bank of India (www.statebank.com), India’s largest bank, which has FDIC-insured branches in California, Chicago and New York, and requires a $5,000 minimum deposit.

The average annual yield that large banks and thrifts pay remains a record-low 0.48% APY this week.

These 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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