When we began the CD Rates Leaderboard four years ago, to provide savers with daily rankings of the best nationally available deals, we focused on six terms: 3-month, 6-month, 1-year, 2-year, 3-year and 5-year CDs.
Today, we’re happy to announce we’ve begun tracking a seventh term: 4-year CDs.
Although 48-month certificates of deposit are a little less widely offered than 3- and 5-year CDs, several national banks do include them in their rate sheets.
For savers looking to set up an effective CD ladder — especially in light of the Federal Reserve likely raising interest rates gradually over the next three years — a top-paying 4-year certificate is an important element of the mix.
So, after scouring the rate sheets of about 100 banks that offer CDs nationally, who earns the first 48-month crown on our CD Rates Leaderboard?
Paying 2.00% APY on a $10,000 minimum deposit, E-Loan nabs a fifth leadership slot for itself, ahead of EverBank’s 48-month return of 1.91% APY.
Savers should beware that E-Loan imposes some of the industry’s stiffest early-withdrawal penalties, at up to two full years of interest. So buying its CDs should be done only when you have reasonable confidence you can hold the certificate until maturity.
E-Loan is an online subsidiary of Banco Popular North America, the mainland division of Puerto Rico’s Banco Popular. In addition to operating E-Loan, it operates almost 50 Popular Community Bank branches in New York, New Jersey and Florida.
Banco Popular NA earns four out of five stars from Bankrate’s Safe & Sound ratings system and is insured by the FDIC (as are all the banks we write about on Bankaholic).