bank rates

Fewer Banks Offer Best 1-Year CD Rates

Three weeks ago, six banks were still paying 2.00% APY on 12-month CDs.

Three weeks ago six banks were still paying 2.00% APY on 12-month CDs.

Now only two offer the best, nationally available return:

The Jacksonville Bank, which has five branches in northeast Florida, with a minimum deposit of $1,000.

Golf Savings Bank which has 37 branches in Washington, Oregon, Idaho and Montana, with a minimum deposit of $10,000.

What happened to the others?

ING Direct lowered its yield to 1.75% APY on Dec. 31.

Then Frontier Bank not only cut its rate to 1.95% APY, but also limited its best rates to residents of Washington and Oregon, where its branches are located. If you live elsewhere you’ll only earn 1.60% APY.

Frontier had also led our rankings of the best 24-month CD rates, but lowered its return on those CDs to 2.35% from 2.40% for local customers and 2.00% in the 48 other states.

Yesterday, H&R Block Bank chopped its rate to 1.50% APY.

And today Colorado Federal Savings Bank dropped its yield to 1.80%.

Click here to compare these rates with the best CD rates from dozens of other banks in our extensive database.

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Comments (1)
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  1. DealMaven said:
    on January 19th at 08:47 am

    Now there’s only one.

    The Jacksonville Bank is the only one of the original six still offering 2.00% APY to savers nationwide.

    Over the weekend Golf Savings Bank lowered its APY to 1.90%.