bank rates

GE Capital Joins CD Rate Hike Parade

We now have a four-way tie for the best nationally available 12-month CD on our CD Rates Leaderboard.

GE Capital Bank (www.gecapitalbank.com) today boosted its 1-year CD rate to 1.10% from 1.05% APY. This online bank owned by the financial services division of General Electric requires a $500 minimum deposit.

The rate hike comes just one day after Maine-based ableBanking rejoined the leaders.

ableBanking (www.ablebanking.com), the online division of Northeast Bank, which operates 10 branches in Maine, requires a $1,000 minimum deposit.

The other two banks that pay 1.10% APY are:

  • Colorado Federal Savings Bank (www.coloradofederalbank.com), an online bank based in Greenwood Village, Colorado, which requires a $5,000 minimum deposit.
  • Synchrony Bank (www.myoptimizerplus.com), an online bank formerly named GE Capital Retail Bank (and still owned by GE), requires a $25,000 minimum deposit.

Momentum for 1-year CDs?

While rate movements this week have certainly been positive, the highest nationally available rate still remains exactly where it was at the beginning of 2014. And it’s only slightly higher than where the best rate held for much of 2013 – 1.05% APY.

So we’re still waiting for a bank to bust out from the pack.

One encouraging sign: the average 12-month CD rate offered by banks and thrifts throughout the country ticked up this week to – a still paltry – 0.25% APY. Yet that yield is at its highest in more than a year.

We currently track nationally available rates from 19 banks. Follow the daily changes to the best 12-month CD rates on our list.

Compare these returns with the best CD rates from scores of banks in our extensive database.


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