bank rates

Get A Top 6-Month CD Without Any Drama

ShoreBank certainly qualifies for a top spot in our rankings of the best 6-month CD rates.

ShoreBank in Chicago has one of the best 6-month CD rates in the country, but it's perilous financial condition makes it a poor choice.The bank, which has seven branches in Chicago, one in Detroit and another in Cleveland, is paying 1.19% APY with a $1,000 minimum deposit.

But this is one deal you should take a pass on.

Several months ago federal regulators told the well-known lender to low-income communities that it must raise additional capital because it’s losing money, primarily from bad loans on apartment buildings.

It’s been unable to do so and news reports suggest ShoreBank could be seized and closed at any moment.

Your savings would be safe. It’s insured by the FDIC.

What you don’t know is who might buy ShoreBank’s deposits, and whether the new owner will honor this rate.

It’s better to just avoid all the drama and pick one of the other banks offering the top nationally available rates on 6-month certificates of deposit. They are:

1.25% APY with a $3,000 minimum deposit from NewDominion Bank, which has branches in Charlotte and Mooresville, N.C.

1.20% APY with a minimum deposit of $1,000 from Aurora Bank, with one branch in Wilmington, Del. and another in Jersey City, N.J.

1.17% APY with a minimum deposit of $500 from Ascencia, an online division of PBI Bank, which has 17 branches in central Kentucky.

Click here to compare those returns with the best CD rates from scores of other banks.

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Comments (5)
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5 Existing Comments
  1. RateRunner said:
    on August 18th at 11:21 am

    Jen Stryker takes a look at the ugly, predatory world of the book Broke, USA over on the Personal Finance blog. You can always reach it by clicking on the “Finance” tab at the top of every page.

  2. DealMaven said:
    on August 18th at 11:33 am

    After a thorough check of the CD rates this morning, we’re glad to report that there have been no changes to The CD Rates Leaderboard for August 17.

    Those same good rates are still available.

  3. DealMaven said:
    on August 19th at 09:57 am

    Once again, the top nationally available rates listed on The CD Rates Leaderboard for August 17 haven’t changed.

    We’d like to tell you that rates went up, but at least they haven’t fallen.

  4. DealMaven said:
    on August 20th at 10:24 am

    No changes again today. The rates on The CD Rates Leaderboard for August 17 remain intact. We checked.

  5. CrankySaver said:
    on August 21st at 08:33 pm

    As we had feared, ShoreBank was among the eight banks regulators seized over the weekend, pushing the total number of failed banks to 118 for the year. Don’t miss this or any of the other new posts on our Personal Finance blog. You can always reach it by clicking on the “Finance” tab at the top of every page.