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.

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.