bank rates

Highest CD Rates Roundup For Dec. 27

Bringing you the very best CD rates from credit unions and local banks.Which institutions offered the highest CD rates of 2013?

That’s an easy question to answer since the best bank deal of the year is currently at the top of our CD Rates Leaderboard, and Pentagon Federal Credit Union set the bar at the beginning of December with the highest rate among nationally available credit unions.

A much trickier question: Which bank has consistently offered the best rates?

This is the bank you want to keep an eye on because it always – or almost always – offers competitive deals.

Here’s how we dove into this question: We found the 10 banks offering the best 60-month CD rates at the beginning and middle of each month of 2013. Then we tallied which banks appeared in the top 10 the most.

Here are the five most consistent banks.

CIT Bank (bankoncit.com): CIT has been at or near the top of our Leaderboard for 1- and 2-year CDs all year. But this bank, which makes its money by lending to small and midsize businesses, also offered some of the best 60-month CD rates when that term was at its low point. From January through July, CIT posted some of the top rates in the country, even leading the term for a bit. CIT’s offer isn’t as competitive today.

GE Capital Bank (gecapitalbank.com): This subsidiary of the financial services arm of the manufacturing giant first launched into the top 10 in April and has followed other top banks as the best long-term CD rates climbed. It’s never led the term, but today it is one of nine banks to offer 5-year CDs that pay at least 2% APY.

EverBank (everbank.com): No other bank on our list has changed its rates as frequently as this predominately online bank based in Florida. But even as its rates seesawed, it remained in the top 10 in all but two of the times we measured. Today it offers the best nationally available bank deal at 2.16% APY.

Nationwide Bank (nationwide.com): For 11 months, this online bank owned by Nationwide Mutual Insurance Co. offered rates just a bit below the best nationally available deal but always among the top 10. That changed in December as Nationwide’s 5-year rate slipped a bit to 1.85% APY, even as other banks raised their rates.

Barclays (banking.barclaysus.com): The online American operation of the worldwide British bank with more than $2 trillion in assets was the most consistently great bank in 2013 when it comes to competitive 60-month CD rates. Barclays hasn’t led the term since June, but it has raised rates repeatedly since midyear. Today it offers the sixth-best nationally available deal at 2.00% APY.

chart showing barclays 5-year cd rate vs. the best nationally available offer

Highest CD Rates

This week, we added two deals to our list of the highest CD rates from credit unions and local banks:

  • Wakefield Co-operative Bank in Massachusetts (www.wakefieldcoop.com) pays 2.013% APY on 48-month CDs with a $500 minimum deposit of new money. You have to be a Massachusetts resident to buy these certificates of deposit and do so in person if you’re not a current customer at one of two branches north of Boston.
  • Washington Savings Bank in Philadelphia (www.washingtonsav.com) pays 2.25% APY on 60-month CDs and 1.45% APY on 36-month CDs with a $500 minimum deposit. You have to live in the Philadelphia area to buy these certificates of deposit and do so in person at one of the five Washington Savings Bank branches.

As for the other offers on our list, happy holidays. There were no rate changes.

You’ll find the top-paying deals clearly marked on our highest CD rates page, showing where they are available, with a quick link back to the original post, which includes more information on the institution and its requirements.

We’ll update this page weekly, so you’ll always know what great deals are out there from credit unions and local banks.

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  1. bob s said:
    on December 27th at 04:00 pm

    My definition of “consistently” would involve a window of at least 5 years, not just 2013.