bank rates

Late Summer’s Top 5-Year CD Pays 1.85%

CIT Bank offers the top nationally available deal.August has not been good to 5-year CD rates.

The top rate for this term on our CD Rates Leaderboard has fallen to 1.85% APY.

That offering is from CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies. It requires a $1,000 deposit.

The New York branch of the State Bank of India (, India’s largest bank, which has FDIC-insured branches in California, Chicago and New York, pays 1.81% APY. The former term leader requires a $2,500 minimum deposit.

Another former leader, The National Republic Bank of Chicago (, which has two branches in Chicago, pays 1.76% APY and requires a $1,000 minimum deposit.

Five banks pay 1.75% APY:

AmTrust Direct, which is the online division of Cleveland-based AmTrust Bank (, a division of New York Community Bank, and requires a $1,000 minimum deposit.

Barclays (, which is the online American operation of the big British bank and has no minimum balance requirement.

Discover Bank (, which is an online bank owned by the credit card company and requires a $2,500 minimum deposit.

iGoBanking (, which is the online division of Flushing Savings Bank in New York and requires a $1,000 minimum deposit.

MyBankingDirect (, which is the online bank of New York Community Bank and requires a $5,000 minimum deposit.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

The average annual yield large big banks and thrifts are offering for the 60-month term this week is 1.03%.

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

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (2)
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 4.67 out of 5)
2 Existing Comments
  1. ann schulster said:
    on August 21st at 10:16 pm

    Thought I could rely on you.
    Above has been offering 1.5% for 2yrs and 1.75% for 3-5yrs

  2. Mike Cetera said:
    on August 22nd at 07:50 am

    Ann, if you’re referring to the rates offered by Doral Bank, those are not available nationally. You have to visit one of its branches in New York or Florida. Its online division, Doral Bank Direct, also offers competative rates — and nationwide to boot — just not quite as good as what the brick-and-mortar bank is offering. For example, the 5-year CD pays 1.73% APY; the 2-year CD pays 1.19% APY.