bank rates

Leading 12-Month CD Rates Edge Higher…We Just Wish They’d Bust Loose

We’re seeing a teensie weensie bit of separation among the gaggle of banks offering the top nationally available deals on 12-month CDs.

The top 12-month CD rate on our CD Rates Leaderboard now stands at 1.07% APY.

VirtualBank (, the online division of Sabadell United Bank, which has 23 branches in Florida and is owned by Banco Sabadell, Spain’s fourth-largest bank, requires a $10,000 minimum deposit.

That’s the most any national deal has offered since AloStar Bank of Commerce offered savers 1.10% APY in early February.

EverBank (, which is primarily an online bank with 14 branches in Florida, pays the second-highest rate of 1.06% APY and requires a $1,500 minimum deposit.

But we still wish a couple of these banks would just go for it and break away from the pack. Surely someone could pay 1.15%, or even 1.20%, and still turn a profit.

Come on, who wants to be a hero?

Five banks pay the third best, and former lead, rate of 1.05% APY:

ableBanking (, the online division of Northeast Bank, which has 10 branches in Maine, requires a $1,000 minimum deposit.

AmTrust Direct (, an online division of New York Community Bank, which has 240 branches in five states, requires a $500 minimum deposit.

CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $25,000 minimum deposit for its Achiever CD and allows you to raise the rate once during the term, as well as add to your deposit once.

GE Capital Bank (, which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $500 minimum deposit.

GE Capital Retail Bank (, the other bank that’s a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

The current average annual yield offered by big banks and thrifts for the 12-month term is 0.24%.

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

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

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