bank rates

Looking For A Hero At Top Of 1-Year CDs

Four banks currently pay the top nationally available 12-month CD rate on our CD Rates Leaderboard.

We’re not fans of this co-leader trend, simply because we wish one bank would break free from the pack, offer a better rate and pleasantly surprise the heck out of short-term savers everywhere.

As it now stands, the only bright spot in the current 1.05% APY logjam is CIT Bank (

The online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers one of its two Achiever CDs for the 12-month term.

While the $25,000 minimum deposit is higher than what most banks we track for the Leaderboard require, you can raise the rate once during the term, as well as add to your deposit once.

The three other co-leaders:

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

GE Capital Bank (, 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.

Two banks pay 1.01% APY:

BAC Florida Bank (, which is a community bank with one location in Coral Gables that sells its products nationally through My e-BAnC, requires a $500 minimum deposit.

Virtual Bank (, 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.

The current average annual yield offered by big banks and thrifts for the 12-month term remains 0.23% for a ninth week.

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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