bank rates

(Mostly Good) Changes For 5-Year CDs

flipping through a stack of $100 billsAfter a minor mid-month dip, 60-month CD rates are once again on the rise.

On Friday, EverBank raised its rate to 2.27% APY, which put it ahead of the term’s two former co-leaders by two one-hundredths of a percentage point.

EverBank (www.everbank.com), which is primarily an online bank with 14 branches in Florida, changes its rates often and requires a $1,500 minimum deposit.

The 60-month term has seen plenty of other changes among the banks we track daily for our CD Rates Leaderboard. In all, there have been eight rate changes in March among the banks we track.

Two banks boosted their rates to 2.25% APY:

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $1,000 minimum deposit.

GE Capital Retail Bank (www.gecrb.com), 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 $25,000 minimum deposit.

Two banks pay 2.15% APY:

Barclays (www.banking.barclaysus.com), which is the online American operation of the worldwide British bank with more than $2 trillion in assets, has no minimum balance requirement.

iGObanking (www.igobanking.com), which is the online division of Flushing Savings Bank, which has 17 locations in New York, requires a $1,000 minimum deposit.

Former leader Northwest Community Bank (www.nwcommunitybank.com), which cut its rate in mid-March, now pays 2.12% APY. The community bank with six branches in Connecticut requires a $1,000 minimum deposit for in-state savers and a $5,000 minimum deposit for savers elsewhere.

Dime Savings Bank of Williamsburg (www.dime.com), which has 25 branches in the New York City area, pays 2.10% APY and requires a $500 minimum deposit.

Three banks pay 2.05% APY:

GE Capital Bank (www.gecapitalbank.com), which is the other bank that’s a subsidiary of GE Capital Corp., requires a $500 minimum deposit.

The New York branch of the State Bank of India (www.statebank.com), the FDIC-insured New York branch of India’s largest bank, which operates independently of other U.S. branches, requires a $5,000 minimum deposit.

State Farm Bank (www.statefarm.com), which is the online bank of the insurance company, requires a $500 minimum deposit.

In all, 13 banks offer nationally available CD rates of at least 2% APY.

The average annual yield that large banks and thrifts offer for 60-month CDs is 0.80%.

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

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

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