bank rates

New Banks Offer Best 12-Month CD Rates

Since last month a little bank outside Atlanta has been offering the best rate on 24-month CDs — 2.97% APY with a $1,000 minimum deposit.

Now Quantum National Bank has the best, nationally available rate on 12-month certificates of deposit, paying 2.66% with a $1,000 minimum deposit.


Wilshire State Bank, based in Los Angeles with branches in Southern California, New York, New Jersey and Texas, has jumped into second place, paying 2.50% APY with a minimum deposit of $1,000.

Since we surveyed 12-month CD rates earlier this month, Ally Bank lowered its return from 2.80% to 2.35% APY, and Corus Bank cut its rates from 2.63% to 2.35% APY.

(Click here to see how the FDIC is pressuring Ally to lower its CD rates.)

But Quantum is still paying more than twice the national average of 1.17% for 12-month CDs.

It has branches in Suwanee and Milton, Ga., and accepts applications from across the country.

Although it runs credit checks on out-of-state applicants, and confirms their information by phone before opening an account, an official told Bankaholic that it accepts virtually all individual depositors.

Click here to compare these returns with the best
CD rates
from dozens of other banks in our extensive database.

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