bank rates

New Leader In 6-Month CDs Pays 1.05%, The Highest National Rate In Over 3 Years

An online bank that offers only a simple savings account and a few CDs has not just joined our CD Rates Leaderboard for the first time but has leapt to the 6-month lead in grand fashion.

Available to savers everywhere, MySavingsDirect is paying 1.05% APY on 6-month certificates with a $1,000 minimum deposit.

That’s a full two-tenths of a percentage point more than the previous leader of nationally available 6-month CDs, California First National Bank.

Yet that’s not the biggest story here.

What’s got us really excited is that this is the best 6-month return we’ve seen on the Leaderboard since September 2011.

For more than three-and-a-half years, the leading 6-month CD yield has been pitifully stagnant between 0.80% and 1.00% APY.

Although this online portal of Emigrant Bank – one of New York City’s oldest savings institutions – has never graced our CD Rates Leaderboard before, regular readers will recognize MySavingsDirect’s name from our coverage of the best savings accounts in the country.

But its CD offerings are barely advertised. In fact, if you aren’t already a MySavingsDirect customer, the only way to check its current CD rates is by phone or email – a curious thing from an Internet-only operation.

MySavingsDirect CDs are available to residents in any of the 50 states who are able and willing make their certificate purchase online and who first open a MySavingsDirect savings account so the bank has somewhere to deposit the CD’s interest earnings.

While special relationships or hoops normally aren’t permitted for CDs on our Leaderboard, we consider MySavingsDirect’s stipulation to be negligible because its savings account:

  • Requires no minimum balance.
  • Charges no fees.
  • Can be opened with just a single dollar.
  • Pays the same 1.05% APY as its 6-month CD.

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