A bank in deep financial doo-doo has grabbed the top two spots in our rankings of the best 12-month CD rates.
New South Federal Savings Bank is offering 2.10% APY with a $1,000 minimum deposit.
UmbrellaBank.com, an online bank owned by New South, is offering 2.15% APY, also with a $1,000 minimum deposit.
Both deals are available online and both beat the 2.05% APY rates that topped our previous rankings of the best nationally-available 12-month CDs.
New South has one full-service branch in Birmingham, Ala., and dozens of mortgage offices from Georgia to Nevada.
Deposits are insured by the FDIC. But anyone putting money into New South should know that it’s been losing money after the number of bad loans in its portfolio nearly tripled last year. The bank’s been ordered to raise more capital and clean up its books by the Office of Thrift Supervision.
Click here to compare these deals with the best CD rates from dozens of other banks in our extensive database.
(5 votes, average: 4.60 out of 5)
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