At the end of last year, six banks were paying 2.00% APY on 12-month CDs.
Now there’s one. (And it isn’t one of the half-dozen banks that topped our December rankings.)
Franklin Synergy Bank, with two branches in Franklin, Tenn., and a $1,000 minimum deposit, is the new leader.
Other top rates for nationally available 12-month CDs are:
1.90% APY from The Palladian Private Bank in Chicago. A $10,000 minimum deposit is required.
1.90% APY from Doral Bank Direct in New York City. It is the operating name for online banking services, owned by Doral Financial Corp. A $1,000 minimum deposit is required.
1.86% APY from UFB Direct, with a minimum deposit of $8,000 required. CDs sold at this Web site actually come from Waterfield Bank, which has a couple of full-service offices in Carmel, Ind., and Germantown, Md.
Click here to see how much you can earn with these rates using our certificate of deposit calculator.
We wish we could call a bottom to this punishing slide, but there’s no reason to expect rates will stabilize this month.
Just last September the average return for 12-month CDs slipped below 1% for the first time since Bankrate began tracking those rates in October 1983.
Now it’s at 0.76% APY after declining for the 15th straight month in January.
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