bank rates

One Bank Still Pays 2% On 12-Month CDs

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.)

At the end of last year, six banks were paying 2.00% APY on 12-month CDs.  Now there's one.

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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Comments (2)
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2 Existing Comments
  1. Darin Eley said:
    on February 1st at 03:14 pm

    Patelco Credit Union will give a new customer 5% for a 12 month $1000 CD. Alliant Credit Union pays 2% for 12 month $1000 CD’s.

  2. ugarxdawg said:
    on February 3rd at 07:43 am

    Atlanta Postal Credit Union earns 2% APY on12 month CD, 2.25% for 24 months, 2.5% for 30 months, 2.75% for 36 months, 3% for 48 moths, 3.25% for 60 months. Regular savings earns 2%.