bank rates

The Best 12-Month CD Rates Hold Steady For More Than Two Months At 1.15% APY

Doral Bank Direct and CIT Bank offer the top nationally available CD rates.Twelve-month CD rates closed out 2011 with something slightly less than a bang.

The same two banks, Doral Bank Direct and CIT Bank, have offered the same top rate, 1.15% APY, for more than two months.

We first included CIT in our rankings on Oct. 18; Doral actually took over the top spot with that rate earlier — on Sept. 30.

While I appreciate the stability, I can’t help but yearn for the 1.41% APY this term started out the year with (or the 2.00% APY available at the beginning of 2010).

Still, 12-month CD rates fared a bit better than some other terms on our CD Rates Leaderboard.

CIT Bank Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, allows you to raise the rate once if the CD rate goes up during the term and add to your deposit at any time.

At $25,000, the minimum deposit for this Achiever CD is steep. But at least it provides a glimmer of hope for getting a better rate in the future.

Doral Bank Direct (, the online bank of Doral Bank, the leading community bank in Puerto Rico, which also has five branches in northwest Florida and two in New York City, requires a significantly smaller $1,000 minimum deposit to get its 1.15% APY.

The second-highest 12-month CD is rate is a tenth of a percentage point lower.

Nationwide Bank (, an online bank owned by Nationwide Mutual Insurance Company and its affiliates, pays 1.05% APY but has no minimum deposit.

It’s followed by AloStar Bank of Commerce (, an online bank based in Birmingham, Ala., that pays 1.03% APY with a $1,000 minimum deposit.

The last rate above 1.00% is offered by Virtual Bank (, the online division of Lydian Private Bank, based in Palm Beach, Fla. It pays 1.01% APY with a $10,000 minimum deposit.

All of these deals are considerably better than the current average yield offered by big banks and thrifts for the 12-month term: 0.34%

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (2)
1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
2 Existing Comments
  1. Kathy at Bankaholic said:
    on January 9th at 08:36 am

    All of these rates are still available.

  2. Mike Cetera said:
    on January 10th at 09:37 am

    CIT has cut its rates. It now pays 1.08% APY on the 12-month Achiever CD.