bank rates

Three Cheers For Top 5-Year CDs

By far, 60-month CD rates have been the most active of any of the standard terms we track for our CD Rates Leaderboard.

Not only were they the first – OK, so far, the only – to begin to rebound, there are multiple banks in contention for the top spot.

iGObanking (www.igobanking.com), which is the online division of Flushing Savings Bank, which has 17 locations in New York, continues to offer the lead rate of 2.05% APY with a $1,000 minimum deposit.

iGObanking debuted this rate in mid-July and has far exceeded our expectations for how long it would last. To add to our (pleasant) surprise, it even boosted its 36- and 48-month CD rates in the past week, to a decent 1.40% APY and 1.65% APY, respectively.

The best 60-month CD rates vs. the average rates

Two banks offer the second-highest 60-month CD rate of 2.00% APY:

Salem Five Direct (www.salemfivedirect.com), the online division of Salem Five Bank, which has 23 branches just north of Boston, requires a $10,000 minimum deposit.

The New York branch of the State Bank of India (www.statebank.com), the FDIC-insured New York branch of India’s largest bank, which operates independently of other U.S. branches, requires a $5,000 minimum deposit.

EverBank (www.everbank.com), which has 14 branches in Florida, pays the third-highest rate of 1.91% APY and requires a $1,500 minimum deposit.

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, pays 1.90% APY and has no minimum balance requirement.

Intervest National Bank (www.intervestnatbank.com), which has a single branch in New York City and six branches in Florida, pays 1.85% APY and requires a $2,500 minimum deposit.

GE Capital Bank (www.gecrb.com), which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, pays 1.84% APY and requires a $500 minimum deposit.

GE Capital Retail Bank (www.gecrb.com), which is also a subsidiary of GE Capital Corp., pays 1.80% APY and requires a $25,000 minimum deposit.

The average annual yield large big banks and thrifts are offering for the 60-month term is 0.79% this week.

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

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

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