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Three Leaders Keep 12-Month CDs Afloat

Piggy bank inside a life preserverThree banks continue to buoy 12-month CD rates, which are dangerously close to sinking below 1%.

They’re all offering the lead rate of 1.05% APY on our CD Rates Leaderboard:

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers an Achiever CD that allows you to raise the rate once during the term, as well as add to your deposit once, with a $25,000 minimum deposit,.

GE Capital Retail Bank (www.gecrb.com), an online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $25,000 minimum deposit.

The FDIC-insured Chicago branch of State Bank of India, India’s largest bank, which operates independently of other U.S. branches, requires a $2,500 minimum deposit.

Chart showing 12-month cd rates, average vs. best deal

CSBdirect.com (www.csbdirect.com), the online division of Citizens State Bank, which has four branches in Florida, pays 0.99% APY and requires a $1,000 minimum deposit.

Doral Bank Direct (www.doralbankdirect.com), the online bank of Doral Bank, which is the leading community bank in Puerto Rico that also has five branches in northwest Florida and two in New York City, pays 0.96% APY and requires a $500 minimum deposit.

Three banks pay 0.95% APY:

Colorado Federal Savings Bank (www.coloradofederalbank.com), which is an online bank based in Greenwood Village, Colo., requires a $5,000 minimum deposit.

National Republic Bank of Chicago (www.nrbchicago.com), which has two branches in Chicago, requires a $1,000 minimum deposit.

OneWest Bank (www.owb.com), which has 73 branches in Southern California, requires a $1,000 minimum deposit.

The current average annual yield offered by big banks and thrifts for the 12-month term is a record-low 0.25% for the fifth 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.

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

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