bank rates

Top 1-Year CD Pushed To 3½-Year High

iGObanking has raised its rate on 12-month CDs to 1.30% APY – the highest nationally available return in 3½ years.

But if you have some money to invest, our advice is to do it now.

The online division of Flushing Bank in New York has a reputation for raising rates out of nowhere and then dropping them nearly as quickly.

IGObanking surpasses the previous top national deal on our CD Rates Leaderboard, 1.20% APY from Synchrony Bank.

Its new return also exceeds the 1.25% APY that Citizens State Bank paid from early September through early January, before it stopped selling certificates of deposit nationwide.

Indeed, no bank has offered a coast-to-coast rate this high since July 29, 2011, when Bank of Internet was paying 1.33% APY.

The iGObanking deal is also a quarter of a point higher than the best national deal offered at this time last year, when 12-month yields were at their lowest point since the financial crisis and recession.

Now 14 banks are paying more than 1.05%.

Could this be what the early months of a serious rebound in interest rates looks like? I think it could.

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