bank rates

Top 1-Year CD Rate Reduced, BankDirect Now Offers Best National Return Of 1.21%

iGObanking continues to be a mercurial presence on our CD Rates Leaderboard.

Just 10 days after boosting its 12-month return to 1.30% APY – a rate no nationally available deal had offered since July 2011 – iGObanking slashed its yield to an uncompetitive 0.15% APY today.

None of us here are surprised, of course. We’ve seen the online division of Flushing Bank in New York do this time and time again.

That makes BankDirect the new national leader in 1-year CDs, paying 1.21% APY with a $10,000 minimum deposit.

It’s the online division of Texas Capital Bank, which has 12 locations in all five of the state’s major cities – Dallas, Fort Worth, Houston, San Antonio and Austin.

CIT Bank, the online consumer bank of CIT Group Inc. of New York, also raised its 1-year rate today, from 1.15% to 1.20% APY.

This puts it in a two-way tie with Synchrony Bank – right on BankDirect’s heels.

Synchrony Bank, formerly known as GE Capital Retail Bank, is a predominantly online bank with a single branch in Bridgewater, New Jersey.

Fortunately, iGObanking’s downward rate change had a sunny counterpoint today.

EverBank raised its 60-month rate a full three-tenths of a point this morning, to 2.33% APY for a $1,500 minimum deposit.

While that only qualifies the Jacksonville, Florida-based bank for second place in this term, that’s most likely going to change.

The current 5-year leader is Live Oak Bank, at 2.50% APY.

But that promotional rate is set to expire at the end of the day Sunday. So come Monday, EverBank will probably take Live Oak’s place on the Leaderboard.

Of course, nothing is predictable about certificates of deposits, and we won’t mind a bit if another bank raises its rates to give EverBank a run for the money next week.

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