bank rates

Top 5-Year CDs Edge Back Up Toward 2%

I’m happy to report that 60-month CD rates have actually bumped up a bit this summer.

Two banks now share the top spot on our CD Rates Leaderboard with a nationally available rate of 1.91% APY, which is more or less where it was in mid-May.

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

The New York branch of the State Bank of India (www.statebank.com) is FDIC-insured (as are all of the banks on Bankaholic) and requires a $2,500 minimum deposit.

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, added a 60-month CD to its lineup last week.

It’s paying 1.85% APY – the second-best rate – and requires a $1,000 deposit.

The next-best nationally available deals on 60-month CDs are being offered by:

Barclays (www.banking.barclaysus.com), the online American operation of the big British bank, which is paying 1.80% APY and has no minimum balance requirement.

AmTrust Direct, the online division of Cleveland-based AmTrust Bank (www.amtrustdirect.com), a division of New York Community Bank, which is paying 1.75% APY with a $1,000 minimum deposit.

Discover Bank (www.discoverbank.com), an online bank owned by the credit card company, which is also paying 1.75% APY but requires a $2,500 minimum deposit.

Ally Bank (www.ally.com), an online bank based in Charlotte, N.C., which is paying 1.74% APY and requires no minimum deposit.

Intervest National Bank (www.intervestnatbank.com), with a single branch in New York City and six branches in Florida, which is paying 1.73% APY and requires a $2,500 minimum deposit.

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

The average annual yield large big banks and thrifts are offering for the 60-month term this week is just 1.10%.

Now, you can still find 60-month CD rates above 2%, but you’ll have to find a local deal to do it.

We also keep track of the highest CD rates that are limited to credit union members or local bank customers, so please leave us a comment if you know of a great rate in your area.

You can also 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 (1)
1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
Loading...
One Existing Comment
  1. Mike Cetera said:
    on July 11th at 09:09 am

    State Bank of India cut its rates to 1.86% APY this morning.