While CD rates in general made modest gains over the past week, these gains did not quite reflect on the highest CD rates to open this week. Top CD yields and the banks offering them remain the same for the most part, with a few changes here and there. With a few interesting CD deals thrown in however, today’s roundup of the best CD rates are still worth a closer look.
6-month CDs
Ascencia retains its spot for the best 6-month CD rate, offering a 1.76% APY for a minimum deposit of $500.
If you have some $10,000 you can invest for a 6-month term however, H&R Block Bank currently has an attractive promotional rate of 2.00% APY. This is currently the only nationally-available 2.00% rate on a 6-month CD. You may apply online but better act fast as the offer stands only until Sept. 30, 2009.
9-month and 12-month CDs
OneWest Bank slightly lowered its 12-month CD rate to 2.10% but Umbrella Bank stepped up to take its place with its own 2.15% 1-year CD. Umbrella Bank also upped its 9-month CD from 1.60% to 1.85% APY claiming the best 9-month CD rate along with Ally.
24-month CDs
E-Loan’s 2.37% APY on the 24-month CD is still the highest interest rate among the banks followed here on My Bank Tracker, but you would need a $10,000 minimum initial deposit to avail of this rate. For those with less to invest, three banks are now offering a very competitive 2.35% APY for the same term – Discover Bank, Ally, and newdominionDIRECT at minimums of $2,500, $0, and $3,000 respectively.
36-month and 48-month CDs
Ascencia also remains as the bank with the best 36-month CD rate and the only one to breach the 3.00% mark for 3-year CDs. Intervest National Bank also held on to its place as top bank for 4-year CDs with a 3.20% APY.
60-month CDs
Citibank once again shows us that it’s possible to be one of the country’s biggest banks and still offer a very competitive rate; the best in fact, for 5-year CDs at 3.50% APY, easing out OneWest Bank’s 3.40% interest which had been on our best CD rates list for the past weeks.
Meanwhile, Corus Bank, which had also been giving competitive deposit rates to consumers, is bowing out of the competition for good. The bank went into FDIC receivership last Friday along with Minnesota-based Brickwell Community Bank, bringing the total number of bank failures for this year to 91. Corus Bank’s deposits will be taken over by MB Financial.
With the still-struggling economy and the continued rise in the number of bank failures, it’s likely we won’t be seeing big boosts in the best CD rates any time soon.
