CD Rates at the Top National Banks
These days the best CD rates are rather pathetic when you compare rates to just a few years ago. The highest CD rates on 1 year certificates of deposit are around 1.10 percent APY. There are some promo rates or rates linked to having a loan or debit account with direct deposit that will give you a higher CD rate but for the most part those rates don't last long.
The bank that is offering 1 year CD rates at 1.10 percent APY is CIT Bank. The bank's 1 year Achiever certificate of deposit has a minimum deposit of $25,000. You can also open a regular certificate of deposit at CIT Bank with a minimum deposit of $1,000 and earn a rate of 1.04 percent with an APY of 1.05 percent.
Ally Bank is another bank with a national presence offering some of the top CD rates for 12 month certificates of deposit. Ally Bank is offering 1 year rate at 1.02 percent with an APY of 1.03 percent. In June of 2011 Ally Bank CD rates were only slightly higher at 1.19 percent with an APY of 1.20 percent.
A new entry to the list of banks is Barclays Bank. The big British Bank recently made an entry into U.S. deposit accounts with very competitive CD rates and the bank raised their rates a few weeks after. Current 1 year Barclays Bank CD rates are at 1.00 percent with an APY of 1.00 percent.
Another top national bank offering competitive 1 year CD rates is Discover Bank. The bank's current 1 year CD rate is at 0.90 percent with an APY of 0.90 percent. Ally Bank is also offering an 11 month No Penalty CD that has a current CD rate and APY of 0.94 percent.
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