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New Top 1 Year Bank CD Rate at 1.07% APY
 

New Top 1 Year Bank CD Rate at 1.07% APY

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We have a new rate leader on our 1 year certificate of deposit rate list. Virtual Bank recently increased their 1 year CD rates to 1.06 percent with an APY of 1.07 percent. GE Capital Retail Bank and ableBanking, a division of Northeast Bank used to have the top yield at 1.05 percent APY.

Truth be told, a 0.02 percent yield difference won't make much of a difference in the amount of interest you can earn. Your deposit amount will probably determine which bank you choose. GE Capital Retail Bank has a minimum deposit of $500, ableBanking's minimum deposit is $1,000 and Virtual Bank has a minimum deposit of $10,000.

I have to admit, it is nice to write about a bank increasing their CD rates since I have been writing about banks lowering their CD rates for years. The past year some banks and credit unions have increased the rates they pay on certificates of deposit but any mass increases from the majority ofl banks won't come until the Federal Reserve increases the federal funds rate.

Virtual Bank also increased their 2 year CD rates and now has the best 2 year CD rate on our list of rates. Virtual Bank's 2 year CD rate is at 1.25 percent with an APY of 1.26 percent. Salem Five used to have the top rate at 1.24 percent with an APY of 1.25 percent. Both banks have a minimum opening deposit of $10,000 to earn the rate and yield.

Listed here are the highest CD rates on certificates of deposit with terms of 3 months to 5 years.

3 Month CD Rates

  • AloStar Bank of Commerce 0.45% APY

  • VirtualBank 0.40% APY

  • Discover Bank o.35% APY

  • Barclays Bank 0.35% APY

  • First Internet Bank of Indiana 0.35% APY


6 Month CD Rates

  • Zions Direct 1.00% APY

  • Doral Direct 0.87% APY

  • AloStar Bank of Commerce 0.75% APY

  • GE Capital Retail Bank 0.70% APY

  • Colorado Federal Savings Bank 0.70% APY

  • My e-BAnC by BAC Florida Bank 0.70% APY

  • EH National Bank 0.70% APY


1 Year CD Rates

  • Virtual Bank 1.06% APY 1.07%

  • ableBanking, a division of Northeast Bank 1.05% APY 1.05%

  • GE Capital Retail Bank Optimizer Plus 1.04% APY 1.05%

  • GE Capital Retail Bank 1.04% APY 1.05%

  • Silvergate Bank 1.01% APY 1.01%

  • My e-BAnC by BAC Florida Bank 1.00% APY 1.01%


2 Year CD Rates

  • Virtual Bank 1.25% APY 1.26%

  • Salem Five 1.24% APY 1.25%

  • CIT Bank 1.19% APY 1.20%

  • Silvergate Bank 1.15% APY 1.16%

  • GE Capital Retail Bank 1.14% APY 1.15%

  • AloStar Bank of Commerce 1.14% APY 1.15%

  • Barclays Bank 1.15% APY 1.15%


3 Year CD Rates

  • Intervest National Bank 1.44% APY 1.45%

  • Barclays 1.34% APY 1.35%

  • GE Capital Retail Bank 1.29% APY 1.30%

  • AloStar Bank of Commerce 1.29% APY 1.30%

  • EverBank 1.25% APY 1.26%

  • California First National Bank 1.24% APY 1.25%

  • Discover Bank 1.24% APY 1.25%


5 Year CD Rates

  • GE Capital Retail Bank Optimizer Plus 2.23% APY 2.25%

  • Barclays Bank 2.23% APY 2.25%

  • EverBank 2.18% APY 2.20%

  • iGObanking.com 2.13% APY 2.15%

  • GE Capital Retail Bank 2.08% APY 2.10%


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Author: Brian McKay
April 23rd, 2014