New Top 1 Year Bank CD Rate at 1.07% APY
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
6 Month CD Rates
1 Year CD Rates
2 Year CD Rates
3 Year CD Rates
5 Year CD Rates
CD Rates | Best Certificate of Deposit Rates
RatesORama.com Average Mortgage Rates