Pocket up to 1.30% with July's leading 1-year CDs
You should be earning at least 1% on new 1-year CDs this summer — and perhaps as much as 1.3%.
Let's start with the best nationally available rates.
Fifteen banks are paying 1.00% APY or more on these popular investments, and Synchrony Bank, the former GE Capital Retail Bank, has the top deal for savvy savers — 1.10% APY.
That's a little more than the best national returns we found this spring (1.07% APY) or over most of the past year (1.05% APY).
In fact, the top deals haven't hit 1.10% since a few weeks last fall and a brief run in February 2013.
"I know that's pretty thin gruel for return-starved savers," says Mike Sante, Interest.com's managing editor. "But short-term CD rates almost certainly won't go any lower and could start a slow but steady rise later this year."
So far, we haven't seen any increase in the average return on these popular CDs.
That's ranged from 0.22% APY to 0.28% APY over the past year and was a paltry 0.23% APY in our most recent survey of major banks and thrifts.
That's why you really need to consider one of these deals when buying new 1-year CDs this month.
TOP 1-YEAR CD RATES: Nationally Available Bank Deals
|Salem Five Direct||1.00%||$10,000|
To qualify for this list, a bank must allow savers from all 50 states to buy its certificates of deposit online or through the mail.
Our CD calculator will help you figure out the interest you'll earn, for any term, amount and interest rate.
TOP 1-YEAR CD RATES: About The Banks
|Synchrony Bank||One of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant.||www.myoptimizerplus.com|
|Silvergate Bank||Which has four branches in southern California and is a subsidiary of Silvergate Capital Corp.||www.silvergatebank.com|
|Virtual Bank||The online division of Sabadell United Bank, which has 23 branches in Florida and is owned by Banco Sabadell, Spain's fourth-largest bank.||www.virtualbank.com|
|BAC Florida Bank||A community bank with one location in Coral Gables that sells its products nationally through My e-BAnC.||www.bacflorida.com|
|GE Capital||The other bank owned by GE Capital Corp.||gecapitalbank.com|
|CIT Bank||The online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.||www.bankoncit.com|
|AmTrust Direct||An online division of New York Community Bank, which has 240 branches in five states.||www.amtrustdirect.com|
|iGOBanking||The online division of Flushing Savings Bank, which as 17 locations in New York.||www.igobanking.com|
|California First National Bank||An online bank owned by the same company that runs California First Leasing Corp., which finances all sorts of high-tech business equipment.||www.calfirst.com|
|Nationwide Bank||An online bank owned by Nationwide Mutual Insurance Co. and its affiliates.||www.nationwide.com|
|EverBank||Primarily an online bank with 14 branches in Florida||www.everbank.com|
|Palladian PrivateBank||An online division of The PrivateBank and Trust Co., which has 34 branches in nine states.||www.palladianprivatebank.com|
|Colorado Federal Savings Bank||An online bank based in Greenwood Village, Colo.||www.coloradofederalbank.com|
|Salem Five Direct||The online division of Salem 5 Bank, which has 29 branches just north of Boston.||www.salemfivedirect.com|
|Discover Bank||An online bank owned by the credit card company.||www.discover.com|
Of course, it's possible to earn a little more than that if you live near a community bank or credit union offering nearby customers and members a great local deal.
Members of the Gulf Coast Federal Credit Union in Corpus Christi, Texas, can earn 1.30% APY, although that's down from 1.50% earlier in the year.
Two New York City credit unions — Bay Ridge Federal in Brooklyn and LOMTO Federal in Queens — are offering 1.25% APY.
Here are some examples of the best local deals currently being offered. (If you know of a great local deal where you live, please share that info by placing a comment on this story.)
TOP 1-YEAR CD RATES: Local Deals
|Gulf Coast Federal Credit Union||1.30%||Texas||http://www.ccgcfcu.com/|
|Bay Ridge Federal Credit Union||1.25%||New York||https://www.brfcu.org/|
|LOMTO Federal Credit Union||1.25%||New York||http://www.lomto.org/|
|Doral Bank||1.15%||New York||http://www.doralbank.com/|
|Cintel Financial Federal Credit Union||1.10%||Ohio||https://www.cintelfcu.org/|
|GPO Federal Credit Union||1.10%||Washington, D.C.||http://www.gpofcu.com/|
|Industrial Credit Union||1.10%||Massachusetts||http://www.gpofcu.com/|
Here's one final option to consider.
Melrose Credit Union (www.melrosecu.org) has a single office in the Briarwood neighborhood of the New York City borough of Queens.
It allows anyone to join, no matter where they live or work, with a $1 membership fee and $25 deposit in a savings account.
Once those formalities are taken care of, members earn some of the best returns in the nation, including 1.15% APY on 1-year CDs with a $5,000 minimum deposit.
Contributing editor Darci Swisher contributed to this report.
Follow Mitch Strohm on Google Plus.