There's a new leader in our June survey of the best nationally available 5-year CD rates, but it's offering a lower rate than you could have earned last month.
EverBank is paying 1.76% APY with a modest $1,500 minimum deposit.
That's nearly one-tenth of a percentage point less than you could have taken home last time we reviewed this term, when Green Bank paid 1.85% APY.
In mid-May, Green Bank dropped its rate from 1.85% APY down to 1.50% APY.
As the current frontrunner, EverBank is paying almost one full percentage point more than the national average, but rates are still relatively low, and they may not be moving up anytime soon.
The Federal Reserve has driven savings rates to record lows and plans to keep them there until the unemployment rate falls to 6.5%.
Unemployment is sort of moving in the right direction, falling to 7.5% in April and 7.6% in the latest jobs report for May.
So, while there's still a long way to go before the Fed says it will allow interest rates to move upward, we have to think that rates will be higher when a 5-year CD purchased now matures in June 2018.
Here are the best nationally available 60-month certificates of deposit, as of today:
|First Internet Bank of Indiana||1.60%||$1,000|
|AloStar Bank of Commerce||1.55%||$1,000|
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.
Click here to compare these returns with the top CD rates from dozens of banks in your area.
Our CD calculator will help you figure out the interest you'll earn, for any term, amount and rate.
|EverBank||Which has 14 branches in Florida.||www.everbank.com|
|Barclays||The online American operation of the big British bank.||www.banking.barclaysus.com|
|GE Capital Retail Bank||An online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant.||banking.gecrb.com|
|First Internet Bank of Indiana||An online bank located in Indianapolis.||www.firstib.com|
|Nationwide Bank||An online bank owned by Nationwide Mutual Insurance Company and its affiliates.||www.nationwide.com|
|CIT Bank||The online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.||www.bankoncit.com|
|AloStar Bank of Commerce||An online bank based in Birmingham, Ala., formerly known as Nexity Bank.||retail.alostarbank.com|
|Intervest National Bank||Which has a single branch in New York City and six branches in Florida.||www.intervestnatbank.com|
|Ally Bank||An online bank based in Charlotte, N.C.||www.ally.com|
|TAB Bank||An online bank that specializes in lending to commercial customers for capital purchases.||www.tabbank.com|
Nervous savers have also pulled billions of dollars out of the stock market and flooded banks with cash.
Consumer savings in bank accounts, excluding business and institutional accounts, had grown to $8.2 trillion by the end of last year, up from $3.8 trillion in December 2001, according to Market Rates Insight Inc. in San Anselmo, Calif.
That's much more money than they have been willing to lend out.
Data compiled by SNL Financial of Charlottesville, Va., show that deposits continued to grow more quickly than loans during the third quarter of 2012.
Banks were able to loan out only 72.4% of their deposits, down from more than 93.0% in early 2008, when the financial crisis was just beginning.
As a result, savers have seen the returns on their CDs, savings and money market accounts drop to nearly nothing. The banks don't need, or even want, any more of our money.
It's why the average return on 5-year CDs has fallen from 3.13% APY on Dec. 16, 2008, when the federal funds rate was cut to zero, to 0.77% APY today.
Contributing editor Darci Swisher contributed to this report.
Follow Mitch Strohm on Google Plus.