CD Rates

GLOSSARY:

• CD rates
• Certificate of deposit
• CD calculator
• 12-month CDs

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A bank we just added to the list of nationally available deals we’re tracking offers top CD rates in three terms, including 1-year CDs.

KeySource Commercial Bank, which has a single branch in Durham, N.C., pays 1.15% APY on 12-month CDs.

That’s good enough to tie for the best 1-year CD that savers nationwide can purchase.

This FDIC-insured bank, which was organized in 2007 and receives 3 stars on Bankrate.com’s Safe & Sound rating system, also offers top 6- and 60-month CDs.

The other bank paying 1.15% APY on 12-month CDs is Doral Bank Direct, the online bank of Doral Bank, which has five branches in northwest Florida and two in New York City.

The main difference between the two banks is the minimum deposit: KeySource requires a $100 minimum to open a CD in person and a $5,000 minimum to open an account online; Doral requires a $1,000 deposit.

Both pay more than three times better than the national average for 12-month certificates -- 0.34% APY. This average rate has remained unchanged for six weeks straight, according to our most recent survey of national banks and thrifts.

As of Jan. 27, 2012, four other banks pay more than 1% APY to savers nationwide:

CIT Bank, the online consumer bank of CIT Group, Inc., which offers financing to small businesses and middle market companies, pays 1.08% APY with a $25,000 minimum to open.

CIT gives you the option to increase your rate and add additional funds once during the CD term.

Nationwide Bank, an online bank owned by Nationwide Mutual Insurance Company and its affiliates, pays 1.05% APY with a $500 minimum.

AloStar Bank of Commerce, an online bank based in Birmingham, Ala., pays 1.03% APY with a $1,000 minimum.

Virtual Bank, the online division of Sabadell United Bank, based in Miami, pays 1.01% APY with a $10,000 minimum.

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 interest rate.

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