Two banks tie for top 12-month CD rates at year's end

Hand putting coin in white piggy bank

Just five banks now offer 1-year CDs of more than 1% APY to savers nationwide.

Two of those five banks offer the same top yield of 1.15% APY. They are:

Doral Bank Direct, the online bank of Doral Bank, the leading community bank in Puerto Rico, which also has five branches in northwest Florida and two in New York City. Doral requires a $1,000 minimum deposit.

CIT Bank, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies. You'll need a $25,000 minimum deposit.

There are two major differences between these two offers, other than the minimum deposit requirements: CIT allows you to bump your rate once if rates rise during the term. It also gives you the option of making one additional deposit.

Doral won't give you either of those options.

Doral and CIT both pay more than four-fifths of a percentage point higher than the current national average -- 0.34% APY, a new record low according to our most recent survey of banks and thrifts.

As of Dec. 22, 2011, three other banks pay above 1% APY:

Nationwide Bank, an online bank owned by Nationwide Mutual Insurance Company based in Columbus, Ohio, pays 1.05% APY with a $500 minimum deposit.

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

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

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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