The same two banks that were battling it out in June for the best nationally available return are at it again this month.
Neither bank is budging.
Both still offer 1.25% APY on 24-month CD rates.
That's the same rate the best 2-year certificates of deposit have paid since mid- to late April.
The top two competitors are:
CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, with a $25,000 minimum deposit.
Barclays (www.banking.barclaysus.com), the online American operation of the big British bank, with no minimum balance.
Other than the minimum deposit, the key difference between these two institutions is that CIT gives you the option to bump up your interest rate and add money to your principal once during the term with its Achiever CD.
CIT and Barclays pay three-quarters of a percentage point more than the national average for 2-year certificates, which is 0.50% APY, according to our latest survey of banks and thrifts.
As of July 6, 2012, eight other banks pay 1.15% or higher:
EH National Bank (www.ehnbank.com), which has a single branch in Beverly Hills, Calif., pays 1.20% APY with a $10,000 minimum deposit.
MetLife Bank (www.metlifebank.com), the insurance giant’s online bank, pays 1.17% APY with a $25,000 minimum deposit.
Broadway Federal Bank (www.broadwayfederalbank.com), which has three branches in Los Angeles and Inglewood, Calif., pays 1.16% APY with a $500 minimum deposit.
Metropolitan National Bank (www.metropolitanbankny.com), which has three branches in Manhattan and one in Brooklyn, pays 1.16% APY with a $1,000 minimum deposit.
National Republic Bank of Chicago (www.nrbchicago.com), which has two branches in Chicago, pays 1.16% APY with a $1,000 minimum deposit.
Discover Bank (www.discoverbank.com), an online bank owned by the credit card company, pays 1.15% APY with a $2,500 deposit.
Doral Bank Direct (www.doralbankdirect.com), 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, pays 1.15% APY with a $1,000 minimum deposit.
State Bank of India (www.statebank.com), India's largest bank, which has FDIC-insured branches in California, Chicago and New York, pays 1.15% APY with a $5,000 minimum deposit. This deal is available through its New York branch only.
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.
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