iGOBanking leads the way in 2 year CD rates: 2.25% APY

We just got word of a new leader in 24 month CD rates which are available nationwide. iGOBanking.com, a division of Flushing Savings Bank FSB, is now offering a 2 year CD (available for IRA’s as well) with an annual percentage yield of 2.25%. To put this offer in perspective, the current national average sits at roughly 1.25% APY.

This account is available online (may be opened by mail as well) and comes with a minimum deposit requirement of $1,000.

Details of 2 year CD offer from iGOBanking:

- APY’s are effective as of 10/20/10.

- Rates is fixed for 2 years.

- Minimum deposit required is $1000.

- A penalty may be imposed for early withdrawal on CD’s.

- FDIC insured up to $250,000

Complete List of iGOBanking’s CD (certificate of deposit) rates:

- 3 month CD yielding 0.50% APY with minimum deposit of $1,000 required.

- 6 month CD yielding 0.50% APY with minimum deposit of $1,000 required.

- 12 month CD yielding 0.50% APY with minimum deposit of $1,000 required.

- 13 month CD yielding 0.50% APY with minimum deposit of $1,000 required.

- 15 month CD yielding 1.50% APY with minimum deposit of $1,000 required.

- 18 month CD yielding 1.50% APY with minimum deposit of $1,000 required.

- 24 month CD yielding 2.25% APY with minimum deposit of $1,000 required.

- 36 month CD yielding 2.25% APY with minimum deposit of $1,000 required.

- 48 month CD yielding 1.00% APY with minimum deposit of $1,000 required.

- 60 month CD yielding 2.50% APY with minimum deposit of $1,000 required.

Compare this offer with some of the top CD rates available both nationally and locally.

Visit iGOBanking for further info on this offer.

Discover Bank’s CD Rates and Money Market Account

Discover Bank, originally known as Greenwood Trust Company before joining Discover Financial Services in 2000, offers FDIC insured bank CDs (certificates of deposit) as well as money market accounts and high yield online savings accounts. By consistently offering interest rates that beat the national average they have grown to manage over $25 billion in consumer deposits.

Discover Bank’s Popular Products:

Discover Bank’s 12-month CDs : This is a 12 month timed deposit. You will earn a fixed interest rate and your money is FDIC insured. You will want to make sure you can keep your money in this account until the duration is over. There may be penalties for early withdrawal.

Discover Bank CDs 24-month CDs: This is a 24 month timed deposit. You will earn a fixed interest rate and your money is FDIC insured. You will want to make sure you can keep your money in this account until the duration is over. There may be penalties for early withdrawal.

Discover Bank Money Market: This is a liquid account. You will earn a variable interest rate and your money is FDIC insured. You can make fast and free online money transfers and you can access your account from anywhere (online, ATMs, w/ Discover debit card, etc).

Bank of America’s CD (certificate of deposit) Rates and Review

 Bank of America, based out of Charlotte, North Carolina is one of the largest banks in the country. They have over 5,000 locations and thousands of ATM’s in 35 states. They offer online banking nationwide, including brokerage and private banking through U.S. Trust and have the ability to lend in all 50 states, through credit cards, mortgages and home equity loans. Their savings rates have slid recently along with the rest of the industry but still offer money market accounts, CD’s (certificate of deposits), checking and traditional savings. 

Recent Developments – In mid-2008 Bank of America acquired Countrywide Financial in a stock deal.  Countrywide now operates as a subsidiary of Bank of America Corporation under the title  “Bank of America Home Loans”.

Bank of America’s CD Rates:

Bank of America only offers “short term deposit products.” They have 12 month CD’s as well as 24 month CD’s.

• Their 12 month CD yields 1.00% APY with a minimum deposit of $5,000 required
• Their 24 month CD yields 1.50% APY with a minimum deposit of $5,000 required

Please note - The Annual Percentage Yield (APY) is accurate as of 12/11/2009. The minimum balance required to open a High Yield CD is $5,000. They may limit the amount you may invest in one or more High Yield CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica.com). Alternative terms not allowed and additional restrictions may apply. Fees could reduce the earnings on the account and a penalty is imposed for early withdrawal.

Bank of America’s promotions and popular accounts:

• “keep the change savings account“ 
• “$50 sign up bonus for new checking account“

Bank Of America is publicly traded on the New York Stock Exchange (NYSE: BAC).

Best 2 year CD rates found at Hudson City Savings Bank

If you are in the market for a 24 month CD, the highest yielding rates can currently be found at Hudson City Savings Bank. Thanks to BankVibe reader Sean for tipping us off!

Hudson City Savings Bank primarily serves customers of the north-east (namely Connecticut, New York and New Jersey) however because of their on-line bank deposit options, they also accept deposits nationwide via ACH wire transfer. You will need to contact a representative directly to see if you qualify.

Hudson City: 2 year CD yielding 2.50 APY with a minimum deposit amount of $500. Your interest on this account will be calculated daily and applied monthly. You may opt to have your interest credited to your certificate of deposit, mailed to you by check, or transferred into another Hudson City bank account. The national average for 24 month CD rates currently sits at roughly 1.95% APY.

Hudson City Savings Bank claims to be the most efficient operating bank in America by conducting almost all of itś business online. They also claim to pass their savings costs onto the consumer in the form of higher interest rates on their deposits. As a side note, Forbes named Hudson City the ¨best managed bank” in 2007 (granted a lot has changed since then within the industry).

They also offer a money market account which is providing a 1.75% APY for balances above $2,500. There is a $2 monthly service fee that will be applied to this account if your balance falls below the $2,500 level.

Tennessee Commerce Bank’s money market rates

Tennessee Commerce Bank, although located in Franklin, Tennessee is a national bank and can accept deposits from people throughout the country. Recently they have been offering some very impressive savings rates (especially for a national bank).

As of today, they are offering a money market account which is yielding an almost unheard of APY of 2.30%. This is roughly twice the national average of 1.17% APY. What makes this account even more attractive is the low (acutally, no) minimum balance. Currently you can earn an APY of 2.30% for all balances between $0 – $100k.

If you are looking to stash more than $100,000 into this account, you will only earn an APY of 1.50% on balances above the $100k threashold. Tennessee Commerce Bank is FDIC insured and your deposits will be federally insured up to $250k.

If you are looking for a savings product with a fixed interest rate, they currently have an attractive 24 month CD with an interest rate of 2.50% APY. The national average for 2 year CDs sits at roughly 1.95% APY.

Tennessee Commerce Bank strives to provide excellent savings products for small and medium sized businesses as well as self-employed individuals.

Here are their core-values (as seen on their website):

• Do what we say we will do.
• Provide excellent products and superior customer service.
• Treat our employees, customers, business associates and shareholders honestly and with respect.
• Foster an operating culture that permits associates to grow personally and professionally.
• Nurture strategic relationships with businesses and the civic community.
• Be an emergent business bank ‘Taking Care of Business’ as business evolves.
• TENNESSEE COMMERCE BANK will become synonymous with ‘business banking.’

Washington Federal Savings Bank CD rates (WA and ID)

Washington Federal Savings Bank is offering some fairly respectable returns on their FDIC-insured savings products. If you visit their website, however, you will not be able to find any savings rates posted. They may want to reconsider this (in our opinion) given the competitiveness of some of their current rates.

For terms up to 18 months they offer rates which are pretty much on par with the national average, however their 24 – 36 month CD rates are substantially above it.

After reaching out to a representative I found that these rates are available in both Washington state and Idaho. If you do not live in one of these two state you may want to dig through our archive of best cd rates to find products in which you CAN take advantage of.

Washington Federal Savings Bank CD Rates:

(available in Washington and Idaho)

• 24 month CD yielding 2.50% APY for deposits between $1,000 and $89,999. This rate gets bumped up to 2.55% APY with deposits of $90k and larger. The national average for 24 month CDs currently hovers around 2.05% APY.
• 36 month CD yielding 2.75% APY for deposits between $1,000 and $89,999. This rate is bumped up to 2.80% APY with deposits greater than $90,000. The national average for 3 year CDs sits at roughly 2.20% APY.
• 48 month CD yielding 3.0% APY for deposits between $1,000 and $89,999. This rate is also bumped up 0.05% to 3.05% APY with deposits of more than $90,000. The national average for 4 year CDs currently sits at around 2.40% APY.

As it states in their bank’s name (federal savings), Washington Federal Savings Bank specializes in savings products. They offer a wide range of savings accounts which include money market accounts, CD (certificate of deposits) accounts and interest checking accounts. They also offer some loan products and credit cards as well. Their mission is to provide every customer with personal service and attentiveness, to provide their customers with deposit instruments which are highly competitive with the larger institutions and to provide mortgage loans primarily to individuals seeking to purchase or refinance a home in the Bridgeport community, as well as the greater Cook and DuPage counties of Illinois. In following this mission, Washington will be able to maintain profitability and a strong capital position necessary to continue well into the future.

Highest yielding 12 month CD rate in California

The State Bank of India’s 12 month CD may hold the highest rate for one-year maturities. Thanks to BankVibe reader Eric for submitting it.

Currently the State Bank of India has an FDIC insured, 1year “high-value” CD rate of 2.50% APY for balances above $50,000. As of the today, the national average for twelve month CD’s sits at roughly 1.65% APY.

State Bank of India (California) is a chartered subsidiary of the actual State Bank of India.

Here is their story…

The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.

Here are the CD rates offered by the State Bank of India subsidiary in California:

• 12 month CD yielding 2.50% APY with a minimum deposit of $50,000 (yields 2.30% APY with a minimum deposit of $1,000)
• 24 month CD yielding 2.65% APY with a $1,000 minimum or 2.75% APY with a $50,000 deposit
• 36 month CD yielding 2.75% APY with a $1,000 minimum or 3.00% APY with a $50,000 deposit
• 60 month CD yielding 3.25% APY with a $1,000 minimum or 3.40% APY with a $50,000 deposit

Frontier Bank’s certificate of deposit rates

Frontier Bank has several noteworthy CD rates currently available throughout the country. Unlike most of the high interest CD rates we have covered lately, these rates come with no geographical restrictions and can be opened online.

To fund these accounts you will need to conduct an ACH wire transfer and your rate will be locked in with the application so long as they receive your deposit within 5 days.

To open an account in person you will need to visit one of their branches which are located throughout Washington state and Oregon. If you’re considering opening a checking account as well with Frontier Bank they have over 13,000 ATM locations throughout the country.

Current Certificate of Deposit Rates:

(as seen on their rates page)

• 12 month CD yielding an interest rate of 2.23% with a minimum deposit of $500. If you deposit $50k or more then this rate becomes 2.27%.
• 2 year CD yielding an interest rate of 2.70% with the $500 deposit or 2.80% with the $50k + deposit.
• 3 year CD yielding 2.80% APY with $500 deposited or 3.00% APY with $50,000 or more deposited.
• 4 year CD yielding 3.05% APY with a deposit of $500 – $49,999 and a 3.25% APY with a deposit of over $50k
• Their 5 year CD yields 3.30% APY with a $500 – $24,999 deposit, a 3.40% APY with a $25,000 to $49,999 deposit and a 3.50% APY with a deposit of $50,000 or more

Frontier Bank is member FDIC and your deposits will be federally insured up to $250,000. You may also open up an account via telephone. Contact: (888) 779-4801.

If you have experience in banking with Frontier Bank, please don’t hesitate to leave a comment.

Best 24 month certificate of deposit found at Broadway Federal Bank

Broadway Federal Bank tops our best 24 month CD rates list with a sweet rate of 3.05% APY. The national average for 2 year CDs sits at around 2.0% APY. Although Broadway Fed is located in Las Angeles, their products are available nationwide. This particular product comes with a minimum deposit amount of $1000 and is only available online.

Who is Broadway Federal Bank:

They are a community bank providing banking products to customers in the LA area (where their branches are located) as well as a online savings products available to anyone in the country. They have 87 full time employees, 5 offices in California and approximately $439 million in total assets (as of March 31, 2009). They are a wholly owned subsidiary of Broadway Financial Corp. which is a publicly traded company on the NASDAQ small-cap market under the ticker BYFC.

24 month online certificate of deposit terms and conditions:

• $1,000 minimum deposit required
• Only available online
• Interest rate is guaranteed for the initial term of the account. The initial term is the day of the initial opening deposit. Early withdrawal penalties may apply
• Member FDIC

They also have two other featured online products. One is an online “free checking account” the other is an online savings account. Their free checking account comes with unlimited check writing, no monthly maintenance fees and a free debit card. The online savings account requires only $50 to open but has a variable interest rate that is subject to change without notice.

Best Certificate of Deposit Rates in Maryland (Top 3)

Below are the top 3 CD rates for residents of Maryland. These certificate of deposits come with varying maturity dates. Generally, the longer the maturity the higher the interest rate.

After researching the top CD rates for Maryland, I found the best rates coming from a 12 month CD through HarVest Bank of Maryland, a 24 month CD from Colombo Bank and a 36 month certificate of deposit from Layfayette Federal Credit Union.

Top CD Rates for Maryland Residents

(clicking on the name of the institution will bring you to their rates page)

HarVest Bank of Maryland – 12 month CD yielding 2.50% APY with minimum deposit amount of $1.00. HarVest Bank of Maryland is located in Rockville and claims to offer Maryland residents the most competitive CD rates around. They will reinvest your deposits into homes and businesses within the community. Member FDIC.

Colombo Bank – 24 month CD yielding 3.00% APY with a minimum deposit amount of $1,000. Colombo Bank is also headquartered in Rockville, Maryland and was originally named Apicella Bank in 1914. They currently have five locations, the original branch in Little Italy, three offices in Montgomery County, MD; one in Bethesda, one in Rockville, one in Silver Spring and their newest one in Washington DC. Member FDIC.

Lafayette Federal Credit Union – 36 month CD yielding 3.29% APY with a minimum deposit amount of $500. Lafayette FCU also has a very noteworthy 5 year CD yielding 4.00% APY. The one down side to this institution is that they have fairly strict eligibility requirements. You may only be eligible to join if you:

1. are employed by an agency or company within LFCU’s approved field of membership
2. live or work in the Potomac, MD. area
3. live, work, worship or attend school in Washington, D.C.
4. are an immediate family member of a current LFCU member

You may want compare these rates to some of the highest yielding CD’s which are available nationwide to ensure the best rate. If you live in Maryland or the greater DC area and know of a CD rate that has yields higher than the ones listed above please share by leaving a comment!