Today I bring a new post with the top one year Deposit Interest that I can find.
The government has shut-down 38 banks so far in 2010. The FDIC expects to close a record number of banks this year. About 600 banks are on the ropes and in a under-capitalized category and most of those will not be able to make a come back. Mounting residential losses plus impending commercial losses will just be to much.
When thinking about top CD rates you want your bank to hang around for a little bit]. [So check for the health of the bank or credit union.
Nevertheless here are some top CD rates I found.
It looks like NCUA insured credit unions are in the lead.
Alliant Credit Union has a 1.75% APY for a 1-year Certificate of Deposit. The interest rate is good from 1-year to 23-months. By the way the 2-year increases to 2.25%. Interest is paid at maturity only. 5-star Rating.
Melrose Credit Union out of New York has a 2.07% APY.
Believe it or not, I found a bank with a 2.00%. Most banks are in the 1.50% range because of the FDIC National rate cap. Inspect First City Bank. 2.00% APY. They can be reached at 888-244-5151. Of course there are a couple of caveats. It is a 15-month CD which is what gets them around the national cap. They have a 0-Star rating. And to make it worse, they are found in Florida. FL CD Rates are good, but the state has high loan delinquencies. But they are FDIC insured.
Discover bank is one of the strongest rated banks in the country. They have a ok rate of 1.60% They are based in Wilmington, Delaware. The bank is the money behind the Discover credit card.
Franklin Synergy Bank has a 1.95%, also for 15-mos. They are out of Franklin, TN. They have a 2-star rating.
2-star rated banks may be able to recover, but a zero or 1-star rated bank probably will not. Although, you could end up with a penalty free closure and if rates increase, re-invest at higher rates.
Visions FCU is a 4-star rated institution. They are one of the few remaining 2.00% 1-year CDs.
Use the FDIC or NCUA website to do your own health check. Take a look at the various ratios. Look for a capital ratio above 7%, a total risk based capital above 10% (only applicable to banks), and if the institution has a loss, make sure it is only about 25% of the capital when you adjust for yearly earnings. These are just suggestions. The web also offers some free rating tools. One is found at bankrate[dot]com.
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