Current 1 year CD Rates: Best Rate at 1.14%

Recent lackluster economic news is putting downward pressure on interest rates. Another weak jobs report last week along with a weaker than expected 1st quarter GDP report combined with worries about Europe’s financial troubles has forced 10 year bond yields below 1.90%. All this negative news will keep downward pressure on deposit rates and current mortgage rates.

The highest CD rates are not that high and won’t be heading higher anytime in the next year. Right now on our 12 month CD rate table the best 1 year CD interest rate is from Doral Bank at 1.14% with an APY of 1.15%. A rate just above 1.00% doesn’t sound that great but it’s higher than the FDIC’s 1 year national average rate of 0.29%. 

CIT Bank is another bank offering 1 year rates considerably higher than the FDIC’s national average. CIT Bank’s current 1 year rate is at 1.07% with an APY of 1.08%. Both these rates are also above the FDIC’s national rate cap of 1.04%.

The FDIC’s rate cap is determined by adding 75 basis points to the national rate. Financial institutions are subjected to interest rate restrictions under Part 337.6 of the FDIC Rules and Regulations. Basically the rates they offer have to stay within 75 basis points of the national average rate.

AloStar Bank of Commerce is on our list with a current 1 year rate of 1.05% with an APY of 1.06%. MetLife Bank and Colorado Federal Savings Bank are tied with the fourth highest rate on our list at 1.04% with an APY of 1.05%.

Ally Bank and EH National Bank round out the top 5 1 year rates. Both Ally Bank’s 1 year rate and EH National Bank’s 1 year rate is at 1.03% with an APY of 1.04%.

Metropolitan National Bank has the sixth best rate at 0.95% with an APY of 0.95%. Rounding out the top 10 banks on our list include Barclays Bank, Discover Bank, E-Loan and First Internet Bank of Indiana all offering a 1 year rate and APY of 0.90%.