For the week ending January 23, 2009 the best one year CD rates in are hovering right around a 3.00% with a few banks offering CD rates above 3.00%.  The battle for the top one year CD rate has been fierce with lead changes happening multiple times during the week. 

Flagstar Bank headquartered in Troy, Michigan starts this week as the one year CD rate leader.  Flagstar Bank is offering an internet only CD that has a rate of 3.25% APY.  The minimum opening deposit is $500.00 to obtain this bank CD rate.  Flagstar Bank can be contacted by phone at 800-642-0039 or via the bank website at www.flagstar.com.

In second place is State Bank of India.  State Bank of India, Chicago is one of the Foreign branches of India’s largest commercial bank.  At this time, the bank is offering a one year CD rate of 3.20% APY.  This is available through the Chicago branch of the bank.  State Bank of India Chicago area of operation is the Midwest states.  SBI Chicago is an FDIC insured bank.  Under Federal and State regulations, it is considered as a branch of a Foreign bank.  Call 1-312-621-1200, stop by the bank branch or check the website at www.statebank.com for the current CD rate information.

Third position goes to LaJolla Bank in California.  LaJolla Bank is offering the best one year rate with a one year CD earning an interest rate of 3.05% APY.  Lajolla Bank has been frequent member on the leader board for the best one year CD rates.  The minimum deposit to open a LaJolla Bank CD is $10,000.00.  The bank can be reached at 800-333-1909 or via the website at www.ljbank.com.

A number of banks fill in the remaining spots with one year CD rates at 3.00% APY.  One of these banks on the list of the best one year CD rates at 3.00% is OneUnited Bank.  OneUnited Bank offers a one year internet only CD that has an interest rate of 3.00% APY.  The minimum deposit for this one year CD is $10,000.00.  OneUnited Bank can be reached at 1-877-663-8648.  The bank web address is www.oneunited.com.

GMAC Bank is also offering a one year CD rate at 3.00% APY.  GMAC Bank has a low minimum deposit requirement of $500.00.  GMAC Bank can be reached at 866-246-2265.  The bank web address is www.gmacbank.com.

UmbrellaBank and Corus Bank round out the one year CD rates with a 3.00% APY. UmbrellaBank.com is the Internet banking division of New South Federal Savings Bank. The bank has an initial deposit of $1,000.00 required on all certificates of deposit.  The bank can be reached at 866-862-7355.  Corus Bank is headquartered in Illinois.  Corus bank has a minimum deposit requirement of $10,000.00 to obtain the 3.00% one year CD rate.  Corus Bank can be reached by phone at 800-555-5710, the bank web address is www.corusbank.com.

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