Best One Year CD Rates

In today’s topsy turvy market, CDs add stability to an investment portfolio.  As interest rates continue to drop, this may be the time to lock in the higher rates that are still available with bank CDs.  With the one year CD an investor obtains a great rate at a term that provides both security and flexibility.  The following list includes some of the highest nationwide yields on one year bank CDs.  Yields are based on the interest rates published by the individual banks on January 16, 2009. 

Umbrella Bank has emerged as a leader by offering the highest rate in the nation on a 12-month certificate of deposit.

The bank is offering the best rate on a one year CD with an interest rate of 3.50% APY.
There is an initial deposit of $1,000 required on this bank certificate of deposit.

UmbrellaBank.com is the Internet banking division of New South Federal Savings Bank.  New South Federal is a member of the Collateral Family of Companies, which has been in the financial services industry since 1933.  UmbrellaBank.com offers a wide range of banking products to meet the consumer’s financial needs.  Their products are available with online access so you can do your banking when it is convenient for you, 24 hours a day, 7 days a week.
New South Federal Savings Bank is a privately held company.  New South Federal Savings Bank is a federally chartered institution and is regulated by the Office of Thrift Supervision (OTS).  The bank CD deposits are insured by the Federal Deposit Insurance Corporation (FDIC).
General customer service inquiries can be handled by the bank at 1.866-862-7355.  Additional information can also be obtained from the bank website at www.umbrellabank.com.
The second highest CD rate is being provided by GMAC Bank.  GMAC Bank offers a one year CD that earns an interest rate of 3.50% APY.  This CD requires a $500 minimum investment.

GMAC Bank is a part of the GMAC family of companies   GMAC Bank is an FDIC member bank.  To open a CD account by phone call 866-246-2265.  The bank web address is www.gmacbank.com.  GMAC Bank was established in 2001 and is in the same family as GMAC Financial Services (GMAC).
In third place is a near duplication of the number one best CD rate.  New South Federal Savings Bank is offering the third best CD rate for one year CDs with an interest rate of 3.45% APY.

UmbrellaBank.com and New South provide depositors with both high-yield products and the ease of online banking.  Both operations are part of New South and the Collateral Family of Companies.  New South’s operations principally involve residential mortgage, automobile, residential construction, and manufactured housing lending.  New South Federal Savings Bank operates loan production offices throughout the southeast, and one full-service deposit branch office in Birmingham, Alabama.  New South is the largest thrift headquartered in the state of Alabama.  New South takes a wholesale approach to generating deposits, paying high interest rates while keeping deposit gathering overhead costs low.
New South Federal Savings Bank can be reached toll free at 888-639-7688.  The bank web address is www.newsouthfederal.com.
In fourth position is Flagstar Bank.  Flagstar Bank is offering a one year CD that yields an interest rate of 3.25% APY.  The CD account has a  minimum opening deposit of $500.

Flagstar Bank is a subsidiary of Flagstar Bancorp, which is listed on the New York Stock Exchange under the symbol FBC.  The company is the largest publicly held savings bank headquartered in the Midwest.  Flagstar Bank, headquartered in Troy, Michigan, is a community bank with approximately 170 banking centers in Michigan, Indiana and Georgia.  Chartered in 1987 as a federal savings bank, today Flagstar has assets in excess of $14 billion.  Flagstar Bank is one of the nation’s largest originators of residential mortgage loans.

Flagstar Bank can be reached by phone 800-642-0039 or through the website at www.flagstar.com.
Rounding out the top five best CD rates in the nation is Nationwide Bank.  Nationwide Bank has a one year CD that has an interest rate of 3.10% APY.  The minimum deposit is $500.00 for this bank CD.

Nationwide Bank is a federally chartered savings bank.  Nationwide Bank is part of the Natiowide family of companies.  Nationwide is one of the largest insurance and financial services companies in the world, focusing on domestic property and casualty insurance, life insurance and retirement savings, asset management and strategic investments.

A CD can be chosen online from Nationwide Bank by visiting the website at www.nationwide.com.  A bank representative can be reached by calling 877-422-6569.

Tags: Banks, best CD rates, CD rates, Flagstar Bank, GMAC Bank, Nationwide Bank, New South Federal Savings Bank, rates, Umbrella Bank

This entry was posted on Sunday, January 18th, 2009 at 11:01 am and is filed under Money Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.