Top 10 Banks With the Best CD Rates for 2011

Looking for the best Certificate of Deposit (CD) rates to get your money growing at the early parts of the year 2011? Looks like banks from all over America are here to help you earn money out of money.

Certificates of deposit will allow your money to earn interest at a fixed rate set by the bank. With a minimum requirement, you’ll be able to earn much more than your regular savings account without having to tie your money to an establishment for a long time. CD’s can give you fixed returns at a period of 30 days, 60 days, 6 month CD’s, 1 year, and more, depending on what type of CD the bank offers, and the CD you choose. So where can you go to make the most out of your money?

Right now, the top 10 12 month CD rates range from 1.24% to 1.35% interest rates. It may not be as high as CD’s in previous years, but these CD rates are as good as it gets for now. Leading the pack is the Metropolitan National Bank of New York City. With a minimum deposit of only $1,000, depositors can enjoy the highest CD rate with a relatively small amount of deposit.
Investors not located in New York City need not worry since anyone can open an account online through their website. One thing depositors have to note however is that if they would like to collect their interest at maturity, they will have to inform the bank ahead of time as the bank will automatically roll the money into another 1 year CD. Early withdrawals will suffer a penalty, so it’s best to keep track of the timeline.

Other banks that give as much as 1.30% interest on one-year certificates of deposit are Bank of Internet USA in California, Incredible Bank in Wisconsin, and Ascencia, PBI Bank in Louisville Kentucky.

Below is a list of the top 10 banks with the best CD rates by far. Find out if you have one near your area, if not, you could always go ahead and open an account online.

1.    Metropolitan National Bank
New York, NY
Interest Rate: 1.35%
Minimum Deposit: $1,000

2. Bank of Internet USA
San Diego, CA
Interest Rate: 1.30%
Minimum Deposit: $1,000

3.  Incredible Bank
Wasau, WI
Interest Rate:    1.30%
Minimum Deposit: $10,000

4. Ascencia, a div. of PBI Bank
Louisville, KY
Interest Rate: 1.29%
Minimum Deposit: $1,000

5. Transportation Alliance Bank
Ogden, UT
Interest Rate: 1.25%
Minimum Deposit: $1,000

6. Aurora Bank, FSB
Wilmington, DE
Interest Rate: 1.25%
Minimum Deposit: $1,000

7. 89 Goldwater Bank
Scottsdale, AZ
Interest Rate: 1.25%
Minimum Deposit:$5,000

8. Ally Bank
Midvale, UT
Interest Rate: 1.24%
Minimum Deposit: $0

9. Nationwide Bank
Columbus, OH
Interest Rate: 1.24%
Minimum Deposit:$500

10. MetLife Bank
Bridgewater, NJ
Interest Rate:    1.24%
Minimum Deposit: $25,000

For those who are low on cash, Ally Bank in Midvale Utah will give you the best deal there is. With a 1.24% CD rate and no minimum deposit required, it gives hope to the starting investor.

When shopping for CD rates, it’s always best to check out the fees that might come along with it. Be aware of the rules your bank imposes and get the lowdown on taxes, fees and penalties. This will help you make the smarter decision on getting the most out of your money.

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