Banks for You!

Here at Bank CD Rates Online, we look at a lot of financial angles to find the best certificate of deposit and savings rates available to our readers.  Today, we’re looking at the best 1 year term rates available so that you know where to put your cash to do the most good.  Here’s what we found for the best CD rates for 1 year terms.

Of the seven major financial institutions in the nation, Ally Bank 1 year CD rates are the highest.

CD rates for 1 year terms at Ally Bank are currently estimated at 1.69%. The bank is known for its lack of minimal deposit requirements.

Other banks offer 1 year CD rate in the range of 1.00% to 0.20%; some even offer lower rates. People’s United Bank is offering an APY of 1.00% for a basic investment of $1,000; Webster Bank offers the same APY and also asks for a minimum deposit of $1,000.

TD Bank, NA offers an APY of 0.55% for a basic deposit of $250. Bank of America is offering an APY of 0.40% for a basic investment of $1,000. Other banking institutions offer a lower rate of return in APY.

Wachovia offers the same APY of 0.40% for an investment of $1,000. NewAlliance Bank offers one of the lowest APY at 0.25%; minimal investment requirement is $1,000. Certain rules and regulations are applied on these certificates though they vary bank-wise and regional and national regulations are also applied. Certain banks impose higher penalties than others and additional charges and overheads are also accrued in some cases.

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