CD rates are still very low and it gets harder to find a bank or financial institution who offers the highest CD rate ever. For this month alone, majority of the banks 1 year CD rate offer is below the 1.00% range.
We found one exception. GE Capital Retail Bank, formerly Metlife Bank, is offering a 1 year CD rate of 1.05%APY. However, the offer is only good for those with deep pockets as it requires at least $100,000.00 minimum balance.
If you only have $2,000.00 to start with, the rate is 0.85%. $2,000 is the minimum amount required by the bank to open a CD account. Such that the more money you put in into your CD account, the higher your rate of return as the rate goes up when you have more to invest and when you let your money stay longer in the bank.
The bank offers varied interest rates for varied deposit ranges.
GE Capital Retail Bank is a federal savings bank owned by General Electric with headquarters in Draper, Utah. The bank is a member of FDIC. As such, money deposited are insured up to the maximum amount of $250,000.00 per depositor.
You can check the best 1 year CD rate in February 2013 which shows GE Capital Retail Bank offering the same rate of 1.05%APY followed by E-Loan at 1.02%APY.