Currently, the bank offers an 11 month CD/IRA Special at 1.00%APY. This is very competitive considering that most of the 12 month IRA CD rates in the market today are just within the 1.00%APY range. Take a look at the best 12 month CD rate for May 2012 where it consists of banks that only offer a 1.00%APY for a 12 month term CD.

An 11 month CD at 1.00%APY may not be that bad at all since you could have your money back in 11 months time with interest. The interest may not be a lot but it is something worth considering if you are close to locations of the bank.

This is the best offer of the bank on a short term CD. Other special offerings are:

1. 21 month CD/IRA Special Bump Up at 1.40%APY and

2. 35 month CD/IRA Special Bump Up at 1.70%APY.

The minimum deposit to open and obtain the APY is $500. The same is required for the 11 month CD/IRA special.

The above are offered on IRAs only and City State Bank may require a one time addition of $5,000 to %50,000 during the original term. Also, the bump-up option can only be exercised once.

For May 2012, 12 month CD rates are not quite that attractive for one to be convinced to invest in a 12 month CD, but there are a few banks that offer the best 12 month CD rate, namely:

1. Doral Bank’s 12 month CD rate for May 2012 remains the same at 1.15% APY. This was the bank’s 12 month CD rate in April. The bank requires a minimum deposit of $1,000. It has a 1 star rating from bankrate.com’s Safe & Sound Rating.

2. Key Source Commercial Bank – 1.15%APY. The minimum deposit requirement is $5,000.

3. CIT Bank – 1.08%APY. The bank’s minimum deposit requirement is quite high, which is $25,000. However, it has a sound rating (4 star rating) from bankrate.com’s Safe and Sound Rating.

4. AloStar Bank of Commerce, which previously offered a 1 year CD at 1.25%APY is now only offering 1.06%APY. The minimum deposit required remains at $1,000.

5. Metlife Bank and EH National Bank – 1.05%APY. Both banks have 2 star ratings from bankrate.com’s Safe and Sound Rating. Metlife Bank requires a minimum deposit of $25,000 while EH National Bank requires $10,000. This is quite high a minimum deposit for someone who is just starting out and have limited resources. Colorado Federal Savings Bank also offers a 12 month CD at 1.05%APY and requires $5,000 minimum to open.

6. Ally Bank – 1.04%APY with zero minim deposit.

7. Ascensia, a division of PBI Bank, and Alliant Credit Union offer a 12 month CD rate at 1.00%APY. The bank requires $500 minimum deposit only.

The list is narrowed down to the top 7  of banks offering a 12 month or 1 year CD of 1.00%APY and above. Please note that the above CD rate changes often at the discretion of the bank. It is advised to check with the bank directly to get the latest and up to date information.

Merrill Edge, an online discount brokerage service launched in 2010 by the Merrill Lynch division of Bank of America, has an exciting offer to those interested in a Merrill Edge IRA.

Here is how you can take advantage of a Merrill Edge IRA $500 offer:

1. You must open a Merrill Edge Self-directed or Merrill Edge Advisory Center Traditional, Roth, Rollover or sole proprietor SEP Individual Retirement Account (IRA);

2. You must fund the account within 30 calendar days of account opening from sources outside Merrill Lynch and Bank of America, and

3. The balance must be held in the account for a minimum of 90 consecutive days following the funding date.

Merrill Edge will pay the reward bonus during the calendar month after the 90-day funding criteria are met. The reward bonus depends on how much money you put into your account. Such that:

1. A funding assets of $10,000 to $24,999 in cash and/or securities will get a $50 reward;

2. A funding assets of $25,000 to $99,999 will get $100;

3. A funding assets of $100,000 to $199,999 will get $250; and

4. For $200,000 or more, receive $500.

Merrill Edge offers the combined strength of Merrill Lynch and Bank of America and there is no annual custodial and maintenance fees as these fees are waived for many Bank of America and Merrill Edge IRAs. Please note, however, that certain restrictions apply. If you want to move or transfer you IRA to a Merrill Edge IRA, it is best to get a first hand information from a Merrill Edge representative before placing your hard earned money with Merrill Edge. Don’t hesitate to ask if you intend to put a big chunk of your money with a Merrill Edge IRA.

While you get a free $500 if you invest $200,000 or more with a Merrill Edge IRA, a certificate of deposit or CD is another option you could try. AloStar tops the 12 month CD rate offer for April 2012.

The bank offers this very competitive 12 month CD rate in honor of their first year in business. It’s quite interesting because most banks doesn’t offer this kind of incentive to investors.

If you are comfortable banking online, AloStar Bank of Commerce 12 month CD rate is something to think about. It tops the compiled best 12 month CD rates for April 2012.

If you are concerned transacting with an online bank, you can speak to one of AloStar Bank’s Customer Service Representatives by dialing its toll free number. For other questions, you can check AloStar’s website FAQ where answers to some basic questions are posted.

AloStar Bank of Commerce also offers a two (2) year CD at 1.40%APY.