High yield CDs are the much sought after CDs since it offers a much higher rate of interest or APY. Another way to maximize return is to go for CD laddering, which is a collection of CDs opened at regular intervals and matures at regular intervals as well. However, unless you have enough money to stash away for a number of years then perhaps it is ideal to just go for a high yield CD.
There are a few banks that offer 1 year high yield CDs. Among them are the following:
- Incredible Bank, which has a three (3) star rating from Bankrate.com offers 1 year CD at 1.30%APY. However, it requires $10,000 minimum deposit.
- Aurora Bank offers 1 year CD at 1.24%APY and requires $1,000 minimum deposit. Aurora Bank has a four (4) star rating from Bankrate.com.
- Ally Bank, which has a four (4) star rating from Bankrate.com, offers 1.23%APY on a 1 year CD with zero minimum deposit.
- Ascencia Bank, a division of PBI Bank, and Metlife Bank both offer a 1 year CD at 1.25%APY. Ascencia, which has a two (2) star rating from Bankrate.com requires $500 minimum deposit, while Metlife Bank, with a four (4) star rating requires a $25,000 as minimum deposit.
- EverBank offers a 1 year high yield CD with automatic rollover at 1.01%APY. Minimum deposit required is $1,500 and you will be notified upon maturity. This high yield CD is also available as an IRA.
- Bank of Internet USA offers 1.21%APY with $1,000 minimum deposit. It has a three (3) star rating.
- Nationwide Bank (4 star rating), Discover Bank (5 star rating), Intervest National Bank ( 2 star rating) and Colorado Federal Savings Bank (4 star rating) all offer 1.20%APY on a 1 year CD. Both Discover Bank and Intervest National Bank requires $2,500 minimum deposit, Nationwide Bank requires $500 while Colorado Federal Savings Bank requires $5,000.