If you are looking for a short term certificate of deposit say, 12 months, below are the financial institutions offering the highest certificate of deposit rates for January 2012.
1. Alliant Credit Union 12 month CD – 1.00%APY with $1,000 minimum required to open
2. First Internet Bank 12 month CD – 1.00%APY. Also $1,000 minimum required to open
3. Discover Bank 12 month CD accounts – 1.00%APY. Discover Bank requires a higher minimum amount to open the CD account of $2,500. You can view previous months certificate of deposit rates of the bank here.
4. GoldWater Bank 12 month CD – 1.00%APY. Requires a much higher amount of $5,000 minimum to open
The rest of the certificate of deposit rates offered are way below 1.00%APY.
For example, Ally Bank offers 0.99%APY for a 12 month CD, but it has no minimum balance requirement. Ally Bank also offers a No Penalty CD, an 11 month term CD, with no minimum amount required to open at a rate of 0.91%APY. Please note that Ally Bank is an online bank and is ideal only for those who are comfortable banking online.
You can compare the above certificate of deposit rates with what was offered in November 2011.