Citibank is offering some very competitive CD rates for a national bank. The bank is offering a special promotional 24 month certificate of deposit. The current annual rate is 1.73 percent and the current annual percentage yield (APY) is 1.75 percent.

Citibank’s 12 month certificate of deposit rate and yield are higher than the national average CD rate and CD yield. Citibank is currently offering a 12 month CD rate at 1.19 percent with an APY of 1.20 percent.

Other CD rates include a three month CD rate of .25 percent with an APY of .25 percent. Five month CD rate and yield of .50 percent. An eight month CD rate and yield of .60 percent. Five year certificate of deposit rates are currently at 2.71 percent.

As you probably are aware the government has come to the rescue of Citibank last year during the height of the credit crisis. The bank has participated in the government’s Trouble Asset Relief Program (TARP).

Despite the fact the Citibank was in trouble last year there is little risk that the government will let Citibank fail because “its to big to fail”. That being said even if the bank did fail deposit accounts are still insured by the Federal Deposit Insurance Corporation (FDIC).

Citibank also offers credit cards, mortgages and auto loans.

Citibank CD Rates

Pacific Mercantile Bank is offering some of the highest CD rates available these days. The bank’s best CD deals are with 12 month certificate of deposits and 18 month certificate of deposit rates.

The current 12 month CD rate is 1.99 percent with an annual percentage yield of 2.o1 percent. This CD rate and CD yield is a lot higher than the current national average certificate of deposit rates of 1.12% APY for a 12 months CD and 1.29% APY for an 18 months certificate of deposit.

Pacific Mercantile Bank is also currently offering the following certificate of deposit rates and yields.

3 Month CD Rate 1.20% – APY- 1.21%
6 Month CD Rate 1.51% – APY 1.52%
24 Month CD Rate 2.12% – APY 2.14%
36 Month CD Rate 2.12% – APY 2.14%
60 Month CD Rate 2.12% – APY 2.14%

Pacific Mercantile Bank is headquartered in Costa Mesa, CA and has several bank branches in California. Deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC). The Bank’s FDIC Cert number is 34950.

Pacific Mercantile Bank CD Rates

UmbrellaBank, a division of New South Federal Savings Bank of Birmingham, AL, is offering one of the highest bank CD rates available these days for a 12 months certificate of deposit.

The current CD rate is 2.176 percent and the current annual percentage yield is 2.20 percent. The CD rate is almost double the current national average CD rate of 1.13 percent.

The minimum opening certificate of deposit account balance is $1,000. You can transfer interest you earn on your certificate of deposit to an UmbrellaBank Checking Account, Money Market Account or Savings account.

Deposit accounts at UmbrellaBank.com are insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) under the parent company’s FDIC Cert number of 32276. UmbrellaBank.com also offers credit card, retirement accounts and mortgages under the parent company.

UmbrellaBank.com

H&R Block Bank, the banking arm of H&R Block is offering one of the best CD rates available today for a 3 month certificate of deposit.

Their promotional 90 day certificate of deposit currently has an interest rate of 1.24 percent and an annual percentage yield (APY) of 1.50 percent, one of the highest bank CD rates available. This promo CD rate and CD yield is available until November 13, 2009.

The average rate is almost three times the national average CD rate of 0.59 percent according to MonitorBankRates.com. In fact, the rate and APY is also higher than average 18 month certificate of deposit and just under the average 24 month CD rates at banks.

The minimum opening deposit for the 90 day CD is $5,000. Accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor. The early withdrawal penalty is 30 days of interest.

H&R Block Bank 90 Day Certificate of Deposit

Ally Bank, formerly GMAC Bank, has a 12 month certificate of deposit that has a current annual percentage yield of 2.00 percent. The minimum opening deposit is $0. You can lock in this CD rate and yield now and fund the certificate of deposit account after opening.

When you open a certificate of deposit you are guaranteed the best CD rate offered during the 10 day window you have been opening and funding the CD. Ally Bank refers to this CD rate guarantee as ”Ally Ten Day Best Rate Guarantee”.

Certificate of deposit accounts at Ally Bank have interest compounded daily which gives you a better annual percentage yield than CD accounts that have interest compounded monthly, quarterly or annually. Basically the interest you earn also earns interest quicker, raising the overall return.

Certificate of deposits are also insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 until December 31, 2013. On January 1, 2014 the maximum coverage reverts back to $100,000.

If you have more than $250,000 to invest in a CD you might want to consider the Certificate of Deposit Account Registry Service. The CDARS you can have FDIC insurance on up to $50 million in CD deposits. Learn more at CDARS.com

Ally Bank 12 month CD

ING Direct, which made online savings accounts popular with their “Orange Savings Account” is offering 12 month bank CD rates that are some of the best CD rates available these days. ING Direct is offering two different CD rates and CD yields.

12 Month Bank CD Rates

The bank’s regular certificate of deposit has an annual percentage yield (APY) of 2.10 percent which is higher than all their CD terms, from 3 months to 60 months. The bank is also offering their 12 month “Added Value CD” which currently has an APY of 2.25 percent.

The CD yield is higher than their regular 12 month CD because you have to deposit “new money” into a Added Vale CD, new money is money not currently held at ING Direct. To receive the higher CD rate you must link and fund the new CD account from an external checking account. If you don’t you’ll receive the lower CD rate.

You can have the interest you earn on the account paid to you at the end of the term, monthly or annually. I personally would choose the monthly term especially if you’re not earning any interest on the interest (compound interest).

ING Direct says opening a certificate of deposit account online is a snap and will take ”less time than it takes to listen to a hair band’s greatest hit.”

ING Direct 12 Month Bank CD Rates

Met Life Bank is offering very competitive CD rates and CD yields for their 3 month certificate of deposit. The rates and yields are tiered to the CD deposit amount. The higher the balance the higher the rate and yield.

The current CD yield as of October 9, 2009 is 1.00 percent for account deposits between $2,000 and $14,999.

For certificate of deposit account deposits between $15,000 and $24,999 the current annual percentage yield (APY) is 1.25 percent. For CD account balances $25,000 an over the current APY is 1.50 percent.

The minimum opening deposit amount is $2,000. Interest compounded daily, credited monthly. The overall return on investment will be higher with a certificate of deposit that has interested compounded daily. Some banks compound interest on a monthly or annual basis.

You can apply online to open a certificate of deposit with Met Life Bank or by calling 1-866-BankMet (1-866-226-5638). Online Certificate of Deposit Application.

Met Life Bank is the banking division of the insurance company Met Life.  Met Life Bank has been insured by the Federal Deposit Insurance Corporation (FDIC) since February 1999. The bank’s FDIC Cert number is 35055.

Citibank is offering one of the best CD rates available for an 18-months certificate of deposit. The current CD rate is 2.25 percent and the current annual percentage yield (APY) is 2.25 percent. The national average for an 18-month certificate of deposit is 1.406 percent this week. This CD rate is a special promotional offer. The minimum opening deposit is $500.

To receive this promotional CD rate you also have to open a checking account, Citibank calls “The Citi Account”. The minimum opening balance is $100. You also have to maintain a  $6,000 combined average balance, “an easy goal to reach” says Citibank.  With just might be if you already bank with Citibank. The following accounts go toward it, Checking, Savings, CDs, Money Market, Lines, Loans, Mortgage and Brokerage (to qualify, accounts must be linked to your ATM/Debit Card.)

If you don’t have a combined balance of $6,000 their is a monthly fee anywhere between $9.50 and $15.00 depending on the checking account you have and the state you live in. If you’re still interested in this promotional CD rate be sure to use promo code CA4B.