The Cleveland Bank has a good deal on a 13-month CD. It has a 1.35% APY with a minimum deposit of $5,000. This is listed in the bank's rate sheet as of 5/12/2011.
It appears a branch visit is required to open an account. It's a small bank with offices located at 100 North Broadway, Cleveland, Oklahoma.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 12.91% (above average) based on December 2010 data. Please refer to our financial overview of The Cleveland Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 4065).
How It Compares to the Best CD Rates
For CDs with terms around one year, it's not easy to find yields much higher than 1.35%. As of 5/12/2011, the best 1-year CD rate available nationally is 1.75% APY at Connexus Credit Union, but this requires an active checking account. The best 1-year CD rate without a checking requirement is 1.41% APY at Melrose Credit Union.
The only way to get a yield above 2.00% is to take a longer term. Ally Bank's 5-year CD has a 2.40% APY (as of 5/12/2011), and due to its small early withdrawal penalty, the effective yield if closed after one year would be 2.00% (see post).
To search for the best CD rates nationwide and in your state, please refer to our CD rates table.