These Are the Best Interest Rates from Major Banks in 2014

The holidays are at a close and so is 2013. As Americans cycle back into the demands of a full work week, now is the best time for depositors to reflect on how they can give their finances a fresh start moving forward.

As the Federal Reserve plans to taper its economic stimulus plan, optimizing one’s banking strategy is a smart move. High-yield deposit rates allow bank customers to grow their money unfettered, meaning savers not only only get the advantage of FDIC insurance, but are also able to reach their savings goals faster thanks to the earnings generated by interest rates.

GOBankingRates has uncovered the leading national bank interest rates of 2014 for some of the most popular deposit products on the market.

This latest rate study reveals the average national deposit rates, and provides greater insight into which banks are offering the best CD rates and savings account rates in the country.

Average National Bank Rates in 2014

  • Average Six-Month CD Rate: 0.12% APY
  • Average 12-Month CD Rate: 0.20% APY
  • Average 24-Month CD Rate: 0.33% APY
  • Average Savings Account Rate: 0.06% APY

Top 2014 National CD Rates

In a review of the the most competitive bank interest rates in the nation for the new year, GOBankingRates uncovered the top three rates across three certificate of deposit (CD) terms: six-month, 12-month and 24-month CDs. The data reveals that a few brick-and-mortar national banks offer high-yield CD rates, despite today’s low bank interest rates.

6-Month CD Rates

InstitutionProductDeposit RequirementRate
BBCN Bank6-11 Mo. CD$1,000-$49,9990.60% APY
Shinhan Bank America6 Mo. CD$1,000-$199,9990.50% APY
Popular Community BankRelationship Special 6 Mo. CD$1,000+0.45% APY

12-Month CD Rates

InstitutionProductDeposit RequirementRate
BBCN Bank12-17 Mo. CD$1,000-$49,9990.80% APY
Shinhan Bank America12 Mo. CD$1,000-$199,9990.80% APY
Popular Community BankRelationship Special 12 Mo. CD$1,000+0.70% APY
Armed Forces Bank12 Mo. CD$500+0.60% APY
Academy Bank12 Mo. CD$500+0.60% APY

24-Month CD Rates

InstitutionProductDeposit RequirementRate
BBCN Bank24-35 Mo. CD$1,000-$49,9991.00% APY
Shinhan Bank America24 Mo. CD$1,000-$199,9991.00% APY
Popular Community Bank24-35 Mo. CD$10,000-$49,9991.00% APY
Academy Bank24 Mo. CD$500+0.90% APY
BBVA Compass24 Mo. CD$500+0.90% APY
Armed Forces Bank24 Mo. CD$500+0.90% APY
PNC BankActive DDA Owner 25 Mo. CD$10,000-$24,9990.85% APY
Advantage Bank24 Mo. CD$1,000+0.85% APY

Highest Savings Account Rates of 2014

In addition to exploring the leading CD rates in the nation, the rate study discovered the three best savings account rates being offered by national institutions.

InstitutionProductDeposit RequirementRate
BBCN BankBBCN Personal Savings$5,000-$24,9990.35% APY
SunTrust BankLive Solid Savings Intro$1+0.30% APY
Trustmark National BankRegular Savings$25+0.30% APY
Stearns Bank, NASavings$50+0.25% APY
Shinhan Bank AmericaStatement Savings$500+0.25% APY

The report brings to light the importance of finding the best bank interest rates in 2014, and emphasizes that getting a high-yield CD or savings account rate can start with a deposit as little as a dollar.

About This National Bank Rates Study

Bank rates above are compiled from GOBankingRates’ database, powered by Informa Research Services, which contains interest rates for more than 4,000 local, national, and online banks and credit unions.

All CD and savings account rates are accurate as of Jan. 2, 2014, and are based on an opening deposit of $10,000. Restrictive accounts, such as senior, club and online-only accounts, were excluded from the report. Furthermore, local, online and strictly regional banks were omitted from the study, as were credit unions. Regional banks are defined as institutions that serve only one U.S. region. Average national bank interest rates were obtained from the FDIC’s Weekly National Rates and Rate Caps report and are current as of Jan. 3, 2014.

Though GOBankingRates works with banks and credit unions, these rankings are based on a survey of the top published rates; institutions listed are not clients. Please note rates are subject to change at any time at the discretion of individual institutions and rates might have changed since this date.

About the Author

Jennifer Calonia is a personal finance journalist covering topics about banking, consumer savings, loans and debt. Her features and helpful savings tips encourage and empower households across America to achieve financial balance.