NOVA Bank of Pennsylvania is offering an 18 month CD for 4.25% APY, a top rate for an 18 month cd according to the BestCashCow rate table. The CD can be opened online or via the phone. The bank's application process requires you to mail back a signature card along with two forms of indentification, one of them being a valid driver's license.

The minimum deposit amount is $500 and the maximum is $1,000,000. Like all CDs there is a penalty for early withdrawal which in this case is 180 days of interest.

NOVA Bank is a Pennsylvania chartered bank with approximately $519 million in assets. It has 3.5 star out of 5 soundness rating from Bauer Financial.

Thanks to BankDeals for the find.

• See the best 18 month CD rates.

Bank of America is offering a very competitive 48-59 month CD paying 4.01% APY. But is only seems to be available for Massachusetts residents. After being tipped off on the rate, I checked a variety of different states (CA, NY, TX, NH, CT) and couldn't find the same rate. California doesn't even list the rates for standard Certificates of Deposit.

To get this rate you must either apply online, or be an Advantage Checking, Money Manager, Premier, Private Bank, and Small Business client managed customer.

Compared to other big banks (Chase, Wells Fargo, this Massachusetts CD rate is very competitive. For other states, the 48-59 Month Bank of America CD rate is in the 2-2.5% APY range. It's also competitive compared to the best 3 year CD rates from all FDIC insured banks.

The fact that the offer is only available in Massachusetts demonstrates the cookie-cutter approach large national banks take to pricing. They often offer higher rates in more competitive markets. The more bank competition, the better.

The State Bank of India has been very aggressive with their CD rates and today they made a major move. They now have the top 6 month CD rate at 4.32% APY and the top 12 month CD rate at 4.68% APY.

The minimum deposit is $5,000.

These CDs are offered via the State Bank of India's New York branch, which is a subsidiary of State Bank of India, the largest bank in that country. The bank's New York branch is FDIC insured (FDIC Certificate # 33682). We looked for a Bauer rating for the bank and couldn't find one for some reason. But the fact that they are listed at the FDIC website does mean that they are a legitimate bank, although we note that there appears to be an open issue whether branches other than the New York branch are covered by the New York branch's FDIC Certificate.

While a CD can be opened online or via mail, the application must be printed out and mailed back to the bank. Customer service is also a bit spotty. I've called over there and was able to get someone via phone but we've called on other occasions and have had trouble getting through. I suspect that they are pretty overloaded. Still, if you are persistent you should get through.

A couple of additional points of CDs at the State Bank of India:

• Early withdrawal penalty is 90 days of interest for 1 and 2-year CDs, 180 days for the 3 year CD, and 270 days for the 5 year CD. The bank reserves the right to refuse such withdrawals.
• If you're a new customer applying by mail, you will need to provide a notarized copy of your driver's license.

This is not a slick operation but there high rates make this a bank that warrants a look, as long as you aren't looking for white glove service.

Check the best online 6-month CD rates or check the best online 1-year CD rates.