bank rates

2 Banks Offer Top Deal On 3-Year CDs

hands holding a pink piggy bankTwo banks now lead 36-month CD rates on our CD Rates Leaderboard, and we have our fingers crossed that this is a sign of good things to come.

Salem Five Direct (www.salemfivedirect.com), the online division of Salem Five Bank, which has 23 branches just north of Boston, began offering the lead rate of 1.50% APY in May and requires a $10,000 minimum deposit.

On July 9, it was joined by co-leader Northern Bank & Trust Co. (www.nbtc.com), which has 11 branches in Massachusetts and requires a $500 minimum deposit.

The FDIC-insured Chicago branch of State Bank of India (www.sbichicago.com), India’s largest bank, which operates independently of other U.S. branches, continues to offer the second-best rate of 1.41% APY and requires a $2,500 minimum deposit.

EverBank (www.everbank.com), which has 14 branches in Florida, now pays 1.26% APY and requires a $1,500 minimum deposit.

Chart showing the best 36-month CDs over the last year vs. average rates.
Six banks pay 1.25% APY:

AloStar Bank of Commerce (www.alostarbank.com), which is an online bank based in Birmingham, Ala., requires a $1,000 minimum deposit.

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, has no minimum balance requirement.

GE Capital Bank (www.gecrb.com), which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $500 minimum deposit.

GE Capital Retail Bank (www.gecrb.com), which is also a subsidiary of GE Capital Corp., requires a $15,000 minimum deposit.

Intervest National Bank (www.intervestnatbank.com), which has a single branch in New York City and six branches in Florida, requires a $2,500 minimum deposit.

The New York branch of the State Bank of India (www.statebank.com), which is also an independent U.S. branch of India’s largest bank, requires a $5,000 minimum deposit.

The average annual yield that large banks and thrifts are offering for 36-month CDs set a new record-low 0.46% APY this week.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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