bank rates

3-Year CDs Get A Boost From State Farm

This week, we noted some upward movement among the best nationally available 36-month CD rates.

We have more good news to report today.

State Farm Bank, the online bank operated by the big insurance firm, just boosted its 3-year CD rate, an increase that puts it in a tie for the best offer on our CD Rates Leaderboard.

With a $500 minimum deposit, State Farm Bank pays 1.45% APY.

Three other banks offer the same yield. They are: EverBank, Intervest National Bank and Sallie Mae Bank.

See all of the banks we’re tracking on our list of the best 3-year CD rates.

Five-year certificates of deposit remain the only term to show any real long-term bounce from their lowest rates. Still, there are some encouraging signs here:

  • At the beginning of 2014, there was just one nationally available bank deal that paid 1.45% APY; today there are four.
  • Five banks paid at least 1.30% APY; today there are 14.
  • Anecdotally, there appear to be more local banks and credit unions pushing higher offers, deals that beat the best nationally available deal. There are 18 such deals on our highest CD rates list, along with numerous other odd-term deals close to three years in length.

Let’s hope there’s more positive momentum to come.

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

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