bank rates

Best National 36-month CDs Now Pay 1.67%

Since the Federal Reserve implemented its rate hike in December, long-term CD rates have taken a discouraging beating.

Take, for example, 36-month certificates, where the top nationally available return from the banks on our CD Rates Leaderboard took its third hit this past week.

Before the Fed’s rate increase, the leading national rate was 1.85% APY for 3-year bank certificates, offered by E-Loan.

But in January, the online portal of Popular Community Bank – which operates almost 50 branches throughout New York, New Jersey and south Florida – dropped that rate to 1.75%.

A month later it lowered it again, to a shared lead at 1.70% APY with State Farm Bank.

Then on Wednesday, State Farm dealt its own blow, leaving the lead to a three-way tie among Silvergate Bank, State Bank of India – Chicago and State Bank of India – New York, all paying 1.66% APY.

Two days later, E-Loan stepped back in, but only raised its 36-month yield just enough to recapture the lead, at 1.67% APY, which is where we stand today.

All of this is just the latest installment in the story of how, despite the Fed’s rate hike more than three months ago, banks have not only failed to follow suit, but have actually dropped the lead rate in all major CD terms of three years or longer.

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