bank rates

Goldwater Claims Lead In 3-Year CD Rates

Goldwater Bank now leads our rankings of the best 36-month CD rates.

The 3.03% APY it’s offering is actually a little better than the previous top rate — 3.00% APY from Hudson City Bank, which recently lowered its return on 3-year CDs to 2.90% APY.

The Scottsdale, Ariz., bank is now offering 3.30% APY, the best, nationally-available return.But you have to have deep pockets to qualify for Goldwater’s offer.

The bank, which has a single office in Scottsdale, Ariz., requires a whopping $50,000 minimum deposit.

It’s the latest example of a disturbing trend toward demanding higher minimum deposits to qualify for the best, nationally available CD rates.

It also demonstrates how little banks are paying on certificates of deposit.

A year ago the average 36-month CD earned 2.75% APY. Now it’s 1.62% APY — the lowest it has ever been since Bankrate began tracking those rates in 2000.

See exactly how much you can make at these rates with our new CD calculator.

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