A single branch of a small bank in Indiana has jumped to the top of our rankings of the best nationally available 36-month CD rates.
The Shelbyville branch of First Bank Richmond is paying 2.60% APY with a minimum deposit of $1,000 for local residents and $10,000 for out-of-state savers.
That’s nearly a half-point more than you can earn with what is now the second-best rate of 2.17% APY from Melrose Credit Union, with a $5,000 minimum deposit.
These certificates of deposit can be purchased in person at 1601 E. Michigan Rd., Shelbyville, or by phone at 317-398-1000. (You’ll have to mail in the all of the necessary paperwork such as copies of your driver’s license and Social Security card.)
If you try to buy a 3-year CD through one of First Bank’s other nine branches, you’ll only earn 2.25% APY.
Of course, that’s still better than you can earn from Melrose or pretty much any other bank or credit union in the country.
But as long as you’re going to buy a CD at First Bank, you might as well go for the very best rate.
Our advice is to call the Shelbyville branch soon, because we suspect it’s going to be swamped with calls and this deal won’t last long.
The rate will be lowered or new accounts limited to local residents. (Come on First Bank Richmond, prove us wrong.)
The next best nationally available rate on 36-month CDs is 2.00% APY from:
Bank of Internet, an online bank based in San Diego, with a $1,000 minimum deposit.
Country Bank, which has 14 branches in central Massachusetts and requires a $500 minimum deposit.
Danversbank, which has 30 branches in the Boston area and requires a $500 minimum deposit.
These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs either online or through the mail.
Melrose is one of the few credit unions that qualify for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)
See how these returns compare with CD rates from scores of other banks in our database.