bank rates

New Leader In 3-Year CD Rates Pays 2.6%

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.

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.

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Comments (13)
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13 Existing Comments
  1. CrankySaver said:
    on December 10th at 10:17 am

    This is a such a good deal that this little bank is going to get slammed with calls. How long can it possibly last? If First Bank tells you it won’t take your money, please put a comment on this post to alert other users.

  2. Leidi said:
    on December 10th at 10:45 am

    I hastened to find this wonderful CD at First Banki Richmond but it says for 3 years only 2.25%…I then called them and they reiterated that rate and assured me they do not have 2.6% for a 3-year CD…(?)

  3. DealMaven said:
    on December 10th at 11:35 am

    You have to call the Shelbyville branch at 317-398-1000, as stated in the post. This is the only branch that is offering that special rate. Employees at the other branches may not even be aware of this terrific rate.

  4. Leidi said:
    on December 10th at 12:16 pm

    So sorry, it seems I thougth I had reached the Shelbiville but found out I dialed the wrong number.

  5. sadsaver said:
    on December 10th at 12:35 pm

    Hey-just called the Shelbyville Branch and confirmed the 2.60 rate. I was very excited to find that rate but I missed out on it. They are now only accepting deposits from local residents.

  6. Leidi said:
    on December 10th at 05:11 pm

    sadsaver, they will accept with a deposit of $10,000! I’m trying to make the transfer from my bank.

  7. DealMaven said:
    on December 11th at 08:18 am

    The party’s over for those living outside the Shelbyville, Ind. area.

    We just confirmed that this offer is now open to local residents only. We knew it wouldn’t last long and it didn’t.

    But congratulations to those of you who were able to take advantage of this great offer and First Bank will still sell you 3-year CDs for the 2.25% rate.

  8. CharleyR said:
    on December 11th at 09:24 am

    Who would have ever thought that, during this Holiday season, we would find ourselves scrambling to put money into a bank (as opposed to taking it out)? Helicopter Ben, with his ZIRP and QE2, has turned “It’s a Wonderful Life” on its head!

  9. Leidi said:
    on December 20th at 02:12 pm

    Hi CharlieR…yes it’s kind of sad, especially in my case where I hastened to take out $10K from a pretty good account and now it’s in suspense earning 1% or less! So back to the drawing board and that terrible search race! 🙂

    Leidi

  10. Jana Johns said:
    on December 23rd at 04:49 pm

    Who would have ever thought that, during this Holiday season, we would find ourselves scrambling to put money into a bank (as opposed to taking it out)? Helicopter Ben, with his ZIRP and QE2, has turned “It’s a Wonderful Life” on its head!

  11. Myrna Duran said:
    on December 24th at 02:12 am

    You have to call the Shelbyville branch at 317-398-1000, as stated in the post. This is the only branch that is offering that special rate. Employees at the other branches may not even be aware of this terrific rate.

  12. Denny said:
    on April 4th at 08:30 pm

    I agree with Leidi. Sounds good but no prize.

  13. Denny said:
    on April 4th at 08:32 pm

    If it sopunds too good to bew true the it is not true. Budah