bank rates

New Leader In 5-Year CD Rates Pays 3%

American Savings Bank offers this deal with a $500 minimum deposit.Attention, savers: 3.00% APY is back.

American Savings Bank, which has three locations in southern Ohio and another right across the Kentucky border, now has the best 60-month CD rates available nationwide.

With a $500 minimum deposit, it’s paying 3.00% APY for 60-month CDs, as well as 2.75% APY for 48-month CDs.

That 60-month CD rate is 7 basis points more than what Melrose Credit Union is offering on our latest CD Rates Leaderboard. The minimum deposit on this deal is also significantly cheaper than the $5,000 demanded by Melrose Credit Union.

As always, we advise you to jump on these rates because we have no idea how long they’ll last.

And we also ask you to remember that community banks like American Savings Bank ( aren’t necessarily set up to deal with the multitude of calls this post could bring.

(Big banks, on the other hand, employ an army of customer service representatives but have no incentive to offer rates like these. And you know how we feel about that.)

So, please be patient, as American Savings Bank might get overwhelmed, considering the number of desperate savers out there.

If you can’t make it into one of American Savings Bank’s Ohio branches in Portsmouth, Waverly or Wheelersburg, or to the South Shore, Ky., location, you have to purchase these certificates of deposit by mail.

Call American Savings Bank at 740-354-3177 or 866-866-3177 to have the paperwork sent to you.

In the meantime, we’ll stay in touch with this bank and keep you updated on these featured rates.

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

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Comments (4)
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4 Existing Comments
  1. laura locascio said:
    on May 25th at 10:08 am

    Is 3% really a good deal?
    Not possible in the next 5 years, CD rates will go up?
    maybe to 4 & 5 %

    If you can …email a answer.

  2. Mike Berry said:
    on May 25th at 11:19 am

    Currently at American Savings Bank we are not accepting out of market deposits at this time. Also we do not accept these deposits via the mail system.

  3. Darci Smith said:
    on May 25th at 11:32 am

    We’ve confirmed that American Savings Bank is no longer offering these rates nationally. After receiving several calls from interested savers this morning, bank management decided to limit CD deposits to the local market area.

  4. Mike at Bankaholic said:
    on June 14th at 09:28 am

    This bank has dropped its 5-year rate to 2.50% APY.