bank rates

New Top Bank Boosts Return On 3-Year CDs

A new bank offering a better return on 36-month CDs recently jumped to the top of our CD Rates Leaderboard.

Salem Five Direct (, is the online division of Salem Five Bank, which has 23 branches just north of Boston.

It’s now paying 1.50% APY with a $10,000 minimum deposit. That’s more than you’ll earn from any other nationally available deal and the highest yield we’ve seen on such a CD since last July.

The FDIC-insured Chicago branch of State Bank of India (, India’s largest bank, which operates independently of other U.S. branches, offers the second-best rate of 1.41% APY and requires a $2,500 minimum deposit.

Third up is Barclays (, which is the online American operation of the big British bank. It pays 1.35% APY and has no minimum balance requirement.

Two banks pay 1.25% APY:

AloStar Bank of Commerce (, which is an online bank based in Birmingham, Ala., formerly known as Nexity Bank, requires a $1,000 minimum deposit.

GE Capital Retail Bank (, which is an online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $15,000 minimum deposit.

Three banks pay 1.21% APY:

CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $1,000 minimum deposit.

Nationwide Bank (, which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, requires a $500 minimum deposit.

Virtual Bank (, which is the online division of Sabadell United Bank, based in Miami, requires a $10,000 minimum deposit.

The average annual yield that large banks and thrifts are offering for 3-year CDs is a record low 0.47% APY this week.

These banks qualify for our rankings by selling their certificates of deposit to savers in all 50 states, either online or through the mail.

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

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