bank rates

Silvergate Grabs Top Spot In 3-Year CDs

After consistently residing in the middle to bottom rungs of our CD rankings, it appears Silvergate Bank has developed a taste for the spotlight.

For the third time in five weeks, the San Diego bank with four branches in southern California has revamped its returns just enough to claim top billing on our CD Rates Leaderboard of top nationally available deals.

The latest move increases its 36-month yield to 1.66% APY, snatching the lead from E-Loan and EverBank by a razor-thin margin of a hundredth of a percentage point.

In a similar game of leading by the slightest possible increment, Silvergate lowered its 24-month return from 1.52% APY to 1.46% APY, just enough to stay ahead of Synchrony Bank and its 1.45% return.

Silvergate also continues to require a $25,000 minimum deposit for its certificates of deposit – the most we allow banks to impose and remain qualified for a spot on the Leaderboard.

The action among top 3-year yields has been fast and furious since mid-June, with six contenders bringing six improved leads in as many weeks.

Although it’s welcome news after being stuck at 1.50% APY for much of the winter and spring, we’re still below the 1.70% savers could earn at the start of the year.

Meanwhile, it’s certainly disappointing to see the 24-month lead recede at a time when top rates in several other terms are heading slightly upwards in anticipation of the Federal Reserve pushing rates higher sometime this year.

Until the Fed finally does act, though, we might just be stuck with this pattern of one-upmanship maneuvering.

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