bank rates

Small Bank Helps Boost 36-Month CD Rates

Please join us in welcoming a new bank to the 36-month rankings: Quaint Oak in suburban Philadelphia.

Quaint Oak Bank in suburban Philadelphia offers the top rate of 2.20%We hope Quaint Oak will put its feet up and stay awhile – we just love small banks with great, nationally available CD rates.

Quaint Oak, which has a single location in Southampton, Pa., debuted on the CD Rates Leaderboard this week in two top spots.

Its 36-month CD rate fluctuated slightly, but seems to have settled at 2.20% APY with a $500 minimum deposit.

The next best nationally available 36-month rates are:

2.17% APY at Melrose Credit Union, which has a single office in New York City and requires a $5,000 minimum deposit.

2.15% APY at Tennessee Commerce Bank, which has a single location in Franklin, Tenn., and requires a $2,500 minimum deposit.

We’re tracking other rates in this term, but they’re far below the rates Quaint Oak, Melrose and Tennessee Commerce are offering. That cluster of banks is only paying as high as 2.00% APY.

Of course, those rates are still significantly higher than the 36-month rates of large banks and thrifts, which are paying an average annual yield of 1.04% APY.

Banks and credit unions qualify for our CD Rates Leaderboard by imposing no restrictions on who can buy their certificates of deposit, 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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