bank rates

Top 36-Month CD Rate Propelled Higher

This is more like it.

For the third time this month, we’ve seen a bank make a nationally available 36-month offer good enough to top our CD Rates Leaderboard.

Today, a Bethesda, Maryland-based federal savings bank has upped the ante, offering a 3-year certificate of deposit that pays a higher rate than we’ve seen in more than 1½ years.

Presidential Bank ( pays 1.75% APY with a $1,000 minimum deposit.

This regional mortgage lender has two branches in Maryland, six in Virginia and one in Washington, D.C. It sells CDs nationally online and through the mail. It last offered competitive deals in 2013 but hasn’t offered the best nationally available deal in any term in four years.

Two cautionary notes:

  • Presidential Bank earned two out of five stars on’s Safe & Sound rating system. The bank “exhibited a below average condition, characterized by substantially lower than normal overall, sustainable profitability, very questionable asset quality, mid-range capitalization and seemingly ample liquidity,” according to Bankrate. Deposits are FDIC-insured.
  • This CD carries a stiff 18-month early withdrawal penalty. So be prepared to stick this one out if you buy.

Since it pays nearly a full quarter of a percentage point better than the next-best nationally available deal, holding this certificate to maturity isn’t difficult to contemplate today.

The next-best deal comes from EverBank, the Florida-based bank that conducts most of its business online. It pays 1.51% APY, a slight increase today from 1.50% APY.

We track nationally available rates from 24 banks. Follow the daily changes to the best 36-month CD rates on our list.

So, just how rare has an offer like this been?

We last saw a better deal on Feb. 22, 2013, the last day a North Carolina-based small business lender – Live Oak Bank – took deposits nationally on its 1.85% APY offer.

Prior to that, a deal like this was last available in 2011.

Banks qualify for our rankings 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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