New leader in 3-year CD rates paying 1.50%
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A new leader offering a higher return has taken over the number one spot in our June survey of the best nationally available 3-year CD rates.
Salem Five Direct is now at the head of the pack, paying 1.50% APY with a somewhat steep $10,000 minimum.
That's close to one-tenth of a percentage point more than you would have earned last month, when the best bank was paying 1.41% APY.
It's also a full tenth of a percentage point higher than you could have taken home at the beginning of 2013.
In total, 12 banks are paying 1.20% APY or better on 36-month CDs, but rates are still relatively low, and they may not be moving up anytime soon.
The Fed has driven savings rates to record lows and plans to keep them there until the unemployment rate drops to 6.5%.
Unemployment is moving in the right direction, falling to 7.5% in the latest jobs report, but there's still a long way to go before the Fed says it will allow interest rates to move upward.
It's certainly possible — but by no means assured — that rates will be higher when a 3-year CD purchased now matures in May or June of 2016.
Here are the best nationally available 36-month certificates of deposit, as of today:
Top 36-month CD Rates
| Bank | APY | Minimum Deposit |
| Salem Five Direct | 1.50% | $10,000 |
| State Bank of India-CHI | 1.41% | $2,500 |
| Barclays | 1.35% | No minimum |
| GE Capital | 1.25% | $15,000 |
| AloStar | 1.25% | $1,000 |
| Virtual Bank | 1.21% | $10,000 |
| CIT | 1.21% | $1,000 |
| Nationwide | 1.21% | $500 |
| Doral Bank Direct | 1.20% | $500 |
| Colorado Federal | 1.20% | $5,000 |
| Intervest | 1.20% | $2,500 |
| Sallie Mae | 1.20% | $2,500 |
To qualify for this list, a bank must allow savers from all 50 states to buy its certificates of deposit online or through the mail.
Click here to compare these returns with the top CD rates from dozens of banks in your area.
Our CD calculator will help you figure out the interest you'll earn, for any term, amount and interest rate.
How to buy the top 3-year CD rates
| Bank | Description | URL |
| Salem Five Direct | The online division of Salem 5 Bank, which has 23 branches just north of Boston. | www.salemfivedirect.com |
| State Bank of India-Chicago | The FDIC-insured Chicago branch of India's largest bank, which operates independently of other U.S. branches. | www.sbichicago.com |
| Barclays | The online American operation of the big British bank. | www.banking.barclaysus.com |
| GE Capital Retail Bank | An online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant. | banking.gecrb.com |
| AloStar Bank of Commerce | An online bank based in Birmingham, Ala., formerly Nexity Bank. | retail.alostarbank.com |
| Virtual Bank | The online division of Sabadell United Bank, based in Miami. | www.virtualbank.com |
| CIT Bank | The online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies. | www.bankoncit.com |
| Nationwide Bank | An online bank owned by Nationwide Mutual Insurance Company and its affiliates. | www.nationwide.com |
| Doral Bank Direct | The online bank of Doral Bank, the leading community bank in Puerto Rico, which also has five branches in northwest Florida and two in New York City. | www.doralbankdirect.com |
| Colorado Federal Savings Bank | An online bank based in Greenwood Village, Colo. | www.coloradofederalbank.com |
| Intervest National Bank | Which has a single branch in New York City and six branches in Florida. | www.intervestnatbank.com |
| Sallie Mae Bank | An online bank owned by the student lender. | www.salliemae.com |
Nervous savers have also pulled billions of dollars out of the stock market and flooded banks with cash.
Consumer savings in bank accounts, excluding business and institutional accounts, had grown to $8.2 trillion by the end of last year, up from $3.8 trillion in December 2001, according to Market Rates Insight Inc. in San Anselmo, Calif.
That's much more money than they have been willing to lend out.
Data compiled by SNL Financial of Charlottesville, Va., show that deposits continued to grow more quickly than loans during the third quarter of 2012.
Banks were able to loan out only 72.4% of their deposits, down from more than 93.0% in early 2008, when the financial crisis was just beginning.
As a result, savers have seen the returns on their CDs, savings and money market accounts drop to nearly nothing. The banks don't need, or even want, any more of our money.
It's why the average return on 36-month CDs has fallen from 2.57% APY on Dec. 16, 2008, when the federal funds rate was cut to zero, to a record-low 0.47% APY today.
Contributing editor Darci Swisher contributed to this report.
Mitch Strohm on Google Plus.
