bank rates

3-Month CD Rates Take Another Hit

number three surrounded by a circleAs if 3-month CD rates weren’t already worthless.

Last week, we saw a rate cut to the top nationally available deal.

E-Loan ( cut its rate from 0.65% APY to 0.60% APY.

It still has the top deal on our CD Rates Leaderboard.

As we’ve mentioned before, the top 3-month CD pays less – by two-fifths of a percentage point – than what you can earn in a savings or money market account these days.

E-Loan, the subsidiary of Banco Popular North America, which requires a $10,000 minimum deposit, has offered the top rate since mid-September 2012.

EverBank ( offers the next-highest rate, 0.59% APY. The predominantly online bank based in Jacksonville, Fla., requires a $1,500 minimum deposit.

NexBank (, which is a division of NexBank Capital Inc. and has two branches in Texas, pays 0.50% APY. It requires a $10,000 minimum deposit.

Three banks pay 0.45% APY:

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

GE Capital Retail Bank (, which is a subsidiary of GE Capital, requires a $25,000 minimum deposit.

OneWest Bank (, which has 82 branches in southern California, requires a $1,000 minimum deposit.

The average annual yield offered by large banks and thrifts for 3-month CDs remains 0.12%.

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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