bank rates

3-Month CDs: Nothing To See Here

A pink piggy bank broken in half with coins spilling out.Why does EverBank — or anyone else for that matter — even sell 3-month CDs?

This Florida-based bank ( offers the top nationally available 3-month CD rate on our CD Rates Leaderboard at 0.48% APY.

Meanwhile, EverBank offers a six-month rate guarantee on its money market account. It pays 1.10% APY during that time.

Yep, a yield twice as high from the same bank. Treat the MMA like a 3-month CD, if you’d like.

Just don’t buy the 3-month CD itself. Anywhere.

Chart showing the best 3-month CD rate vs. the average rate
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 one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $25,000 minimum deposit.

OneWest Bank (, which has 73 branches in southern California, requires a $1,000 minimum deposit.

And two banks pay 0.40% APY:

California First National Bank (, an online bank owned by the same company that runs California First Leasing Corp., which finances all sorts of high-tech business equipment, requires a $5,000 minimum deposit.

Virtual Bank (, which is the online division of Sabadell United Bank, based in Miami, requires a $10,000 minimum deposit.

The average annual yield offered by large banks and thrifts for 3-month CDs is a record-low 0.10% for the third week.

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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Comments (1)
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One Existing Comment
  1. Mojave Jack said:
    on July 2nd at 12:27 pm

    Amazing. When would anyone open a 3 mo CD at 0.48% when you can open a MMA at 0.85%???