bank rates

Best 3-Month CD Rates Now Paying 0.85%

Goldwater Bank, which has a single office in Scottsdale, Ariz., begins the month at the top of our rankings of the best 3-month CD rates.

Goldwater Bank, which has a single office in Scottsdale, Ariz., begins the month at the top of our rankings of the best 3-month CD rates.It’s paying 0.85% APY with a hefty $10,000 minimum deposit.

If that fits into your investing plans, we urge you to act quickly.

September was a particularly tumultuous month for short-term CDs like this, with banks repeatedly lowering their rates and ceding the lead to competitors.

The next best nationally available rates on 3-month certificates of deposit are:

0.80% APY with a $10,000 minimum deposit from Virtual Bank, the online division of Lydian Private Bank in Palm Beach Gardens, Fla.

0.80% APY with a $2,500 minimum deposit from Woodlands Commercial Bank, on online bank in Salt Lake City that primarily loans to corporations and was formerly known as Lehman Brothers Commercial Bank.

0.77% APY with a $3,000 minimum deposit from NewDominion Bank, a predominantly online bank with branches in Charlotte and Mooresville, N.C.

All of the banks in our rankings allow savers to buy CDs over the Internet with no restrictions on where they must live or work.

Although these rates are far better than the average return on 3-month CDs, which fell to a new record low of 0.22% APY in September, they are half as much as the top banks were paying last fall.

Click here to compare these deals with the best CD rates from dozens of other banks in our database.

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