bank rates

CalFirst Keeps Hold On 3-Month CD Rates

It’s hard to get excited about 3-month CDs these days.

Bank is offering 0.80% APYWith short-term CD rates so low, many savers are abandoning 3- and 6-month certificates of deposit for higher-paying savings and money market accounts, which are offering much higher (by comparison, anyway) rates of 1% or 1.25%.

Some of us here at Bankaholic are, too.

Our current 3-month leader, California First National Bank, better known as CalFirst, is offering just 0.80% APY with a $5,000 minimum deposit.

Not great.

But it’s still better than the average annual yield that large banks and thrifts are offering. That whopping 0.19% APY marks a record low since Bankrate.com began tracking the 3-month term in 1989.

(We did find some better-than-Leaderboard CD rates in Atlanta last week, which are still good, for savers in the peach state.)

Three banks offer nationally available rates of 0.75% APY. They are:

H&R Block, which is an online bank operated by the tax preparation company with a single branch in Kansas City, Mo., and requires a $250 minimum deposit.

Nexity, which is an online banked based in Birmingham, Ala., and requires a $1,000 minimum deposit.

Hudson City Savings, which has 130 branches in New Jersey, New York and Connecticut, and requires a $5,000 minimum deposit.

These banks and credit unions 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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  1. Mike at Bankaholic said:
    on April 21st at 02:03 pm

    California First National Bank dropped its CD rates as of April 21, 2011, ushering the bank off of our CD Rates Leaderboard.