bank rates

E-Loan Dominates In 3-Month CD Rates

It pays 0.65% APY.We’re halfway through 2012, and 3-month CD rates have yet to be anything more than mediocre.

And, let’s face it, that’s probably being kind.

E-Loan (www.eloan.com) has led the term on our CD Rates Leaderboard with its 0.65% APY since March 9.

The subsidiary of Banco Popular North America requires a $10,000 minimum deposit.

Sadly, the next rate we’re tracking is more than a tenth of a percentage point less, even though it’s gone up in the past six weeks.

EverBank (www.everbank.com), a predominantly online bank based in Jacksonville, Fla., raised its 3-month CD rate slightly, and now pays 0.53% APY with a $1,500 minimum deposit.

Two banks pay 0.50% APY:

KeySource Commercial Bank (www.keysourcebank.com), which has a single branch in Durham, N.C., and requires a $100 minimum deposit for CDs purchased in person, over the phone or through the mail, and a $5,000 minimum deposit if purchased online.

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

Four banks pay 0.45% APY:

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

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank and has no minimum balance requirement.

MetLife (www.metlifebank.com), which is the insurance giant’s online bank and requires a $25,000 minimum deposit.

OneWest Bank (www.owb.com), which has 82 branches in southern California and requires a $1,000 minimum deposit.

The average annual yield offered by large banks and thrifts for 3-month CDs is 0.15%.

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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