bank rates

Earn 2.25% With Top 3-Month CD Rates

One small, Miami bank is giving short-term CD rates a big boost.

If it weren’t for TotalBank, the best rates on 3-month CDs would have fallen from 1.85% in May, to 1.75% in June to 1.55% this month.

average 3-month cd-rates

But Total’s online special of 2.25% APY (with a $1,000 minimum deposit) is extraordinary in this market.

That’s four times the current national average of 0.55% APY for a 3-month CD, and more than you can earn with all but the top-paying 12-month CDs.

It’s an unheard of 70 basis points more than you can earn with the next two best deals:

1.55% with a $10,000 minimum from FirstFedDirect, the online division of First Federal Bank of California, based in Santa Monica.

(Editors note: For some strange reason First Fed offers this rate everywhere except for California. There, it’s 1.35% APY.)

1.50% with a $10,000 minimum from Affinity Bank. It’s based in Ventura, Calif., with nine branches stretching from San Francisco to Irvine.

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

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Comments (2)
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  1. Mark said:
    on July 18th at 12:02 am

    As of 7/17/09 (just four days after this story was published) TotalBank 3-month CD rate is just 0.50% APY.

  2. DealMaven said:
    on July 20th at 09:34 am

    You’re right about TotalBank lowering its rates. Drives us crazy! But they didn’t lower the rate in question to 0.50% APY. We originally quoted the rate on the “online-only special” and the rate on that 3-month CD is now 1.85%.