bank rates

Five Banks Now Lead In 3-Month CD Rates

What a run Sanibel Captiva Community Bank had at the top of our rankings of the best CD rates .

The little community bank with three branches on the southwest coast of Florida offered the top nationally available return on 3-month CDs from Nov. 12 — until today.All are paying 0.75% APY.

Sanibel Captiva lowered its return from 0.95% APY to 0.60% APY, which is still three times higher the average rate for 3-month CDs.

But that’s pushed five other banks, all offering 0.75% APY, to the top of our rankings of the top-paying CDs.

Our new leaders are:

H&R Block Bank, the online bank owned by the tax preparation company, with a minimum deposit of $250.

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

Goldwater Bank, which has a single location in Scottsdale, Ariz., and requires a minimum deposit of $5,000.

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

VirtualBank, an online division of Lydian Private Bank out of Palm Beach, Fla., with a $10,000 minimum deposit.

These banks qualify for our rankings by imposing no restrictions on who can buy their CDs either online or through the mail.

But given how low short-term CD rates have fallen, we can understand why you might ask, “Hey, wouldn’t I be smarter to put my short-term money into one of the top-paying savings accounts?”

The best nationally available savings accounts are paying 1.25% APY to 1.41% APY with easy, penalty-free access to your cash.

See how these returns compare with CD rates from scores of other banks in our database.

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