bank rates

Florida Bank Still Tops 3-Month CD Rates

Most community banks that land at the top of our rankings of the best CD rates don’t hang around long.

First Bank Richmond was the latest example of a small bank that tried to run with the big dogs and lasted only a few days as our leader in 24- and 36-month CD rates earlier this month.

Sanibel  Captiva Community Bank is paying 0.95% APY, which is two-tenths of a point more than the next best rate.But Sanibel Captiva Community Bank, with three branches on the southwest coast of Florida, is proving to be the exception to the rule.

It’s been offering the best nationally available retrun on 3-month CD for six weeks now – 0.95% APY with a $1,000 minimum deposit.

That’s two-tenths of a percentage point more than the next best bank and more than four times the national average of 0.21% APY.

Five banks are paying 0.75% APY:

Goldwater Bank, which has a single location in Scottsdale, Ariz., and requires a minimum deposit of $5,000 (down from $10,000).

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

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

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

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

Two banks are paying 0.70% APY:

MetLife Bank, the insurance giant’s online bank, requires a minimum deposit of $25,000.

OneWest Bank, which has 82 locations in southern California, and requires a $1,000 minimum deposit.

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

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

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