Nexity Bank 2.86% APY 12-month CD

It just drives me crazy that even the best 12-month certificates of deposit are paying less than 3% right now. But that’s the sorry state of affairs savers find themselves in.

So an offer of 2.86% APY from Nexity Bank in Birmingham, Ala., is about as good you can do.

Unfortunately, Nexity is oh-so typical of banks offering the best deals: It’s losing money and looking for a buyer.

Nexity is a “banker’s bank” that primarily lends to small community banks and picked up a bunch of bad residential and commercial real-estate loans in the process, primarily from North Carolina, South Carolina, Georgia and Florida.

With almost 10% of its loan portfolio in default, it earns only one of five stars in Bankrate’s “Safe & Sound” rating system. And you shouldn’t be surprised if it’s sold or seized by federal regulators.

But this offer is available nationwide and Nexity is FDIC insured, so your savings should be secure.

(Give Jim Cramer some credit for showing up on Jon Stewart’s show last night. But the host of “Mad Money” and his network, CNBC, still took some big whacks. We’ve got the interview on our personal finance blog. Just click on the “finance” tab at the top of the page or right here for Bankaholic’s Personal Finance Blog.”)