bank rates

Nexity Owns Top 3-Month CD Rates, Too

After the FDIC seized Nexity Bank last month, new ownership pledged to “continue to build on a national deposit base.”

Indeed, the new owners have been aggressive when it comes to setting yields on short-term CD rates.

The Birmingham-based bank last week boosted 6-month CD rates, offering the best nationally available deal. Now the bank has increased 3-month CD rates to 0.81%, earning Nexity a second top spot on our CD Rates Leaderboard.

These certificates of deposit are FDIC-insured up to $250,000, as are deposits made with Nexity before regulators seized the bank.

The new owners do not have to honor CD rates set prior to the takeover (although Nexity has not indicated it will lower existing rates, and account holders can withdraw their money penalty free), but it cannot change yields on newly purchased CDs.

That means if you buy these top-earning 3- or 6-month CDs, your yields are safe.

Here’s where to find all of the top CD rates:

TERM BANK RATE MIN. DEPOSIT
3-Month CDs Nexity Bank 0.81% APY $1,000
6-Month CDs Nexity Bank 1.12% APY $1,000
12-Month CDs Melrose Credit Union 1.41% APY $5,000
24-Month CDs Salem Five Bank 1.75% APY $10,000
36-Month CDs Melrose Credit Union 2.17% APY $5,000
60-Month CDs Melrose Credit Union 2.93% APY $5,000

Banks and credit unions qualify for our rankings by selling their certificates of deposit online or through the mail to savers nationwide.

Melrose is one of the few credit unions eligible for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

The banks on today’s Leaderboard are:

  • Hudson City Savings, which has 130 branches in New Jersey, New York and Connecticut.
  • Salem Five Savings Bank, which has 22 branches north of Boston.

Compare these returns with the best CD rates from scores of other banks in our database.

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  1. Kathy at Bankaholic said:
    on May 16th at 08:29 am

    These rates are still available as of May 16, 2011.