bank rates

Top 3-Month CD Rate Finally Improves

 Top 3-Month CD Rate Finally ImprovesFor the first time in more than nine months, the top nationally available 3-month offer on our CD Rates Leaderboard has changed.

We welcome a bank new to our list today, UmbrellaBank.com, the online division of Dallas-based Beal Bank, which operates 16 branches in 10 states: Alabama, California, Florida, Illinois, Maryland, Missouri, New York, Ohio, Pennsylvania and Texas.

UmbrellaBank.com pays 0.51% APY on 3-month CDs with a $10,000 minimum deposit.

That’s the highest rate we’ve seen in this term since April 2013, when EverBank paid 0.56% APY.

But it’s still not good enough to recommend, especially when the best savings accounts pay about double.

UmbrellaBank.com offers other short-term CD rates ranging from 6 to 12 months, but only the 6-month CD is competitive.

It pays 0.61% APY, good for 11th place on the list of banks we’re tracking. The top 6-month CD pays 0.87% APY.

In 2009, Beal Bank took over operations of UmbrellaBank.com and its parent bank, New South Federal Savings Bank in Birmingham, Ala., after the FDIC closed that bank.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

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

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