If you’re in the market for a 3-month CD right now, you’re probably pretty pessimistic about interest rates in the very short term.
Otherwise, it’s a smarter move just to park your money in a savings or money market account, the best of which pay close to double what the top nationally available 3-month CD pays.
No matter your reason, if you’re into this type of certificate of deposit, we’ve found deals that pay as much as five times the national average for this term.
E-Loan (www.eloan.com), the term lead on our CD Rates Leaderboard, has held its top rate since mid-September.
The subsidiary of Banco Popular North America pays 0.65% APY with a $10,000 minimum deposit.
And EverBank (www.everbank.com), which is a predominantly online bank based in Jacksonville, Fla., offers the second-highest rate at 0.61% APY with a $1,500 minimum deposit.
Two banks pay 0.50% APY:
NexBank (www.nexbank.com), which is a division of NexBank Capital Inc. and has two branches in Texas, requires a $10,000 minimum deposit.
Virtual Bank (www.virtualbank.com), which is the online division of Sabadell United Bank based in Miami, requires a $10,000 minimum deposit.
And two banks pay 0.45% APY:
AloStar Bank of Commerce (www.alostarbank.com), which is an online bank based in Birmingham, Ala., requires a $1,000 minimum deposit.
OneWest Bank (www.owb.com), which has 82 branches in southern California, requires a $1,000 minimum deposit.
The average annual yield offered by large banks and thrifts for 3-month CDs remains 0.12%.
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.