It’s hard to get excited about 3-month CDs these days.
With short-term CD rates so low, many savers are abandoning 3- and 6-month certificates of deposit for higher-paying savings and money market accounts, which are offering much higher (by comparison, anyway) rates of 1% or 1.25%.
Some of us here at Bankaholic are, too.
Our current 3-month leader, California First National Bank, better known as CalFirst, is offering just 0.80% APY with a $5,000 minimum deposit.
Not great.
But it’s still better than the average annual yield that large banks and thrifts are offering. That whopping 0.19% APY marks a record low since Bankrate.com began tracking the 3-month term in 1989.
(We did find some better-than-Leaderboard CD rates in Atlanta last week, which are still good, for savers in the peach state.)
Three banks offer nationally available rates of 0.75% APY. They are:
H&R Block, which is an online bank operated by the tax preparation company with a single branch in Kansas City, Mo., and requires a $250 minimum deposit.
Nexity, which is an online banked based in Birmingham, Ala., and requires a $1,000 minimum deposit.
Hudson City Savings, which has 130 branches in New Jersey, New York and Connecticut, and requires a $5,000 minimum deposit.
These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.
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