Best 3 month CD rates paying 1.22% APY
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The highest yielding 3 month CD rates have taken a huge slide over the last several months and an even greater slide throughout the course of 2009. Back in January it was fairly easy to find these 90 day CDś yielding more than twice the amount in which the top ones yield today.
As for national banks offering the highest interest rates on this particular product, Imperial Capital Bank out of Beverly Hills, California offers a 1.22% APY with a minimum deposit of $2,000 required. This product can be opened online (15 minute application process) and is available to customers throughout the country. To open this account you will need standard personal information such as social security number, address, employment information, and bank information from which you will be transferring the funds.
The second best rate (nationally available) comes from Excel National Bank. They have a similar online application and processing procedure. Their 3 month CD yields 1.20% APY, however it comes with a minimum deposit amount of $10,000. They also provide a number of business CDs with similar yields to their personal ones. Excel National Bank is also based out of Beverly Hills, California and opens itś doors to customers nationwide.
The third best interest rate provided to a 3 month CD is 0.75% APY and it comes from Danvers Bank. They specialize in online banking and have been around since 1850. Today they control roughly $1.70 billion in assets. Their 3 month CD used to hold the number 1 spot a few months back but has since dropped a bit. Danvers Bank only requires a minimum deposit of $500 to open any of their certificate of deposit products. On a side note, Danvers Bank also offers an exceptional high interest checking account which is currently yielding 4.01% APY.
All three of the above institutions are federally insured by the FDIC, if you happen to know of a better 3 month CD rate, please leave a comment! You can compare these CD rates with some of the other bank CD rates we have covered over the last few months to further research your available options.
