3 Month CD Rates Move Past 1%

According to Bankrate, BankDirect has the highest 3 Month CD rate at 1.01%. This puts the 3 Month certificates of deposit back above the 1% line.

BankDirect is the online division of Texas Capital Bank and has branches in all of the major cities in Texas. The 1.01% APY is available for deposits of at least $10,000.

Lately it hasn’t been a trend for banks to increase their interest rates, especially with Bank of America and Chase cutting their rates across the board.

The increased rate of 1.01% pulls Goldwater Bank, from Scottsdale, Arizona down to the number 2 spot with a rate of 0.85% APY and the same minimum deposit of $10,000.

Here are the next best 3-month certificates of deposit:

  • 0.83% APY from Nexity Bank of Birmingham, Alabama. This rate requires a minimum of $1,000.
  • 0.80% APY from Woodlands Commercial Bank of Salt Lake City, UT. This rate requires a minimum of $2,500.
  • 0.80% APY from VirtualBank of Palm Beach Gardens, Florida. This rate requires a minimum of $10,000.

These banks allow anyone to open an account online and have no other restrictions. A simple application process is the only required step.

Be sure to check out our list of the best CD rates available throughout the nation.

CD Rates Hold Firm For Week Of August 16, 2010

CD Rates Hold SteadyCD Rates are holding steady starting off this week. There have not been any moves from the 3 Month to 5 Year CDs as the economy continues its fall, rates will stay low. CD Rates are projected to stay low until early next year, 2011. If you do get into a long term CD, ask to see if they have a one-time rate bump available, so that if rates do increase you can gain the benefits and not be stuck in an under-performing certificate of deposit.

Here are the best CDs currently available to resident’s nation wide:

Melrose Credit Union is one Credit Union that allows any U.S. resident to join with a sign up fee of $1. This makes Melrose a great option since they also have some of the Nation’s best CD rates available.

*TermAugust 16thLast Week
3 Month CD1.35%1.35%
6 Month CD1.25%1.25%
12 Month CD1.76%1.76%
24 Month CD2.02%2.02%
36 Month CD2.52%2.52%
60 Month CD3.29%3.29%

You can always compare the best CD rates from our database of banks and institutions to find the best options for your money.