Top 3 Month CD Rate Drops To 0.76% APY

The leader of the 3 month CD rate, AloStar Bank of Commerce just lowered their rate to 0.76% APY from 0.81% APY.

The online bank has been offering the best 3 month CD for some time now and is a rate available to anyone nationwide. AloStar Bank of Commerce is based out of Birmingham, Alabama.

The next best 3 month CDs go to Virtual Bank and Hudson City Savings at a rate of 0.75% APY. The difference between the two banks is the minimum deposit required. Hudson City requires a minimum deposit of $500 for local residences or $5,000 for everyone else, while Virtual Bank requires a minimum of $10,000 to achieve this rate.

Hudson City Savings has 130 locations throughout New Jersey, New York and Connecticut.

Virtual Bank is based out of Palm Beach, Florida and is the online division of Lydian Private Bank.

The next best 3 month CD drops down to 0.70% APY from OneWest Bank with a minimum deposit of $1,000. Other than these banks, the next best CD rate starts at 0.50% from Discover Bank.

All of these banks allow savers from anywhere in the United States to obtain their rates as long as you meet their minimum required deposits.

Be sure to compare the best CD rates around the nation from our CD rates database.


A Change On The 2 Year CD Rate

Hudson City Savings Bank held the second best 24 month certificate of deposit until it cut its rate of return from 2.00% APY to 1.75% APY on August 9th, 2010.

It is still a great CD rate but now it’s nearing the highest 12 month CDs, making its 24 month CD not as attractive as before the decrease. Since Hudson City Savings Bank cuts its 2 Year CD rate down to 1.76% APY, its no longer high enough to classify it as one of the best 2 Year CD rates.

Here is a good list of the better 2 year CDs available nationally:

  • Melrose Credit Union holds the top spot for the 2 year CD at a rate of 2.02% APY. They have one location in Queens, NY and is open to all US residents. Their 2 Year CD requires a minimum deposit of $5,000.
  • New Dominion Bank holds second place for the 2 Year CD at a rate of 2.00% APY. They have locations in Charlotte and Mooresville, NC and require a minimum deposit of $3,000.
  • Stonebridge Bank carries the third place spot with a rate of 1.90% APY. They have four branches in SE Pennsylvania and require a minimum deposit of $500.
  • Bank of Internet comes next with a rate of 1.89% APY and is an online bank, but based in San Diego. Their minimum required deposit is only $1,000.
  • Colorado Federal Savings Bank comes in 5th with a 2 Year CD rate of 1.85% APY. This is also an online based bank, located out of Greenwood Village, CO. Their minimum required deposit is $5,000.

You can find more information on the top 2 Year CD rates from our extensive CD database.