Certificates of deposit are the best option for virtually risk free investing. They offer the best interest rates out of all the FDIC insured deposit accounts. Finding the highest CD rate offered nationally is a valuable piece of information. This website will break down who is offering the best short term CD rates.
At the time of the writing, the highest CD rate being offered for a 3 month term is about 1.25%. This isn’t very high for short term high interest CD rates. Before the recession these rates were about .60% higher than where they stand now. Fortune Bank is currently offering the best 3 month rate but they only have branches in the St. Louis area. TotalBank used to have the best 3 month rate but they have fallen to about 1.10% APY for their 3 month CD.
The second best CD rates for a 3 month term are set around 1.15% APY. This rate is offered by Golf Savings Bank. They have branches in Washington, Montana, Idaho and Oregon. The one catch is that you’ll need a deposit of at least $10,000 in order to get this rate. UFB Direct is another option, but again you need to make a minimum deposit of $8,000 for this rate. UFB Direct is a national bank so anyone can get an account with them.
The third tier of banks for 3 month CDs are set at 1.11% APY. Nexity Bank, Excel National Bank and BankDirect are all offering CDs at this interest rate. Nexity and BankDirect are online so they too are available nationally. Excel National Bank is located in Beverly Hills but again they require a $10,000 deposit minimum. If you’re looking to deposit less in your CD then Nexity is a good place to invest your funds. Nexity only carries a minimum deposit requirement of $1,000 which is about as little as you should invest in a CD.