I have never been enthusiastic about 3-month CD specials. I've found that they're too short to be worthwhile. If you do prefer short-term CDs, at least make sure the yield is higher than the top savings account rates. That is the case with Homebanc in Florida. They're having a 3-month CD special with a very competitive 1.50% APY. Minimum deposit is $5,000, and the maximum deposit is $100,000. Only one CD offer is allowed per household, and Homebanc is only accepting Florida deposits. New money is required. This special rate is listed at the bank's rates page as of 11/07/2011. It was also advertised in the 11/6 Orlando Sentinel so it should last for a while.
This bank has a history of offering these competitive 3-month CD specials. Back in 2008 (the good old days) it was offering a 6% 3-month CD.
Homebanc offers a free checking account with no monthly fees and no minimum balance. The bank is also a member of Publix Presto! ATM network for surcharge-free ATM use.
Homebanc branches are located in the Florida cities of Lake Mary (north of Orlando), Tampa, Clearwater, Belleair Bluffs and Sarasota.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 16.99% (average) based on June 2011 data. Please refer to our financial overview of Homebanc for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58194).
How This Rate Compares
It's very hard to find 3-month CD rates over 1% these days. The best nationally available 3-month bank CD rate is 0.75% at Hudson City Savings Bank. However, if you want a short-term CD, you should consider Ally Bank's 11-month No Penalty CD. It currently has a yield of 0.95%, and it can be made into any term you want from 7 days to 11 months.
This shows how good of a deal this Homebanc CD special is. However, with such a short term, you won't be making much extra money. Even with a $100K deposit, you'll only make an extra $187.5 over the Hudson City CD. When the CD matures, the new CD rate will likely be just their standard rate which is currently only 0.20%. That's the problem with short-term CDs.
These rates are accurate as of 11/07/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.