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 savings account rates. That is the case with Homebanc in Florida. They're having another 3-month CD special with a very competitive 1.15% 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, and it's not available to those who had previous Homebanc CD promotions in the last 24 months. This special rate is listed at the bank's rates page as of 4/25/2012.
This bank has a history of offering these competitive 3-month CD specials. Rates have been much higher. Last November the 3-month CD special APY was 1.50%. 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 11.82% (above average) based on September 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 CD Rate Compares
Any rates over 1.00% are very competitive for terms under 1 year in today's environment. As a comparison, the best sub-year CD rate that's available nationwide is 1.00% APY for a 7-month CD special at KeySource Commercial Bank. The best 3-month internet CD rate that we list in our rate table is 0.65% at E-LOAN.com.
You can get over 2.00% on 5-year CDs, but you have to worry about early withdrawal penalties if you think you'll need the money before maturity.
Another good short-term CD deal is Ally Bank's 11-month No-Penalty CD which has a 0.94% APY. This CD can be closed early without any penalty. So the depositor can make this CD have any term from 7 days to 11 months.
These CD rates are accurate as of 4/25/2012.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.