Indymac Bank has a 5.40% APY rate on their 3 month certificate. This is the best CD rate for this maturity. They also have a great deal on their 9 month CD, with a 5.50% APY. These rates are fairly high especially given the Fed’s continual rate cuts.

• Minimum to open is $5,000 (Internet Only).
• Terms are from 90 days to 5 years.
• For customized terms, other than those listed above, please call our Customer Contact Center.
• Interest is compounded daily and paid or reinvested into the account monthly or at maturity. The interest rate depends on the term of the CD.
• A penalty will be assessed for early withdrawal.
• For your convenience, your CD renews automatically for the same term at the current rate at that time.

I was able to lock in a 7 month CD about a month ago at 5.70% APY. Indymac Bank is FDIC insured.