IndyMac Bank currently holds the top spot for the best short term CD rates, with a 5.40% APY on their 3 and 4 month CDs. Minimum deposit on this CD is $5,000. CDs can be opened and funded online, and there isn’t a hard credit pull when you apply.

IndyMac bank has had some problems recently with the mortgage subprime mess, so it would be prudent to have a deposit lower than the FDIC insured $100,000.