BankShout surveys U.S. national and Internet-based banks, for the top annual percentage yields for certificates of deposit. The following rates are current as of Monday, May 24, 2010; banks listed compound interest daily unless otherwise noted, and are insured by the Federal Deposit Insurance Corporation.

In the market for short-term certificates of deposit, newdominionDIRECT.com has a sizable lead amongst its competitors. Newdominion is offering .86% APY on a 3-month CD; the minimum deposit is $3000. The North Carolina-based bank’s offering is a full 10 basis points higher than any other bank on this week’s survey.

For 3-month yields, coming in second this week is Nexity Bank. Nexity’s 3-month deal is .76% APY for a minimum deposit of $1000. Just behind in third place is NOVA Bank, which has slated a .75% APY 3-month term with a deposit of at least $500.

Ally Bank, Utah, continues its tradition of zero-minimum balance offerings. Ally’s 3-month CD is at .74% APY. Giantbank.com rounds out this week’s BankShout poll, with a .65% APY for minimum deposits of $2500.

For several years before the banking bust, customers could sometimes find relatively higher yields on certificate of deposit terms in ranges from 3 months to 1 year. With “cheap money,” or low interest rates so abundant, banks haven’t had as much need for consumer deposits. Shorter terms, such as 3-month CDs, have suffered. The result has been a return to a more traditional CD/yield relationship: the longer the term, the better the return. For now, 3-month CDs remain a place for depositors to park funds before moving them to greener pastures (pardon the pun), rather than an account you would want to roll over multiple times.