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Karen BennettWritten by
Brian BeersEdited by
Robert R. JohnsonReviewed by
Best available rates across different account types for Wednesday, June 19, 2024
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What To Know First
A three-month certificate of deposit (CD) allows you to earn a fixed rate on your money for the short term. When considering a three-month CD, it can pay to compare the rate with those offered from high-yield savings accounts.
Only commit money to a three-month CD that you won’t need before the term ends, or else an early withdrawal penalty could eat up your interest earnings.
Bankrate’s picks for the top 3-month CD rates
- America First Credit Union — 5.25% APY, $500 minimum deposit
- Popular Direct — 5.25% APY, $10,000 minimum deposit
- First Internet Bank of Indiana — 4.14% APY, $1,000 minimum deposit
- Bank of America — 4.00% APY, $1,000 minimum deposit
- EverBank (formerly TIAA Bank) — 3.95% APY, $1,000 minimum deposit
- SchoolsFirst Federal Credit Union — 3.85% APY, $500 minimum deposit
- Zions Bank — 3.05% APY, $1,000 minimum deposit
- Ally Bank — 3.00% APY, no minimum deposit
- Golden 1 Credit Union — 3.00% APY, $500 minimum deposit
- Boeing Employees’ Credit Union — 2.50% APY, $500 minimum deposit
Note: Annual percentage yields (APYs) shown were updated between June 12, 2024 and June 18, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
On This Page
- Bankrate's picks for the top 3-month CD rates
- How to find the best 3-month CD rates
- 3-month CD FAQs
- Research methodology
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.91% APY
National average
0.58% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 6/19/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Bankrate’s picks for the top 3-month CD rates
- How to find the best 3-month CD rates
- When should you get a 3-month CD?
- Alternatives to 3-month CDs
- 3-month CD FAQs
- Research methodology
Bankrate’s picks for the top 3-month CD rates
Note: Annual percentage yields (APYs) shown were updated between June 12, 2024 and June 18, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
America First Credit Union
Rating: 5 stars out of 5
5.0
Overview
America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.
It also offers a variety of checking and savings accounts.
Read Bankrate's Expert America First Credit Union Review
5.25% APY
$500 minimum deposit
Popular Direct
Rating: 4 stars out of 5
4.0
Overview
Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs have eight fixed terms, from three months to five years. Popular Direct’s High-Rise savings account offers a competitive yield and requires a $5,000 minimum deposit.
All Popular Direct deposit accounts are opened through Popular Bank.
Read Bankrate's Expert Popular Direct Review
5.25% APY
$10,000 minimum deposit
First Internet Bank of Indiana
Rating: 4.6 stars out of 5
4.6
Overview
First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. It opened in February 1999 and serves all 50 states.
First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.
Read Bankrate's Expert First Internet Bank of Indiana Review
4.14% APY
$1,000 minimum deposit
Bank of America
Rating: 4.2 stars out of 5
4.2
Overview
Bank of America offers a wide range of CDs with terms from 28 days to 10 years, all of which require a $1,000 minimum deposit. While some of the CD terms currently earn competitive rates, most only earn minimal yields.
Other deposit accounts Bank of America offers include its Advantage Savings, which earns a minimal APY that’s below the national average. Checking account options include a noninterest-bearing account as well as one that earns interest. Bank of America doesn’t offer a money market account.
Read Bankrate's Expert Bank of America Review
4.00% APY
$1,000 minimum deposit
EverBank (formerly TIAA Bank)
Rating: 4.6 stars out of 5
4.6
Overview
EverBank offers CD terms ranging from three months to five years. It also offers a bump-rate CD, which allows a one-time rate bump should rates go higher. EverBank offers a service for customers with deposits that exceed the FDIC insurance limit of $250,000. Funds are spread around to different federally insured banks to expand insurance coverage.
Read Bankrate's Expert EverBank (formerly TIAA Bank) Review
3.95% APY
$1,000 minimum deposit
SchoolsFirst Federal Credit Union
Rating: 4.5 stars out of 5
4.5
Overview
SchoolsFirst Federal Credit Union was formed by school employees in 1934, during the Great Depression. Today, it has 50 branches.
SchoolsFirst Federal Credit Union has CD terms ranging from 30 days to five years. CDs at this credit union have four balance tiers: $500, $20,000, $50,000 and $100,000.
Read Bankrate's Expert SchoolsFirst Federal Credit Union Review
3.85% APY
$500 minimum deposit
Zions Bank
Rating: 4.7 stars out of 5
4.7
Overview
Zions Bank offers 10 terms of CDs, IRA CDs, an IRA money market, multiple checking accounts, savings accounts, a money market account and other products.
Zions Bank is headquartered in Salt Lake City, and APYs are only available in Idaho and Utah.
Read Bankrate's Expert Zions Bank Review
3.05% APY
$1,000 minimum deposit
Ally Bank
Rating: 4.6 stars out of 5
4.6
Overview
Ally Bank is an online-only bank formerly known as GMAC Bank. Ally offers seven terms of CDs, a no-penalty CD and two terms of a Raise Your Rate CD.
The Sandy, Utah-based bank also offers a savings account, an interest-bearing checking account and a money market account. Ally has 2.5 million customers with deposit accounts.
Read Bankrate's Expert Ally Bank Review
3.00% APY
$0 minimum deposit
Golden 1 Credit Union
Rating: 4.9 stars out of 5
4.9
Overview
Golden 1 Credit Union was founded in Sacramento, California, in 1933. It has more than 1 million members and over 70 branches in California. Membership to Golden 1 Credit Union is open to all Californians.
Non-Californians can join Golden 1 Credit Union if they are a registered domestic partner or family member of a current member or if they’re a member of one of the nearly 1,000 Select Employee Groups.
Read Bankrate's Expert Golden 1 Credit Union Review
3.00% APY
$500 minimum deposit
Boeing Employees’ Credit Union
Rating: 4.5 stars out of 5
4.5
Overview
Boeing Employees’ Credit Union (BECU) is one of the nation’s largest credit unions, with nearly 1.1 million members. Membership is open to Boeing employees as well as residents, employees and business owners in Washington and parts of Idaho and Oregon.
Among the credit union’s offerings are savings, checking and money market accounts, as well as CDs that range from three months to five years. Specialty CDs offered include a bump-up CD and another that allows you to add funds during the term.
2.50% APY
$500 minimum deposit
In the news
After 11 consecutive rate hikes, the Federal Reserve didn’t raise rates again during its January 2024 meeting. 94 percent of economists polled by Bankrate believe the Fed may start cutting rates in 2024.
With uncertainties about further rate increases and the possibility of rate cuts in the coming year, it might be an opportune time to think about an investment strategy that includes CDs of various term lengths to maximize your savings.
How to find the best 3-month CD rates
Comparison shopping is key when you’re looking for the best three-month CD rates. There are multiple types of CDs, including bump-up, step-up and liquid CDs. But the top three-month CD rates are usually found with traditional CDs.
Check out the best three-month CDs offered by banks and credit unions and weigh the pros and cons of going with a short-term certificate of deposit over an account that’s more liquid. Don’t forget to crunch the numbers and calculate how much interest you could earn by the end of your term.
Annual percentage yields (APYs) on CDs can vary greatly among banks, so it pays to shop around on a site such as Bankrate for a CD with the highest yield. Often, online-only banks and some credit unions pay considerably higher rates than large brick-and-mortar banks.
A benefit of a three-month CD is it only ties up your money for a relatively short period of time, yet a drawback is you’ll often find higher rates from longer-term CDs. For instance, it’s easy to find one-year CDs that pay better yields than many three-month CDs.
Other factors to consider when choosing a three-month CD include minimum deposit requirements as well as what the penalty is for early withdrawals.
When should you get a 3-month CD?
Whether a three-month CD is right for you depends on your own financial situation and goals. Due to its short term, a three-month CD could be a good investment for those who want the money freed up soon for planned purchases or to invest elsewhere.
When looking at three-month CDs, be sure to compare their rates with those offered from top high-yield savings accounts. You may be able to find a savings account that earns a higher yield, and this way you won’t need to lock in your funds for any amount of time.
Alternatives to 3-month CDs
- Savings accounts: You may be able to score a higher APY from a savings account than from a three-month CD, and an added benefit of a savings account is it doesn’t tie up your money for any period of time.
- Money market accounts: Like savings accounts, money market accounts are liquid accounts, meaning you have access to your money at any time without an early withdrawal penalty. An added benefit of money market accounts is they sometimes come with a debit card and check-writing privileges, unlike CDs or standard savings accounts (although their minimum deposit requirements may be higher than those of other deposit accounts).
- Longer-term CDs: Longer-term CDs, such as 5-year CDs, sometimes earn higher APYs than shorter-term CDs. For instance, it’s not difficult to find a one-year CD that pays a better yield than many three-month CDs.
3-month CD FAQs
Research methodology
Bankrate has been around since 1976. It’s a leading publisher of rates and personal finance articles. It’s also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.
Bankrate’s editorial team is made up of five banking experts. These experts have researched many banks and at least twice a month go to bank websites to make sure readers stay up to date on the latest rates and bank products.
We select banks that have high APYs and that are popular and broadly available, and we include some of the largest banks.