With rates on savings accounts so high, you're probably looking for the right place to put your hard-earned cash. Putting your savings into a CD account is one option, and many accounts are offering rates of over 5%. Since shorter-term certificates offer greater flexibility than longer-term CDs, opening a 3-month CD can be a good option for individuals who don't want their cash tied up for a long period of time.
Additionally, it’s important to compare rates across accounts to be sure you’re getting the best return on your savings. High-yield savings accounts also offer impressive APYs, and you won't have to wait a few months to access cash saved in these types of accounts. However, unlike CDs, high-yield savings accounts have variable rates, so your APY could drop depending on the market. Furthermore, it’ll be easier to make impulse purchases with cash in a high yield savings account than cash that’s tied up in a CD. So, if you're putting money aside for a future purchase, opting for a short-term CD can help ensure you won't spend any of your savings until that time comes.
3-month CDs can also be opened as part of a CD ladder, where you stagger, or ladder, maturities so that some are always coming due in the near future. For example, you may open 3-month, 6-month, 9-month, and 1-year CDs, renewing each when they mature. This strategy provides a consistent cash flow over time.
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Here are some of the highest earning 3-month CDs on the market today. Also, compare current rates on both CDs and high-yield savings accounts by using the tools below.
Best 3-month CD rates
Below are several of the highest earning 3-month CD accounts on the market, all offering an APY of over 5%.
Total Direct Bank
- APY: 5.66%
- Minimum deposit: $25,000
Bayer Heritage Federal Credit Union
- APY: 5.65%
- Minimum deposit: $100
Dow Credit Union
- APY: 5.65%
- Minimum deposit: $500
Signature Federal Credit Union
- APY: 5.55%
- Minimum deposit: $500
Ponce Bank
- APY: 5.40%
- Minimum deposit: $1.00
iGObanking
- APY: 5.35%
- Minimum deposit: $1,000
Interior Federal Credit Union
- APY: 5.22%
- Minimum deposit: $500
Western Alliance Bank
- APY: 5.21%
- Minimum deposit: $1.00
All In Credit Union
- APY: 5.12%
- Minimum deposit: $1,000
Brilliant Bank
- APY: 5.10%
- Minimum deposit: $1,000
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