Best 3-Month CD Rates 2024
We’ve compared 142 CD accounts at 84 nationally available banks and credit unions to find some of the best three-month certificates available. See below to learn more about why we picked each account, the pros and cons and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of September 9, 2024.
Bethpage Federal Credit Union Certificate Account
4.8
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 3-month
2.25%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
On Bankrate.com's Website
2.25%
$50
Daily
Editor's Take
Bethpage Federal Credit Union’s Certificate Accounts pay competitive dividends and have a very low $50 minimum deposit. (The minimum balance to earn the APY is also $50.) Bethpage offers nine standard certificates, ranging from three months to five years.
Bethpage leads this Best 3-Month CD Rates list in part because its 2.25% APY provides a very competitive dividend for such a short-term commitment. If you’re looking for a safe place to stow some savings for a near-term goal, this certificate is one to consider. Its very low minimum deposit also makes this certificate accessible to many.
You can manage your certificate account online or via the credit union’s mobile app. Becoming a member of Bethpage Federal Credit Union is easy, too. You can join by making a $5 deposit into a Bethpage savings account.
Pros & Cons
- Competitive dividend yields across terms
- Wide range of terms
- Very low $50 minimum deposit requirement
- Fairly easy to join
- It’s possible to find higher rates at other banks and credit unions
- Must open a savings account to access certificates
- Requires membership
Expert's Take
Some Bethpage CDs are offering competitive interest rates for savers looking to lock in an interest rate for an extended period of time, which can make sense if rates fall in the near future. Keep in mind that Bethpage CDs automatically renew at maturity, so if you need to free up your funds at the end of your CD maturity period, set a calendar reminder to request your funds when your CD matures.
—Natalie Taylor, CFP
Bethpage Federal Credit Union CD Rates
| TERM | APY |
|---|---|
3 Month | 2.25% |
6 Month | 4.00% |
11 Month | 5.00% |
12 Month | 4.00% |
18 Month | 3.00% |
24 Month | 3.00% |
30 Month | 3.00% |
36 Month | 4.00% |
39 Month Bump-Up | 3.00% |
48 Month | 3.00% |
60 Month | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. For certificates opened online, dividends are compounded daily and credited monthly. Members who open a six-, 12-, 24-, 36- or 39-month certificate in a branch can select a dividend period and crediting frequency of monthly or quarterly.
Maturity options
There’s a seven-day grace period after your certificate matures to renew or change the account.
Early withdrawal penalty
Early withdrawal penalties equal either 90 or 180 days’ dividends, depending on term length.
Consumers Credit Union Certificate Account
4.4
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 3-month
Minimum Deposit Requirement
$250
Interest Compounding Frequency
Daily
On Consumers Credit Union's Website
0.50%
91-day term
$250
Daily
Editor's Take
Consumers Credit Union offers certificates with terms ranging from 91 days to five years, paying competitive dividends. The 91-day certificate account earns 0.50% APY and has a low minimum deposit requirement of $250.
Consumers is mostly an online credit union, although it does offer some branch locations throughout Illinois. If you’re not near a branch, you can handle your banking needs via Consumers’ website and its well-rated mobile app. There is 24/7 live chat and customer service is available by phone six days a week.
You can join Consumers Credit Union by making a one-time donation of $5 to the Consumers Cooperative Association.
Pros & Cons
- Competitive promotional rates
- Wide range of term lengths
- Low minimum deposit requirement
- Interest compounds daily
- Not the highest rates around
- Membership is required
Expert's Take
CCU’s standard certificate interest rates are substantially lower than all the others. The minimum deposit requirement is lower than others though, which makes it more accessible. Earning interest compounded daily does make a slight difference—more frequent compounding can put a little more money in your pocket.
—Gloria Garcia, CFP
Consumers Credit Union CD Rates
| TERM | APY |
|---|---|
91 Day | 0.50% |
6 Months | 0.65% |
1 Year | 1.00% |
13 Months | 5.00% |
17 Months | 4.30% |
18 Months | 0.90% |
2 Years | 1.20% |
30 Months | 1.00% |
3 Years | 1.30% |
4 Years | 1.35% |
5 Years | 1.50% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends compound daily and are credited to your account monthly.
Early withdrawal penalty
For terms of one year or less, the early withdrawal penalty is 60 days’ dividends. For terms of more than one year, the early withdrawal penalty is 120 days’ dividends.
Maturity options
There’s a grace period of 10 days after your certificate matures to withdraw funds from your account. Otherwise, your certificate automatically renews.
Branch access and customer service
Consumers is primarily an online credit union, although it does offer some branch locations throughout Illinois. If you’re not near a branch, you can take care of all of your banking needs via Consumers’ website and mobile app. It also has a 24/7 live chat feature and customer service is available by phone six days a week.
EverBank Basic CD
4.2
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 3-month
3.95%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
On Bankrate.com's Website
3.95%
$1,000
Daily
Editor's Take
EverBank offers decent rates on all its CDs, with terms ranging from three months to five years. Its three-month CD stands out for its competitive 3.95% APY, relatively low $1,000 minimum deposit requirement and daily compounding frequency. In addition, EverBank allows you to withdraw interest prior to maturity without a penalty.
EverBank offers a 20-day advanced maturity alert to give you time to decide whether to let the CD automatically renew or to put your funds to another use. There’s also a 10-day grace period following the maturity date during which changes can be made.
Customers can track their CD and other EverBank accounts with EverBank’s highly rated mobile app, available for iOS and Android.
Pros & Cons
- Competitive APYs across terms
- Wide range of terms
- Highly rated mobile app
- 20-day advance maturity alert
- Early withdrawal penalties can be steep
Expert's Take
EverBank doesn’t offer no-penalty CDs or IRA CDs, but it does offer a CD solution for people who need more than the standard $250,000 in FDIC insurance coverage. Its certificate of deposit account registry service (CDARS) has the potential to offer up to $50 million in coverage by utilizing the IntraFi Network. Minimums and available terms vary.
—Stephen Kates, CFP
EverBank CD Rates
| TERM | APY |
|---|---|
3 Months | 3.95% |
6 Months | 4.00% |
9 Months | 4.70% |
1 Year | 4.50% |
1.5 Years | 4.00% |
2 Years | 4.00% |
2.5 Years | 3.80% |
3 Years | 3.75% |
4 Years | 3.70% |
5 Years | 3.65% |
Interest is compounded daily and credited monthly. Early withdrawal penalties vary by term length.
TotalBank CD
3.9
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 3-month
5.15%
Minimum Deposit Requirement
$25,000
Interest Compounding Frequency
None
Learn More
Read Our Full Review
5.15%
$25,000
None
Editor's Take
TotalBank offers a very competitive three-month CD paying 5.15% APY.
If you’re thinking, where’s the catch? It’s this: The account requires a steep minimum deposit of $25,000—which may cause consumers to shy away. The maximum CD deposit is $500,000. The interest earned does not compound and is paid at the end of the three-month period.
As your CD approaches its maturity date, a maturity notice will be mailed to you. There is a 10-day grace period after maturity, during which you can decide to have the CD automatically renew, move the funds to a different CD with a different term or withdraw your funds.
Pros & Cons
- Very competitive APY
- Can deposit up to $1,000,000
- $25,000minimum deposit for CDs
- Interest does not compound
- No mobile app
Details
Three-month CDs from TotalBank pay simple interest—the interest doesn’t compound. The early withdrawal penalty for withdrawing principal from the three-month CD is one month of interest, whether or not earned. Because interest isn’t paid out until the CD matures, this means you could lose money from your principal.
BrioDirect High-Rate Certificates of Deposit
3.6
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 3-month
0.25%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
0.25%
$500
Daily
Editor's Take
BrioDirect offers a relatively competitive APY on its three-month CD. And it only requires a $500 minimum deposit to get started.
Savers can keep track of their accounts online or via BrioDirect’s mobile app. The app is available on iOS and Android and is provided by Sterling National Bank.
BrioDirect is a sub-brand of Sterling National Bank, offering checking, savings, money market and CD accounts. All accounts opened through BrioDirect are provided by Sterling National Bank, member FDIC.
Pros & Cons
- Relatively competitive APY
- Highly rated mobile app
- Relatively low $500 minimum deposit requirement
- Only offers CDs and a money market account
- No physical branch locations
Details
Interest on BrioDirect’s three-month CD account is compounded daily and is credited at maturity. The grace period to withdraw funds is seven days after maturity. If you decide to withdraw funds prior to the maturity date, there is an early withdrawal penalty for withdrawing principal that equals 90 days’ interest, whether earned or not.
Summary: Best 3-Month CD Rates
| Certificate | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Bethpage Federal Credit Union Certificate Account |  | 4.8 |  | 2.25% | $50 | Daily | Learn More | Via MoneyLion’s Website | |
| Consumers Credit Union Certificate Account |  | 4.4 |  | 0.50% | $250 | Daily | Learn More | On Consumers Credit Union's Website | |
| EverBank Basic CD |  | 4.2 |  | 3.95% | $1,000 | Daily | Learn More | Via MoneyLion’s Website | |
| TotalBank CD |  | 3.9 | | 5.15% | $25,000 | None | Learn More | Read Our Full Review | |
| BrioDirect High-Rate Certificates of Deposit |  | 3.6 |  | 0.25% | $500 | Daily | Learn More | Read Our Full Review |
Methodology
To create this list, Forbes Advisor analyzed 142 CD accounts across 84 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. For the star rating, we ranked each institution on 11 data points within the categories of APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. We also analyzed and ranked each institution by individual terms.
The following is the weighting assigned to each category:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
To help you find the best CD rates, CD accounts with higher APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher affected scores negatively. Accounts with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. To appear on this list, the account must be nationally available.
To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.
Average 3-Month CD Rates
The average national rate on a three-month CD is 1.53% as of August 19, 2024, according to data from the FDIC. This rate is the weighted average of all rates paid by all insured depository institutions and credit unions that have data. While this is the average rate, many banks on this list offer rates that are much higher.
What Are 3-Month CD Rates?
The rates on three-month CDs can vary widely among financial institutions. The best three-month CD rates can often be found with online banks or on promotional CDs.
How Do 3-Month CD Rates Work?
While three-month CDs aren’t as common as CDs of other term lengths, three-month CD rates work like any other type of CD rate. After opening a three-month CD and depositing your funds, you’ll earn a fixed rate for three months equal to the APY that was advertised when you opened the account.
Interest on CDs is typically compounded daily or monthly. Due to the short term, most three-month CDs on this list compound interest daily. To receive the highest return on your money, choose a CD that compounds interest daily instead of monthly.
How To Choose a 3-Month CD
If you’re seeking a three-month CD, your primary concern may be the interest you’ll earn. But there are several factors to consider in addition to APY:
- APY. Look for the specific rate of interest or dividends (APY) your CD will earn. By choosing to lock up your savings for only a short period of time, both you and your financial institution are betting that interest rates could change sooner rather than later.
- Compounding schedule. Consider your potential interest earnings. To receive the best return on your investment, you want the interest or dividends to be compounded daily rather than monthly.
- Safety. Look for financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). In the event of a bank or credit union failure, your deposits would be insured for up to $250,000 per account for each account ownership category.
- Early withdrawal. Another important issue is the CD’s early withdrawal penalty. In some cases, a shorter-term CD, like the three-month, may have an early withdrawal penalty that would erase your interest or dividend earnings. (Some banks impose withdrawal penalties that could not only reclaim any interest earned but also reduce your principal balance.)
- Term. Even though three months sounds like a short-term investment, be sure you won’t need access to the funds during that time. If you believe you could need to withdraw funds before the CD’s maturity date, a savings account or money market account may be your better savings option.
3-Month CD Rates vs. Other Terms
On average, three-month CD rates tend to be lower than rates offered on longer-term CDs. The good news is you don’t have to forgo competitive yields, as some banks are currently offering three-month CD rates that are equally competitive, or even more competitive, than their rates on six-, nine- and 12-month CDs.
If you’re looking to maximize returns, consider creating a CD ladder. You could open a three-month CD, a six-month CD, a nine-month CD and a 12-month CD at around the same time and split your money across all four. This allows you to lock in competitive rates without tying up your money for more than three months at a time.
Banks We Monitor
These financial institutions were included in our research for the best CD rates: ableBanking, Affinity Federal Credit Union, Ally Bank, American Express, Axos Bank, Apple Federal Credit Union, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Credit Union of Denver, Discover, Dollar Savings Direct, EmigrantDirect, Financial Partners Credit Union, Financial Resources Federal Credit Union, First National Bank of America, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalBank, U.S. Bank, USAA, USAlliance Federal Credit Union, Vio Bank, Virtual Bank, Wells Fargo and Truist.
Forbes Advisor Banking Writer Kat Aoki and Banking Expert Rebecca Lakecontributed to this article.
Frequently Asked Questions (FAQs)
Is a 3-month CD worth it?
Yes, a three-month CD can be worth it if you’re looking for a safe, FDIC-insured account that earns guaranteed interest on money you’d otherwise leave untouched in a checking or savings account. Choosing a shorter CD term, like three months, also helps ensure you won’t need to withdraw funds early and incur a penalty.
Do 3-month CDs have fees and penalties?
Yes, like other CD terms, three-month CDs typically have early withdrawal penalties if you withdraw your funds before the term ends. The penalty on a three-month CD is usually equal to a percentage of the compounded interest you would have earned for a specified timeframe—for example, one month.
What is the highest 3-month CD rate?
The highest available three-month CD rate is currently 5.51% APY, available from TotalBank. EverBank’s three-month CD comes in second, earning 3.95% APY.
Should I get a 3-month CD?
If you have extra money sitting around in your checking or savings account that you don’t need right away, a three-month CD can be a good choice for earning a guaranteed APY on it. Like bank accounts, three-month CDs are backed by FDIC insurance up to $250,000, making them safe, low-risk investments for your short-term savings goals.
Next Up In CDs
- Best CD Rates Of 2024
- CD Interest Rates Forecast
- CD Calculator: How Much Can You Earn With A Certificate Of Deposit?
- Marcus By Goldman Sachs CD Rates
- How To Invest In CDs
- Citibank CD Rates
