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Today's top widely available 3-month CD pays 0.45 percent APY. A 3-month CD could be a great place to invest for short-term financial obligations, like establishing a rainy day fund.

Savers have tons of places to park their cash. But choosing between a savings account and a certificate of deposit (CD) can be difficult.

A CD allows you to tuck away your money at a bank and earn fixed interest on that money until the CD matures. But because 3-month CDs are pretty short investments, banks tend to offer lower interest rates on these compared with a high-yield savings account.

The top savings accounts pay around 0.60 percent annual percentage yield (APY). But the average yield is much lower (0.07 percent APY). If you're hoping to earn a higher rate of return and you want the money you invest to be accessible, consider buying a 3-month CD.

Maturity Ranges ( 3/2/2021 ) Rates up to: 1-3 Month CDs: 0.04%APY: 4-6 Month CDs: 0.05%APY: 7-9 Month CDs: 0.03%APY: 10-18 Month CDs: 0.1%APY. 3-Year CD Rates. 3-Year CD rates are usually higher than 2-year CD rates, but lower than 4-year CD rates and are considered a mid- to long-term CD in terms of maturity period. Certificates of deposit, or CDs, are time deposits bought by an individual in order to earn an established rate. See what the average interest rate was in the US for 3-month, 60-month, 1-year, 3-year and 5-year CDs since 2010 and learn how the economy affects rates.

The best 3-month CD rates available from banks and credit unions pay more than five times the national average of 0.08 percent APY, according to Bankrate's most recent national survey of banks and thrifts.

The best 3-month CD rates for February 2021

• Bethpage Federal Credit Union: 0.40% APY; $50 minimum deposit
• Navy Federal Credit Union: 0.40% APY; $1,000 minimum deposit
• TIAA Bank: 0.35% APY; %1,000 minimum deposit
• BrioDirect: 0.25% APY; $500 minimum deposit
• VyStar Credit Union: 0.25% APY; $500 minimum deposit
• First Internet Bank of Indiana: 0.25% APY; $1,000 minimum deposit
• Radius Bank: 0.25% APY; $1,000 minimum deposit
• SchoolsFirst Federal Credit Union: 0.25% APY; $20,000 minimum deposit for APY
• Golden 1 Credit Union: 0.25%; $25,000 minimum deposit

Note: The APYs (Annual Percentage Yields) shown are as of Feb. 26, 2021. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The rates for some products may vary by region.

Bankrate’s guide to choosing the right CD rate

Why you can trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you're getting information you can trust. Bankrate was born in 1976 as 'Bank Rate Monitor,' a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate’s Best CD Rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

Bankrate's guide to choosing the right CD rate

Why you can trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you're getting information you can trust. Bankrate was born in 1976 as 'Bank Rate Monitor,' a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate's Best CD Rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you'll need access to these funds to help you avoid early withdrawal penalties.

Finding the best 3-month CD rates

Comparison shopping is a must when you're looking for the best 3-month CD rates. There are multiple types of CDs, including bump-up CDs and liquid CDs. But the top 3-month CD rates are usually found with a traditional CD.

Check out the best 3-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.

Best 3-month CD details

Bethpage Federal Credit Union - 0.40% APY; $50 minimum deposit to open

Bethpage Federal Credit Union was founded in 1941 for people working at Grumman.

Bethpage Federal Credit Union is located in Bethpage, New York. It has more than 400,000 members and offers nine terms of CDs. The three-month CD is the shortest term and the five-year CD is the longest term. Bethpage also offers a 39-month bump-up CD.

Besides CDs, Bethpage offers checking accounts, savings accounts, loans and other financial products.

Navy Federal Credit Union - 0.40% APY; $1,000 minimum deposit

Navy Federal Credit Union has more than 9 million members and is the world's largest credit union. It has a global network of 340 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.

Membership at Navy Federal Credit Union is open to all Department of Defense employees, all branches of the military, veterans and their families.

In addition to CDs, Navy Federal Credit Union offers checking and savings accounts, loans and credit cards.

TIAA Bank - 0.35% APY; $1,000 minimum deposit

TIAA Bank is a division of TIAA, FSB. TIAA Bank has 10 financial centers, all located in Florida.

TIAA offers CD terms ranging from three months to five years. It also offers a Bump Rate CD, which allows a one-time rate bump if rates go higher. TIAA Bank has a service called CDARS (Certificate of Deposit Account Registry Service) for customers with high deposits who need expanded FDIC insurance coverage.

BrioDirect - 0.25% APY; $500 minimum deposit

BrioDirect is Sterling National Bank's online brand. All BrioDirect savings deposit products are provided by Sterling National Bank, which was founded in 1888.

BrioDirect offers only CDs and a high-yield savings account. Both of these savings products offer a competitive yield.

BrioDirect offers 13 terms of CDs, ranging from 30 days to five years. Even with this range of terms, the one-year CD is the best deal and has the highest APY for a CD at BrioDirect.

VyStar Credit Union - 0.25% APY; $500 minimum deposit

VyStar Credit Union was founded in 1952. It was originally called Jax Navy Federal Credit Union and was chartered at Naval Air Station in Jacksonville, Florida.

Membership at VyStar Credit Union is open to anyone who works or lives in the 49 Florida counties or the four Georgia counties listed on its website.

VyStar Credit Union offers 10 CDs terms ranging from three months to five years. It also offers a one-year CD for Kid's, VyTeen, Bravo and Achieve members only.

First Internet Bank of Indiana – 0.25% APY; $1,000 minimum deposit for this APY

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 U.S. 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.

Radius Bank - 0.25% APY; $1,000 minimum deposit to earn APY

Radius Bank is an online bank that was founded in 1987. It is based in Boston. Radius has more than $1.4 billion in assets.

Radius offers checking and savings accounts and CDs in nine terms ranging from three months to five years. Minimum opening deposits for CDs are reasonable, and Radius offers a lot of tools for monitoring and managing accounts.

SchoolsFirst Federal Credit Union - 0.25% APY; $20,000 minimum deposit to earn APY

SchoolsFirst Federal Credit Union was formed during the Great Depression in 1934. Created by school employees, the credit union has 50 branches.

SchoolsFirst Federal Credit Union has low minimum balances and 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.

Golden 1 Credit Union - 0.25% APY; $25,000 minimum deposit

Golden 1 Credit Union has 1 million members and over 70 branches in California. Its main office is in Sacramento, California. Golden 1 opened in 1933. Membership is open to all Californians.

Non-Californians can join Golden 1 Credit Union if they are a registered domestic partner or family member of an existing member. They can also join if they're a member of one of the select employee groups.

In addition to CDs, Golden 1 Credit Union offers a money market account and checking and savings accounts. The credit union also has credit cards and loans.

Note: The APYs (Annual Percentage Yields) shown are as of Feb. 26, 2021. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The rates for some products may vary by region.

3-month CD rates offered by popular banks

Check out the 3-month CD rates offered by some of the country's most popular banks:

• Ally Bank: 0.20% APY; $0 minimum deposit
• Discover Bank: 0.20% APY; $2,500 minimum deposit
• Synchrony Bank: 0.15% APY; $0 minimum deposit

Ally Bank – 0.20% APY; $0 minimum deposit to open

Ally Bank started in 2004 and is headquartered in Sandy, Utah. In 2009, GMAC Bank was transformed into Ally Bank. Ally Bank exceeded 1 million Ally Bank currently has 6.5 million customers and counting.

Ally Bank also offers a checking account, a money market account, term CDs, a no-penalty CD and two terms of a Raise Your Rate CD.

Discover Bank - 0.20% APY; $2,500 minimum deposit

Discover Bank may be known for its credit cards, but it also offers a wide selection of banking products. It has been offering deposit products online since 2007.

Discover Bank offers CDs ranging in terms as short as three months to 10 years.

It also offers a checking account, money market account and a savings account.

Synchrony Bank - 0.15% APY; $0 minimum deposit

Synchrony Bank offers competitive yields across 12 terms. All standard CD terms typically offered by banks and credit unions are available.

If Synchrony Bank receives your CD deposit within the 15-day period and the CD rate increased, you'll receive the higher rate.

The bank also offers a savings account and a money market account. The savings account has a competitive APY and has no minimum balance requirement.

How to use a 3-month CD in a CD ladder

With a CD ladder, you’ll open several short- and long-term CDs with staggered maturity dates. The long-term CDs should allow you to take advantage of higher CD interest rates, while the shorter-term CDs let you either access the money sooner or reinvest into a new CD if you can find higher interest rates.

A 3-month CD may fit into your ladder as the shortest rung. Once it matures, you can either use the funds or reinvest into a longer-term CD with a higher interest rate.

Alternatives to 3-month CDs

This type of CD isn’t right for everyone. Check out these alternatives to 3-month CDs:

Savings account or money market account

You may be able to score a higher interest rate with a money market account or a high-yield online savings account, while still maintaining access to your money.

Money market and high-yield savings accounts typically offer higher interest rates than standard savings accounts, but they normally require higher balances and may have restrictions on accessing the money.

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Consider a CD with a longer term

CDs give savers a bit of a yield boost over savings accounts in exchange for a long-term deposit. The longer savers agree to leave their money in the bank, the higher the yield.

Investing in a 1-year CD, for example, would require you to tie up your funds for a full 12 months.

To recap, see the best 3-month CD rates below:

Learn more about other CD terms:

Point of Interest

If you’re looking for a low-risk investment, 3-month CDs are a solid way for investors to earn guaranteed profits with no risk. While this type of investment won’t earn you as much on your deposit as other, more risky options, it’s a safe way to grow your money.

Opening a 3-month certificate of deposit is a quick way to earn a return on your savings since the average rate is about 0.20% APY. But where can you find the best 3-month CD rates? Well, it’s not entirely about rates. Yes, the best 3-month CD for you should have high-interest yields, but it should also have low early withdrawal penalties and minimum balance limits that fit your budget.

To simplify your research process, we’ve found six institutions offering the best 3-month CD rates and terms. Afraid of commitment? No problem. This product only asks for three months. It’s a great way to get your investing feet wet without the worry of having money tied up for too long.

6 Best 3-month CD Rates of July 2020

• Ally Bank — 0.35% APY
• TIAA Bank — 0.35% APY
• Barclays — 0.35% APY
• Citibank — 0.25% APY
• Discover — 0.25% APY
• Synchrony Bank — 0.25% APY

Ally Bank — 0.35% APY

Ally Bank is an award-winning online bank that offers a comprehensive suite of products, including 3-month CDs. Its $0 minimum balance makes it an accessible option, and the 0.35% 3-month CD rate gives a higher return than a standard savings account. The penalty for early withdrawal is 60 days of interest, which is also less than all of the CDs on this list, making it an excellent option for those new to investing. Ally also offers a 0.05% incentive reward to renew CDs, boosting future yields.

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TIAA Bank — 0.35% APY

TIAA Bank offers CDs backed by its “Yield Pledge Promise“ to review competitors’ rates weekly and remain in the top 5% of competitive accounts. Its current CD rate of 0.35% is one of the best 3-month CD rates offered by a bank. What is the catch? Well, the minimum balance to open a CD with TIAA is $5,000, so you will have to have a little stockpile of savings. Furthermore, if you need to pull out your money early, you’ll have to say goodbye to any interest you’ve earned.

Barclays — 0.35% APY

Lastly, Barclays began 300 years ago in London. This globally recognized brand has always been driven by strong values. Its 3-month CD requires $0 minimum balance, making it an option for investors of all levels. While its APY of 0.35% is the lowest in this list, it is three times the average of standard savings accounts and could, therefore, be a solid option for first-time investors with smaller amounts to invest. The early withdrawal penalty here is also 90 days.

Citibank — 0.25% APY

Founded in 1812 in New York, Citibank now services over 200 million customers in over 160 different countries. While the full list of services the bank offers is pretty comprehensive, one of the attractive investment options from Citibank is a 3-month CD with a rate of 0.55%.

Getting this rate only requires a minimum deposit of $500. Citibank also offers short-term CD laddering so you can invest your money across multiple CDs, which can give you more liquidity and the potential to earn higher overall interest rates.

Discover — 0.25% APY

Founded in 1911, Discover Bank has been offering personal finance products for over a century now. The 3-month CD rates at Discover are currently 0.35%, which isn’t as high as some competitors. Still, Discover doesn’t have a minimum deposit requirement, which might make this an attractive option to some investors.

Like many of the other banks and credit unions offering CDs, an early withdrawal from a 3-month CD with Discover will result in giving up all of the interest you’ve earned. Your principal (the amount you invested) is never at risk, but you will lose your interest gains.

Synchrony Bank — 0.25% APY

3 Month Cd Rates Fidelity

3-month CDs are available from Synchrony Bank with an APY rate of 0.25%. While slightly lower than the other rates listed, it may still be a good option if you’re looking for a CD as part of your IRA or if you want to withdraw your interest with no penalty. The account minimum with Synchrony is not as high as TIAA Bank but is still substantial at $2,000. Early withdrawal penalties with Synchrony are 90 days worth of interest for CDs with terms under 12 months.

Compare the 6 best 3-month CDs of 2020

*Rates accurate as of July 17, 2020

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What is a 3-month CD?

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A 3-month CD is a type of federally insured deposit product with a fixed interest rate and a fixed date of withdrawal three months after the deposit. In exchange for agreeing to keep your money in the account for three months, you get higher interest yields than most traditional savings accounts.

Why might you want a 3-month CD? CDs range from one month in length up to 60 months. The short-term options like a 3-month CD, have the benefit of a shorter commitment. If you cancel before the term of a CD is up, the institution typically charges you a penalty that can cancel out the earnings. So, if you don’t have much money saved yet and aren’t fully comfortable locking it up long-term, short-term CDs are a good option.

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Short-term CDs can also help you if you have trouble saving money, as the penalty will provide some motivation to leave it alone. After you complete a 3-month CD, you can work your way up to longer terms and larger returns from there.

Who is a 3-month CD good for?

If you’re looking for a short-term way to make a little extra money, a 3-month CD may be a viable option. The thought of investing your money for an extended period of time can sometimes be a deterrent when looking into investing in a CD, but not with 3-month CDs. This short CD term gives you the ability to earn higher interest rates than you would with savings accounts or money market accounts without tying up your deposit for the long term. This could be beneficial if you have a surplus of cash, like money you owe for taxes that are due to be paid in 6 months or more, or perhaps some money you have saved up for a major purchase that is at least three months away.

If you’re looking to earn higher rates of return on your investment, you may be more interested in stocks or bonds, which are riskier but offer more potential return. But if you’re looking for a guaranteed return with no risk (that will still help change your life for the better), consider a short-term investment in a CD.