Our pick for 3-month CDs: Radius Bank Short-Term CDs
- FDIC Insurance
- Customer Support
- Minimum deposit to open
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The best three-month CDs let you lock-in a high interest rate for a short period of time. We researched over 80 CDs to find ones with the highest APYs, then narrowed down our list by focusing on factors like deposit requirements, availability, fees and account features. But we excluded jumbo CDs because most have opening deposit requirements of $100,000 or more.
What’s changed in 2021?
We removed Fidelity and US Bank from our list because their APYs dropped to 0.05%. We added Pen Air FCU and Consumers Credit Union in their place.
Below you can see the best 3-month CDs. Use the table below to sort by highest APY and minimum opening deposits. If you’d like to compare more than one CD at once, click the “Compare” box next to your favorite picks for a side-by-side view.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
A three-month CD is a short-term savings account where the interest is calculated daily and paid to you at the end of the three-month term. Certificates of deposit, or CDs, are deposit accounts that offer a higher rate of interest the longer you keep the money in the account. You can choose a term length from one month to five years with most banks.
Make sure you’re comfortable with the length of your CD and that you won’t need to access the money before the term expires. If you do need to withdraw early you’ll not only have to pay a penalty, but the interest rate may be lowered as well.
If you think you can lock your money away for longer than three months, consider a longer term instead. The longer the term length, the more you’ll benefit from compound interest.
As far as investments go, a three-month CD is considered to be a low-risk way to increase savings. Your deposits up to $250,000 are guaranteed by the government if you use an FDIC insured bank. However, there are some things to watch out for when using a three-month CD to hold your savings:
Before locking your savings into a three-month commitment, you should consider both the positive and negative points that this type of savings plan has to offer.
If you have a big purchase coming up in three months or more, a CD can be a great way to build up interest in a short amount of time. However, if there’s any chance you’ll need your money sooner, a traditional savings account is the safer option.Back to top
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