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Best 3-Month CD Rates

Find out which banks are offering the highest rates for 3-month CDs

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If you’ve got some money saved up, it’s usually not that hard to part with it for three months, especially if you’ll get a better return than you would with a savings account. Three-month CDs often have a higher annual percentage yield (APY) than traditional savings products, and the rates don’t change like they can with savings accounts. Sure, you’ll find better rates on CDs with longer terms, but if you don’t want to lock up your money for too long, a 3-month CD is a relatively stress-free option.

We review more than 150 banks and credit unions every weekday to find the best rates on 3-month CDs (we also consider 2- and 4-month CDs). Our rankings are based on the highest APY, but in the case of a tie, we favor the CD with the shortest term, then with the lowest minimum deposit required to earn the APY, and then with the smallest penalties for early withdrawal. All accounts are available nationwide and are insured by either the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).

Here are the top 3-month CDs as of Mar. 21, 2023.

Below are the top certificate of deposit rates available from our partners, followed by a ranking of some of the best CD rates nationwide.

Here are details about some of the institutions on our list.

Best 3-Month CD Rates

Bank or Credit Union APY Minimum Deposit Early Withdrawal Penalty
TotalDirectBank 5.01% $25,000 1 month of interest
Teachers Federal Credit Union 5.00% $1,000 All earnings up to 6 months' worth
Umbrella Bank 4.75% $1,000 Complex formula; minimum penalty of 1% of amount withdrawn
Alliant Credit Union 4.50% $1,000 Number of days certificate is open up to 90 days
Popular Direct 4.10% $10,000 3 months of interest
Citi 4.00% $500 3 months of interest
TIAA Bank 4.00% $1,000 22 days of interest
NexBank 4.00% $10,000 1 month of interest
Farmers Insurance Federal Credit Union (4-Month) 4.00% $1,000 Complex formula; 3 months minimum
Andrews Federal Credit Union 3.75% $1,000 3 months of interest
MapleMark Bank 3.75% $25,000 1 month of interest


TotalDirectBank is a division of City National Bank of Florida, which was founded more than 70 years ago. TotalDirectBank keeps the product lineup simple, with money market accounts and CDs with terms of up to five years. Anyone in the U.S. (except those in Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and U.S. Virgin Islands) can open a money market or CD account.

Teachers Federal Credit Union

Based out of Smithtown, New York, Teachers Federal Credit Union has 32 branches throughout Long Island, Queens, and Manhattan. Membership is available to anyone in the U.S., and account access is available via online and mobile banking in addition to Credit Union Service Centers, available nationwide, or ATMs in the Allpoint network. 

In addition to CDs, personal banking accounts offered include checking, savings, and money market. Credit cards, personal lending, and business banking also are available.

Umbrella Bank

Umbrella Bank is a division of Beal Bank focused on CDs and savings and money market accounts. Beal Bank is headquartered in Plano, Texas, where it was founded in 1988. Anyone nationwide can open and manage any of Umbrella Bank's savings products through its website.

Alliant Credit Union

Alliant Credit Union has been around since 1935, when it was formed to serve employees of United Airlines. Headquartered in Chicago, Alliant has no branches, but it offers up to $20 per month in rebates for fees from out-of-network ATMs, and accounts can be managed online or through an app for Android and Apple devices.

Membership is available to anyone nationwide who becomes a member of Foster Care to Success, which serves teens in the foster care system. Alliant will cover the one-time $5 membership fee.

Popular Direct

As a subsidiary of Popular, Inc., a full-service bank in the U.S., Puerto Rico, and the Caribbean, Popular Direct has 122 years of history. Popular Direct is focused on savings and CD accounts. CD terms range from three months to five years, and you can rest easy knowing that your deposits are FDIC-insured.


Citi is a global financial services powerhouse that traces its roots back to the War of 1812 (when it was City Bank of New York). Today it offers banking services to institutions, businesses, and individuals—including savings accounts and certificates of deposit. CD terms range from three months to five years. Big, well-funded banks like Citi don’t often offer rates competitive with offerings from regional banks and credit unions.


TIAA Bank is the online bank of the Teachers Insurance and Annuity Association of America (TIAA), which is a Fortune 100 company that has been around for more than 100 years.

Anyone can open an account online in just a few minutes. CD options range from three months to five years, including some unique terms like nine months and 2.5 years.


Founded in 1922, NexBank has nearly $8.9 billion in assets. It serves customers in and around Dallas, Irving, and Plano, Texas, mostly financial institutions, large corporations, real estate companies, and middle-market firms. However, it also offers personal banking products, including checking, savings, and money market accounts, mortgages, and CDs with terms ranging from three months to five years.

Farmers Insurance Federal Credit Union (4-Month)

Chartered in 1936 and headquartered in Burbank, California, Farmers Insurance Federal Credit Union also has branches in Arizona, Kansas, Michigan, Oklahoma, and Washington. As well, it is part of the CO-OP network of shared branches and ATMs. Members also can manage their accounts online or through a mobile app for Android and Apple devices.

Credit union membership is open to anyone nationwide who joins the American Consumer Council and pays the $8 membership fee.

Andrews Federal Credit Union

MapleMark Bank

With physical locations in Dallas and Tulsa, Oklahoma, MapleMark Bank has been in business for more than a century. In addition to CDs, it offers checking and savings accounts, personal loans, and lines of credit.

Those who don't live in the Dallas or Tulsa areas can open and manage their accounts through online banking or mobile apps for Android or Apple devices.

What Is a 3-Month CD?

A certificate of deposit is a type of savings product with a fixed APY and a fixed maturity date. That is, in exchange for leaving your money with a bank or credit union for a set period of time, you’ll lock in a fixed APY for that entire period. So, in the case of a 3-month CD, the APY is fixed for three months. At the end of the term, you’ll get the interest that’s accrued plus your original deposit. Then, you can either withdraw your money, renew the CD, or switch to a different CD. If you withdraw early, you'll often be charged an early withdrawal penalty.

Who Is a 3-Month CD Best For?

If you’re looking for a fixed interest rate product to grow your savings in the short term, a 3-month certificate of deposit (CD) account can provide more favorable and predictable earnings than you’d get in a regular savings account. The national average APY for 3-mo CDs is typically higher than that for savings accounts. And as the rate is fixed, you’ll know exactly how much the CD will earn.

The real benefit might be that it ties up the money for a few months so that you’re not tempted to spend it. You may want a 3-month CD if you have a big expense coming up in a few months. Because the term is so short, 3-month CDs typically have lower APYs than longer-term CDs, so consider how long you can part with your money before choosing a term. 

A 3-month CD can also be used as part of a CD ladder strategy, in which you divide up your money to purchase CDs of varying lengths so you’re not losing access to all of it for a long time. When the 3-month CD matures, you'll be able to withdraw your money and can then decide if and how to reinvest it.

What Are the Alternatives to a 3-Month CD?

For a very short-term savings strategy, a 3-month CD can be a good product. It really depends on your personal financial goals and how willing and able you are to lock down some of your savings. Some other alternatives you can consider include:

CDs With Longer Term Lengths

If you’re leaning toward a CD, consider the pros and cons of a longer term. Going with a CD that matures in one year or even five years will provide a higher APY, but you won’t be able to access the money for a longer time frame.

High-Yield Savings Account

Opting for a higher-yield savings account such as an online savings account is another safe option if you aren’t comfortable with parting ways with your money for a set time. APYs on these accounts are often higher than what you’ll find among current 3-month CDs. On the downside, savings account rates move with benchmark interest rates. Plus, if you don’t have self-discipline, you might spend any money that’s not locked down.

If you prefer instant account access, we have partnered with the following banks to bring you the high-yield savings and money market account offers displayed in the table.

Image shows a person looking at 5 brochures trying to pick one to get a new certificate of deposit.

The Balance / Colleen Tighe

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