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For money that you’re willing to lock away for a while, certificates of deposit, or CDs, can be a useful financial tool as they can often earn you a higher interest rate. And if your time horizon is very short, you might consider three-month CDs.
Just be sure to do your homework on what you’ll earn compared to alternatives, like a high-yield savings account that can earn even more. To make your search easier, we’ve put together the best three-month certificate of deposit rates available from our partners, along with a ranking of the highest paying CDs currently available nationwide.
By monitoring rate data from approximately 200 banks and credit unions who offer certificate products nationwide, we are able to rank the highest paying CDs in the country that have terms of approximately three months (including maturities of two to four months). To be included, the institution must be federally insured (by the Federal Deposit Insurance Corporation for banks and the National Credit Union Administration for credit unions), and the minimum deposit required cannot exceed $25,000.
If more than one institution pays the same maximum rate, we rank the CDs by the shortest term, then the smallest minimum deposit. Then, if there is still a tie, we will rank by which CD has the lightest early withdrawal penalty.
Best CD rates 3 months:
- Merrick Bank – 2.10% APY
- TotalDirectBank – 2.00% APY
- Luana Savings Bank – 1.82% ABS
- Chevron Federal Credit Union – 1.60% APY
- Federal Credit Union Spectrum – 1.60% APY
- Federal Evansville Teachers’ Credit Union – 1.50% APY
- MapleMark Bank – 1.30% APY
- Umbrella bank – 1.25% APY
- Federal Savings Bank of Colorado – 1.15% APY
- Popular direct – 1.15% APY
- Ideal Credit Union – 1.06% ABS
- INSBank online – 1.05% APY
- NexBank – 1.05% APY
- Sync Bank – 1.00% APY
- Poppy Bank – 1.00% APY
Details of these highest paying three month CDs available nationwide are provided below, including their required minimum deposits and early withdrawal penalties. For credit union CDs, information on how to easily join each credit union is also provided.
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