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Best 3-Month CD Rates for April 2024

Three-month CDs free up your cash sooner than most longer CD terms, but you’ll find higher rates with other terms.

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A certificate of deposit lets you earn interest on a sum of money with a fixed annual percentage yield, or APY, over a fixed period of time, or term. CDs are a good savings option to park money for a few months or years with minimal risk of losing your earnings.

If you need to access the money before it fully matures, you’ll often pay an early withdrawal penalty that can reduce your interest earnings. Most CD options require a single deposit and don’t allow additional deposits, so you’ll need to gather your funds before opening an account. When you’re ready to open a CD, compare the best terms and rates among local credit unions and banks to find the right fit for your savings.

Best 3-Month CD Rates
  • America First Credit Union 5.50% APY, $500 Min. deposit to open
  • Alliant Credit Union 4.25% APY, $1,000 Min. deposit to open
  • First Internet Bank of Indiana 4.18% APY, $1,000 Min. deposit to open
  • EverBank 3.95% APY, $1,000 Min. deposit to open
Helpful Definitions
Certificate of deposit (CD)

A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.

Annual percentage yield (APY)

A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.

CD term

The fixed period in which your deposit earns interest. The maturity date is the end of the term, which can range from one month to 10 years or more.

Early withdrawal penalty

The fee for withdrawing your CD funds before maturity, often equalling a period's worth of interest, which varies by institution and length of CD term.

Share certificate

Similar to a CD, but issued by a credit union, in which a credit union member deposits a lump sum that accrues interest for a fixed term.

Best CD Rates

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CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.


The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

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Terms explained

Certificate of Deposit (CD)

A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.

Checking

The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.

Savings

A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.

Money Market Account (MMA)

Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.

Annual Percentage Yield (APY)

A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.

Estimated earnings

An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.

A three-month certificate of deposit allows you to lock in a high rate for a short period of time, but it’s still not as flexible as a high-yield savings account. The best three-month CDs offer annual percentage yields, or APYs, as high as 5.50%. But the top high-yield savings accounts earn APYs as high as 5.35%, making short-term CDs less appealing unless you can work them into a longer-term savings approach, like a CD ladder.

What’s a 3-month CD?

A three-month CD is an interest-earning deposit that requires you to lock up your money for a fixed period, or term, of three months. In exchange, you earn a fixed rate on your deposit. Unlike savings accounts, most CDs require you to fund them upfront and don’t allow additional deposits. And if you take out money before the term ends -- in this case, three months -- you’ll typically pay an early withdrawal penalty. This penalty varies by bank but generally costs a few weeks of interest.

After your CD term expires, you can access your money penalty-free. Most banks offer a grace period of 10 days to withdraw your money before it’s automatically rolled into a new CD.

As long as you open a CD at a bank or credit union insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, your CD funds are protected for up to $250,000 per person, per institution.

Average 3-month CD rates

Typically, CDs with terms over one year -- also called long-term CDs -- have higher annual percentage yields, or APYs, than shorter-term CDs. But in today’s rate environment, shorter-term options like six- and nine-month CDs have higher rates than some longer terms, like three-year CDs.

However, the average three-month CD APY is 3.52%, based on the banks we track at CNET. That’s much lower than the average high-yield savings rate of 4.88% APY for the online banks and credit unions we track at CNET.

National averageAverage 3-month CD APYs 
FDIC-tracked1.67%
CNET-tracked3.52%

Rates as of Feb. 13, 2024.

Best 3-month CD rates 

A three-month CD can still work in your favor if you want to lock in your rate or eliminate the temptation to touch your funds for a few months. Since this short-term CD doesn’t offer the highest rate you can find, it’s best to compare rates and think about how this short-term CD fits into your goals before opening an account.

Bank APY Min. deposit to open
America First Credit Union 5.50% $500
Alliant Credit Union 4.25% $1,000
First Internet Bank of Indiana 4.18% $1,000
EverBank 3.95% $1,000
Best 3-month CDs

America First Credit Union

4.7/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
APY
5.0/5
Minimum deposit and fees
5.0/5
Customer service
3.0/5
APY APY = Annual Percentage Yield.
5.50%
Min. deposit to open
$500

America First has share certificates -- a credit union’s version of a certificate of deposit -- ranging from three months up to five years, with higher rates for promotional terms. It also offers bump-up share certificates and a one-year flexible share certificate that gives you access to your money for the first five calendar days of each quarter, penalty-free. You’ll have more terms to choose from if you go with a traditional, high-yielding share certificate, though.

The credit union requires a minimum $500 deposit. We like that you can open an account online or at a physical branch, as long as you meet eligibility requirements.

Our take

America First has share certificates -- a credit union’s version of a certificate of deposit -- ranging from three months up to five years, with higher rates for promotional terms. It also offers bump-up share certificates and a one-year flexible share certificate that gives you access to your money for the first five calendar days of each quarter, penalty-free. You’ll have more terms to choose from if you go with a traditional, high-yielding share certificate, though.

The credit union requires a minimum $500 deposit. We like that you can open an account online or at a physical branch, as long as you meet eligibility requirements.

3.9/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
APY
5.0/5
Minimum deposit and fees
2.6/5
Customer service
3.0/5
APY APY = Annual Percentage Yield.
4.25%
Min. deposit to open
$1,000

Alliant offers high-yield CD terms ranging from three months to five years, including jumbo CDs if you plan to deposit over $75,000. However, if you’re looking for other CD types, it’s best to consider other banks. Only traditional and jumbo CDs are available.

For traditional CDs, there’s a $1,000 minimum deposit. And if you withdraw from your CD early, you can pay up to six months of interest -- depending on your term. You can open an account online or by calling 800-328-1935. But since Alliant is a credit union, you’ll need to become a member, which is fairly simple.

Read more about Alliant Credit Union.

Our take

Alliant offers high-yield CD terms ranging from three months to five years, including jumbo CDs if you plan to deposit over $75,000. However, if you’re looking for other CD types, it’s best to consider other banks. Only traditional and jumbo CDs are available.

For traditional CDs, there’s a $1,000 minimum deposit. And if you withdraw from your CD early, you can pay up to six months of interest -- depending on your term. You can open an account online or by calling 800-328-1935. But since Alliant is a credit union, you’ll need to become a member, which is fairly simple.

Read more about Alliant Credit Union.

First Internet Bank of Indiana

4.7/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
APY
5.0/5
Minimum deposit and fees
5.0/5
Customer service
3.0/5
APY APY = Annual Percentage Yield.
4.18%
Min. deposit to open
$1,000

First Internet Bank of Indiana offers high-yield CD terms ranging from three months up to five years. The rates are competitive, but it has a minimum deposit requirement of $1,000. You can open an account online or via the mobile app, and interest compounds daily and credits monthly. First Internet Bank of Indiana doesn’t offer specialty CDs, however, and its early withdrawal penalty for high-yield CDs is up to 360 days of interest -- which is on par for long-term CDs.

Our take

First Internet Bank of Indiana offers high-yield CD terms ranging from three months up to five years. The rates are competitive, but it has a minimum deposit requirement of $1,000. You can open an account online or via the mobile app, and interest compounds daily and credits monthly. First Internet Bank of Indiana doesn’t offer specialty CDs, however, and its early withdrawal penalty for high-yield CDs is up to 360 days of interest -- which is on par for long-term CDs.

3.9/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
APY
4.3/5
Minimum deposit and fees
3.8/5
Customer service
3.0/5
APY APY = Annual Percentage Yield.
3.95%
Min. deposit to open
$1,000
Overview

Everbank, formerly TIAA Bank is a solid choice for a good APY if you have a larger deposit. There aren’t any monthly maintenance fees, and it lists several CD types to choose from. EverBank offers a bump rate CD, but it has a $1,500 deposit. The IntraFi CD is also available if you have a deposit over $250,000, and you’ll need a minimum of $10,000 to get started. Keep in mind that these CDs also have specific terms and conditions.

There’s a $1,000 minimum deposit for traditional CDs and a withdrawal penalty that’s equal to one-fourth of the CD term’s total interest. You can open an account online or via the mobile app if a physical branch isn’t nearby.

Read more about EverBank.

How to build a CD ladder with a 3-month CD

Building a CD ladder adds flexibility to your CD investment plan while helping you take advantage of higher rates. Instead of putting your entire deposit into a single CD term, you spread your money across several CD terms with staggered maturity dates. That way, you’ll have access to your money sooner than choosing one long-term CD.

Depending on the current rates when each CD expires, you may roll the funds into a new CD with a different term or choose a new savings option. Some experts recommend a quarterly ladder strategy, starting with four accounts: three-month, six-month, nine-month and 12-month CDs.

Let’s say you start building a CD ladder with these terms, and you deposit $500 in each CD this month. Here’s how it can work with the average CD rates based on the banks we track here at CNET:

CD termAmountAPY Balance availableBalance at maturity 
3-month $5003.52%May 2024$504.34
6-month$5004.89%Aug. 2024$512.08
9-month$5004.91%Nov. 2024$518.30
12-month$5005.05%Feb. 2025$525.25
APYs as of Feb. 13, 2024. CNET calculates interest earned based on an annual compounding schedule, though some banks compound interest more frequently. 

By doing this, you have access to your money every three months, but you’re taking advantage of a 12-month interest rate, which tends to be in the higher range, according to Nia Gillett of Gen Y Planning, a financial planning firm.

When your three-month CD matures, you can roll that balance into a new 12-month CD. You’ll do the same when the other terms mature.

“Once you have this strategy going, every quarter you have a new CD maturing, so it creates at least a 90-day period of liquidity,” said Ayesha Selden, a certified financial planner and franchise owner of Ameriprise Financial Services in Philadelphia.

You can also implement a CD ladder with longer-term CDs.

Other savings options to consider 

Other interest-earning savings options can offer more flexibility and better APYs than a three-month CD.

For instance, some of the best high-yield savings accounts earn over 5% APY. However, savings account rates are variable, meaning they fluctuate based on the prime rate. Additionally, these accounts typically don’t come with debit card access, and some HYSAs limit how many transfers or withdrawals you can make each month. If you need to access your money regularly, a high-yield savings account might not provide the accessibility you need.

If you need more checking account features, such as a debit card or ATM access, you may opt for a money market account. Most MMAs now offer over 4% APY, but many of these accounts require a higher deposit or minimum balance. You’ll still be able to make regular contributions to the account and withdraw without paying a penalty, but some banks limit how many debit card purchases, online transfers and check transactions are permitted per statement cycle. Like savings accounts, you don’t lock in a rate, so if rates start dropping, you could earn less than you might with a CD.

Factors to consider before opening a 3-month CD 

Three-month CDs are the shortest term some banks offer, but many banks don’t offer them. And even though rates for this term are high, you’ll only earn a fraction of the APY. The APY is for the entire year, so since three-month terms are shorter, you’ll earn less. Unless you have a set goal for locking the money up for a quarter of the year, consider more flexible options with a higher APY. 

It’s also worth noting that you’ll still have to pay an early withdrawal penalty if you take money out of the CD before the term ends. 

FAQs

You may choose a three-month CD as part of a longer-term strategy, like a CD ladder. This short-term option is also a good way to practice discipline if you’re worried about spending the money since a CD requires you to lock funds away for a set period.

Before opening a CD, have a clear goal in mind so you can best divvy up your savings. You should also make sure you won’t need the money before the term expires to avoid paying an early withdrawal penalty.

When looking for a three-month CD, compare APYs across multiple banks to find the best interest rate. Other factors to keep in mind include early withdrawal fees, minimum deposit requirements and whether you prefer to manage an account online or have nearby physical branches for in-person assistance.

Typically, no. Unless you’re purchasing a CD offered by a brokerage firm, CDs are insured by FDIC-insured banks or NCUA-insured credit unions for up to $250,000 per person, per institution. Any interest compounded is also covered by the insurance, making CD’s a low-risk investment. And since CDs offer a fixed APY, you won’t have to worry about your rate changing over time.

However, if you have to withdraw your funds early, the early withdrawal fee can cut into the interest you’ve earned.

Methodology 

CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from banks, credit unions and financial companies. We selected the CDs with the highest APY. We also considered minimum deposits and any eligibility requirements. 

Banks we reviewed 

America First Federal Credit Union, Bethpage, Discover, EverBank, First Internet Bank of Indiana, MYSB Direct, NexBank and Synchrony.

Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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