Best 3-month CD rates - May 2023
Best available rates across different account types for Monday, May 29, 2023
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What To Know First
Today’s top widely available three-month CD pays 4.5 percent annual percentage yield (APY). A three-month CD could be a great place to invest for short-term financial obligations, like establishing a rainy day fund.
Savers have many places to park their cash, but choosing between a savings account and a certificate of deposit 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 three-month CDs are short-term investments, banks tend to offer lower interest rates compared with a high-yield savings account. If you withdraw your CD before the term ends, early withdrawal penalties could eat up your interest earnings.
The top savings accounts pay more than 4 percent APY, but the average yield nationwide is much lower — 0.24 percent APY, Bankrate’s April 26, 2023 survey shows. If you’re hoping to earn a higher rate of return and don’t want to tie up your money for more than a few months, a three-month CD could be a good option.
The best three-month CD rates available from banks and credit unions pay more than six times the national average, according to Bankrate’s most recent national survey of banks and thrifts.
Bankrate’s picks for the top 3-month CD rates
- America First Credit Union: 4.50% APY; $500 minimum deposit
- Popular Direct: 4.10% APY; $10,000 minimum deposit
- TIAA Bank: 4.00% APY; $1,000 minimum deposit
- First Internet Bank of Indiana: 3.04% APY; $1,000 minimum deposit
- SchoolsFirst Federal Credit Union: 2.50% APY; $20,000 minimum deposit to earn APY
- Synchrony Bank: 2.25% APY; $0 minimum deposit
- Bethpage Federal Credit Union: 2.25% APY; $50 minimum deposit
- Ally Bank: 2.00% APY; $0 minimum opening deposit
- Discover Bank: 2.00% APY; $2,500 minimum deposit
- Boeing Employees’ Credit Union: 1.51% APY; $500 minimum deposit
- Security Service Federal Credit Union: 1.45% APY; $25,000 minimum deposit
Note: Annual percentage yields (APYs) shown are as of May 1, 2023. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since the last update and may vary by region for some products.