Savers have tons of places to park their cash. But choosing between a savings account and a certificate of deposit can be difficult.

The top saving accounts pay 2.05 percent APY. But the average yield is much lower (0.25 percent APY). If you’re hoping to earn a higher rate of return and you want the money you invest to be accessible, consider buying a 3-month CD.

The best 3-month CD rates available from banks and credit unions pay more than eight times the national average of 0.24 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Top nationally available 3-month CD rates
Institution APY Minimum deposit
Third Federal Savings and Loan 2.00% $500
CD Bank 1.90% $10,000
Luana Savings Bank 1.66% $25,000 1.65% $10,000
M.Y. Safra Bank 1.61% $5,000

Today’s top nationally available 3-month CDs pay 2.00 percent APY. They could be a great place to invest for short-term financial obligations, like establishing a rainy day fund you can eventually transfer to a savings account.

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Finding the best 3-month CD rates

Comparison shopping is a must when you’re looking for the best 3-month CD rates. There are multiple types of CDs, including bump-up CDs and liquid CDs. But the top 3-month CD rates are usually found in the form of a traditional CD.

Check out the best 3-month CDs offered by banks and credit unions and weigh the pros and cons of going with a short-term certificate of deposit over an account that’s more liquid. Don’t forget to crunch the numbers and calculate how much interest you could earn by the end of your term.

Top account details

  • Third Federal Savings and Loan is based in Cleveland, Ohio, but it offers CD specials to savers nationwide. In Bankrate’s latest review of its financial health, it earned four out of five stars.
  • CD Bank is an online division of TBK Bank. It launched in May 2017 and is based in Dallas, Texas. TBK Bank earned four out of five stars in Bankrate’s latest review of its financial health.
  • Luana Savings Bank was founded in 1908. It’s based in Iowa, but offers CDs nationwide. The bank earned five out of five stars in Bankrate’s latest review of its financial health.
  • is an online division of Beal Bank, an institution based in Plano, Texas. Beal Bank earned five out of five stars in the latest review of its financial health.
  • M.Y. Safra Bank is based in New York City. Initi established as T. Rowe Price Savings Bank, it changed its name and moved from Baltimore, Maryland in 2013. It earned three out of five stars in the latest review of its financial health.

Consider a CD with a longer term

CDs give savers a little bit of a yield boost over savings accounts in exchange for a long-term deposit. The longer savers agree to leave their money in the bank, the higher the yield.

Investing in a 1-year CD, for example, would require you to tie up your funds for a full 12 months. But it’s possible to earn a yield as high as 2.6 percent APY.

“Money market and high-yield savings accounts typically offer higher interest rates than standard savings accounts, but normally require higher balances and may have restrictions or conditions to accessing one’s money,” says Robert Drury, executive director of the Association of Christian Financial Advisors.

“CDs normally offer higher interest than these but unconditionally obligate one’s money for a specified term,” he says.