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 around 2.5 percent APY. But the average yield is much lower (0.10 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.

Check out the 3-month CD rates offered by some of the country’s most popular banks:

  • Ally Bank: 0.75% APY; $0 minimum deposit
  • Barclays Bank: 0.35% APY, $0 minimum deposit
  • Discover Bank: 0.35% APY, $2,500 minimum deposit

The best 3-month CD rates available from banks and credit unions pay more than six times the national average of 0.34 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

The Best 3-month CD Rates for September 2019

  • TotalDirectBank: 2.20% APY; $25,000 minimum deposit
  • VirtualBank: 2.15% APY; $10,000 minimum deposit to open
  • MapleMark Bank: 2.05% APY; $25,000 minimum deposit to earn APY
  • Advancial Federal Credit Union: 2.04% APY; $25,000 deposit to earn APY
  • TIAA Bank: 2.03% APY; $5,000 minimum deposit

Today’s top nationally available 3-month CDs pay 2.2 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.

Check All CD Rates

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.

Best 3-month CD details


TotalDirectBank is an online-only bank with CDs available nationwide. It is a division of City National Bank of Florida, which was founded in Miami more than 70 years ago. City National Bank of Florida earned four out of five stars in Bankrate’s latest review of its financial health.


An online division of Iberiabank, founded in 1887 and based in Lafayette, Louisiana. The bank’s financial services include retail, commercial, business and private banking as well as mortgages. Iberiabank earned four out of five stars in Bankrate’s latest review of its financial health.

MapleMark Bank

The bank is based in Dallas but offers certain products nationwide, including several certificates of deposit that are available online.

Advancial Federal Credit Union

Founded in 1937, the credit union offers membership to any U.S. Citizen or permanent resident alien who joins Connex, a professional, online interactive network. The credit union earned four out of five stars in the latest review of its financial health.


TIAA Bank is an online division of TIAA, FSB, a company providing banking and lending products and services. TIAA earned 4.5 out of five stars in Bankrate’s full review of its services and product offerings.

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 3 percent APY (for CDs available nationwide).

“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.

To recap, see below the best 3-month CD rates

Institution APY Minimum deposit
TotalDirectBank 2.20% $25,000
VirtualBank 2.15% $10,000
MapleMark Bank 2.05% $25,000
Advancial Federal Credit Union 2.04% $25,000
TIAA Bank 2.03% $5,000