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Best three-month CD rates for 2023

In today’s precarious economy, finding a safe place to store your savings is essential. One option is a certificate of deposit (CD). CDs offer competitive, fixed interest rates, predictable returns and federal deposit protection. And with terms ranging from a few months to several years, there’s a CD for every investment timeline.

If you’re looking for a short-term CD to grow your money without locking it up for too long, a three-month CD could be a good fit for you. And with today’s high interest rates, there are plenty of three-month CDs that offer attractive interest APYs.

See today’s top savings rates here.

Best three-month CD rates for 2023

These are the top rates for three-month CDs as of September 7, 2023.

Popular Direct: 4.75% APY

Popular Direct’s three-month CD offers the highest APY on this list at 4.75%. It requires a $10,000 minimum deposit and monthly balance and has a sizeable early withdrawal penalty of 89 days’ interest. However, if you have a large amount to deposit, this penalty could help you avoid any temptation to dip into your funds early.

America First Credit Union: 4.50% APY

The next-highest rate on the list belongs to America First Credit Union’s three-month CD. Membership to the credit union is limited to those who live in eligible areas of Arizona, Nevada, Utah, New Mexico, Oregon and Idaho.

That said, if you do, this CD is worth exploring. In addition to a competitive APY, it has a low $500 minimum deposit and balance requirement and a moderate 60 days’ interest early withdrawal penalty.

First Internet Bank of Indiana: 4.18% APY

For those with a modest amount to deposit who don’t live in America First Credit Union’s eligible areas, the highest-paying CD on this list is First Internet Bank of Indiana’s three-month CD. It offers a still-competitive APY of 4.18%, requires a $1,000 minimum opening deposit and has an early withdrawal penalty of 90 days’ interest.

Compare CD accounts online now.

Bank of America: 4.00% APY

Bank of America is one of the largest financial institutions in the country and offers a wide range of CD terms and products. Its three-month fixed-term CD requires a $1,000 minimum deposit and charges 90 days’ interest on amounts withdrawn before the term expires.

While the APY on this CD may not be the highest on this list, customers who prefer to do all their banking with one institution will enjoy Bank of America’s extensive array of products, from checking and savings accounts to credit cards and loans.

EverBank (formerly TIAA Bank): 4.00% APY

Rounding out our list is the three-month CD from EverBank (formerly TIAA Bank). Its APY of 4.00% matches Bank of America’s, and it also requires a $1,000 minimum deposit. However, its early withdrawal penalty is a low 22 days’ interest.

If you’re looking to create a CD ladder, EverBank offers basic CD terms from three months to five years, including options like 1.5-year and 2.5-year terms. It also has a bump-up CD and an IntraFi CD, which provides expanded federal deposit insurance for those with up to $10 million to deposit.

Find the best CD for you — check out your options here.

The bottom line

If you’re looking to earn maximum interest on a three-month CD, the above accounts are a great place to start your search. However, they aren’t the only options out there. Take the time to explore all your options, considering not only the interest rate but also other factors like minimum balance requirements and early withdrawal penalties, to find the CD that best fits your budget and investing goals.

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