Best 3-Month CD Rates for November 2024: Smart Savings, Quick Access

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At Business Insider, monitor national banks and credit unions to find the best 3-month CDs currently offered. The national average bank interest rate for 3-month CDs is 1.54% APY, but all of our top picks for the best 3-month CD rates offer significantly higher interest rates.

The best 3-month CD rate is 4.95% APY from Quontic.

A 3-month CD is a short-term CD. Banks and credit unions don't offer it as frequently as 6-month or 1-year CD terms, so you might not find it at all financial institutions. To see how 3-month CDs compare to CDs with other term lengths, check out our overall best CD rates.

Best 3-Month CD Rates

• Quontic 3 Month CD: 4.95% APY
• TotalBank 3 Month CD: 4.91% APY
• Signature Federal Credit Union 3 Month Certificate: 4.75% APY
• Bank5 Connect 3 Month High-Yield CD: 4.75% APY
• American Bank 3 Month CD: 4.75% APY
• Dow Credit Union 3 Month Simple CD: 4.75% APY
• America First Credit Union 3 Month Certificate: 4.65% APY
• Bask Bank 3 Month CD: 4.65% APY
• Affinity Plus Federal Credit Union 3 Month Basic Certificate: 4.60% APY

Compare the Best 3-Month CDs

3-Month CD Reviews

The best 3-month CDs offer strong interest rates with low minimum opening deposits. Ideally, the bank will also help you avoid bank fees by not charging monthly maintenance fees and having low early withdrawal penalties.

Our top picks for CDs are protected by FDIC or NCUA insurance. If you're worried about what happens if your bank fails, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Here are the best 3-month CDs as picked by Business Insider editors in 2024.

Quontic 3 Month CD

Quontic Bank offers one of the highest-yielding CD rates for 3-month terms. It's also a good choice if you'd like to open a CD with a low initial deposit. You only need $500 to get started. 

Consider a different bank if you are worried about early withdrawal penalties. Quontic CDs have higher early withdrawal penalties than some of our other top picks.

APY for 3-month CD: 4.95% APY

3-month CD early withdrawal penalty: All interest earned

Quontic Bank Review

TotalBank 3 Month CD

The TotalBank 3 Month CD offers one of the highest 3-month interest rates for a CD. It also has low early withdrawal penalties.

TotalBank CDs have a steep minimum opening deposit of $25,000 and a maximum deposit of $1 million. The online institution also doesn't operate in Florida, Somoa, Guam, the Northern Mariana Islands, or the U.S. Virgin Islands.

APY for a 3-month term: 4.91% APY

3-month early withdrawal penalty: 45 days of interest

Signature Federal Credit Union 3 Month Certificate

The Signature Federal Credit Union Certificate has a $500 minimum opening deposit, which is less than what's required at other financial institutions.

You may like Signature Federal Credit Union if you prefer banking with a credit union over a bank.

Credit unions require membership to open an account. The easiest way to become a member is to enroll in the American Consumer Council. Then you'll just need to open a savings account.

APY for a 3-month term: 4.75% APY

3-month early withdrawal penalty: Up to 45 days of interest

Signature Federal Credit Union Review

Bank5 Connect 3 Month High-Yield CD

Bank5 Connect has good rates on both 3-month and 6-month CDs. If you want to open multiple short-term CDs at the same bank, Bank5 Connect might be a good choice. It also has a low minimum opening deposit of $500.

Bank5 Connect's longer-term CDs don't offer great interest rates. If you're hoping to open longer-term CDs at the same bank, you might want to choose one of our other picks.

APY for a 3-month CD: 4.75% APY

3-month CD early withdrawal penalty: 90 days of interest

Bank5 Connect Review

American Bank 3 Month CD

American Bank has a strong rate for its 3-month CD. It also has a low minimum opening deposit of $500, which might be useful if you're planning on opening a CD with a smaller amount of money.

American Bank is based in Pennsylvania, but it also serves people from throughout the U.S. with its online services. Keep in mind, though, that customer support hours are in Eastern time and typically only during traditional banking hours. That means you won't be able to call a representative on weekday nights, Saturday after noon, or any time on Sunday.

APY for a 3-month CD: 4.75% APY

3-month CD early withdrawal penalty: 30 days of interest

Dow Credit Union 3 Month Simple CD

The Dow Credit Union Simple CD has the highest rate available for a 3-month term. The Simple CDs also have a low minimum opening deposit.

The easiest way to become a member of Dow Credit Union is to make a $10 donation to the Midland Area Community Foundation. The credit union also has other ways to join, such as being part of a Select Employer Group or having a family member who is a current credit union member.

APY for a 3-month term: 4.75% APY

3-month early withdrawal penalty: 45 days of interest

America First Credit Union 3 Month Certificate

America First Credit Union offers a strong rate for a 3-month CD. The America First Credit Union Certificate may be worthwhile if you're searching for a financial institution with branches in Arizona, Idaho, Nevada, and Utah. America First Credit Union has a variety of terms with high interest rates.

Credit unions require membership to open bank accounts. You may join America First Credit Union if you live, work, worship, or volunteer in an Arizona, Idaho, Nevada, New Mexico or Utah county on this list. If you have a family member or spouse that's a current member, you're also eligible.

To become a member, you must also open an America First Credit Union Share Savings Account.

APY for a 3-month term: 4.65% APY

3-month early withdrawal penalty: 60 days of interest

America First Credit Union Review

Bask Bank 3 Month CD

Bask Bank offers several short-term CDs with good rates, so this bank might be appealing if you're interested in opening multiple CDs at the same bank.

If you're looking to open a CD with a term over two years, you might prefer another institution. Bask Bank doesn't offer long-term CDs.

APY for 3-month CD: 4.65% APY

3-month CD early withdrawal penalty: 30 days simple interest

Bask Bank Review

Affinity Plus Federal Credit Union 3 Month Basic Certificate

Affinity Plus Federal Credit Union is one of the best credit unions for 3-month CD rates. It offers a high APY, and you only need $500 to get started. 

Similar to other credit unions, Affinity Plus requires membership to open an account. That said, anyone can join the credit union regardless of where they live in the U.S. You can join by making a one-time $25 payment to the Affinity Plus Foundation. Membership is also extended to people who live in certain areas in Minnesota, work in Select Employee Groups, go to school or graduated from a select Minnesota university, or have a relative or household member that's currently a member.

APY for a 3-month term: 4.60% APY

3-month early withdrawal penalty: 90 days of interest

Affinity Plus Federal Credit Union Review

Bank Trustworthiness and BBB Ratings

We've compared each company's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices.

Here is each company's score:

TotalBank has an A- rating from the BBB because it hasn't responded to one customer complaint.

Bask Bank has a B rating from the BBB due to the number of customer complaints against the company.

Signature Federal Credit Union receives a B- rating from the BBB because it has failed to respond to a few customer complaints filed against the credit union.

What Influences 3-Month CD Rates

Market Fluctuations

If you choose to open or renew a CD, pay attention to market fluctuations, which could influence the competitiveness of CD rates.

CD rates and other savings account interest rates often fluctuate when the Federal Reserve adjusts the federal funds rate. When the Fed raises the federal funds rate, CD rates will often rise. Conversely, CD rates will often fall when the Fed cuts the federal funds rate.

Short-Term Economic Outlook

While 3-month CDs currently offer higher rates than long-term CDs, like 3-year or 5-year terms, this isn't usual behavior for these accounts.

Short-term CDs are more competitive than long-term CDs because of economic uncertainty. That said, the Fed cut interest rates for the first time in four years in September 2024. More rate cuts are anticipated in the future, which will cause national CD rates to decline overall and for short-term CDs to eventually get less competitive than long-term CDs.

Special Promotions

Banks are currently offering more promotional CDs with short terms. These offers may be specifically for new customers or for existing customers who have eligible bank accounts.

One requirement that's often listed for these promotions is a "new money" specification. Each bank has its own definition for what qualifies as "new money," but generally, this means you must deposit funds from an external bank account.

Should You Open a 3-Month CD?

A 3-month CD is a strong option for short-term savings goals. It could also be beneficial for building a CD ladder because you'll be able to take advantage of high short-term CD rates.

The main disadvantage to opening a 3-month CD is that you need to be more mindful of existing economic conditions. Since short-term CD rates fluctuate more often than long-term ones, you'll have to assess renewal options more frequently and see if your bank's offerings are still among the top rates.

3-Month CD FAQs

Why You Should Trust Us: Expert Advice on Choosing the Best 3-Month CD

To learn more about what makes a good CD and how to choose the best fit, Business Insider consulted four experts:

BI

• Tania Brown, CFP® professional, vice president of coaching strategy at OfColor
• Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
• Sophia Acevedo, banking editor, Business Insider
• Mykail James, MBA, CFEI, BoujieBudgets.com

Here's what they had to say about CDs. (Some text may be lightly edited for clarity.)

How do you choose a bank or credit union?

"You want to make sure it's FDIC insured," says Brown. For people using credit unions, the insurance comes from the NCUA. Next, she advises, consider the banking experience you want to have. "Do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks?" Think through how your experience with that institution would be before you make that decision.

Acevedo recommends factoring in account costs when you're envisioning your experience with a bank or credit union. "For example," she says, "some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month." Or if she was searching for an interest-earning bank account, she would make sure it pays a higher interest rate than the average bank account.

How long should you leave money in a CD?

"I would think about when you need the money and then compare that with what the prevailing CD rates are," says Ma. Then, he continues, consider what makes sense not only from a financial perspective, but from your own personal timing perspective. If the rates are highest on a 2-year CD but you need the money in six months, don't sacrifice your plans for interest.

Your plans are important to the CD term you choose, says James. "I believe in having a plan for whatever the funds are," she says. "If it's supposed to be a house fund, and you want to wait for another two years to buy a house, that's what you should be thinking of when you want to have this money."

Methodology: How We Selected the Best 3-Month CDs

Business Insider's personal finance team is editorially independent, which means our business team does not decide how we cover products and what we write about. Our editorial standards page covers how we review and choose products in greater detail. 

For our best 3-month CD rates guide, we researched over 60 banks and credit unions to find the best 3-month CD rates. We reviewed each institution to find the most-well rounded banking options. 

We use our bank account rating methodology to assess every bank account. We rate bank products on a scale of zero to five stars. A one-star rating indicates that a bank account requires significant improvement, while an account with a five-star rating is seen as a superior choice. 

We analyze specific features for different types of bank accounts. For CDs, we compare the minimum opening deposits, early withdrawal penalties, and interest rates. We also evaluate each bank's overall banking experience by assessing customer support availability, mobile app ratings, and ethics. Each feature is scored from 0 to 5. We add up these scores and get the average to determine the account's total rating.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Kit Pulliam

Banking reporter

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Life series with Business Insider.ExpertiseTheir expertise includes:

• Certificates of deposit
• Savings accounts
• Checking accounts
• CD rates
• Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

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