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A threee-month CD is the shortest term typically offered by financial institutions. CDs allow personal and business customers to maximize returns in exchange for locking savings away for a specific period of time. Just remember, if you need to withdraw funds early, penalties may apply.
| Brand name | APY* | Term | Min. deposit |
|---|---|---|---|
Bank of America | 4.50% | 3 Month | $1,000 |
Wells Fargo | 4.50% | 3 Month | $2,500 |
Synchrony Bank | 2.05% | 3 Month | None |
Ally Bank | 3.00% | 3 Month | None |
Western Alliance | 5.41% | 3 Month | $1 |
Live Oak Bank | 3.00% | 3 Month | $2,500 |
Alliant | 4.25% | 3 Month | $1,000 |
Our top recommendations
Bank of America: Best for short-term CDs
Bank of america 3-Month CD
Bank of america 3-Month CD
APY*
4.50%
Term
3 Month
Min. deposit
$1,000
A legacy financial institution, Bank of America has roots that go back more than 240 years. Bank of America is currently the second-largest bank in the United States, serving more than 69 million customers through its online presence and approximately 3,800 brick-and-mortar branch locations.
Bank of America CDs are available with terms as low as 28 days, allowing consumers to maximize their earnings in a short period of time. Opening an account is easy with both local branch and online options, and the minimum deposit requirement is just $1,000.
Wells Fargo: Best for relationship rates
Wells Fargo 3-Month CD
Wells Fargo 3-Month CD
One of the oldest banking institutions in the country, Wells Fargo has been offering financial services since 1852. While it primarily operates in the U.S. with thousands of locations across most states, Wells Fargo also has a presence in Canada, Europe, the Middle East, Africa Latin America and Asia Pacific. The bank currently holds about $1.9 trillion in assets.
Wells Fargo CDs offers standard CDs with terms of three, six or 12 months, all of which can be opened online in just minutes. If you want CD terms up to 120 months, these can be opened in-branch. The firm also offers a variety of special fixed-rate CDs, with four-, seven- and 11-month terms. Increased relationship rates are available to customers with other Wells Fargo accounts and can help boost your CD returns. The standard CD requires a minimum deposit of $2,500 while special terms (like the seven-month CD) have a $5,000 minimum deposit.
Synchrony: Best for CD flexibility
Synchrony Bank 3-Month CD
Synchrony Bank 3-Month CD
APY*
2.05%
Term
3 Month
Min. deposit
None
Synchrony Bank is an online financial institution offering savings products and credit cards to consumers across the United States. While Synchrony has no brick-and-mortar branch locations, the bank does offer FDIC coverage and currently has more than $117 billion in assets held.
Synchrony Bank offers high CD rates with a variety of terms and options to choose from, including a Bump-Up CD and No-Penalty CD. Available terms range from three to 60 months, with no minimum deposit requirement.
Ally Bank: Best for online CDs
Ally Bank 3-Month CD
Ally Bank 3-Month CD
APY*
3.00%
Min. deposit
None
As the country’s largest online-only institution, Ally Bank provides its 11 million customers with a variety of banking, savings and consumer lending products. The institution has roughly $196 billion in total assets and is a top 25 financial holding company.
There is no minimum deposit required for Ally online CDs, and terms range from three to 60 months. Ally Bank also offers special promotional CD terms and rates on occasion and even has an 11-month no-penalty CD available. There are loyalty renewal rates for consumers who opt to extend their original CD term once it expires, further boosting returns.
Western Alliance: Best for personal and business options
Western Alliance 3-Month CD
Western Alliance 3-Month CD
APY*
5.41%
Term
3 Month
Min. deposit
$1
Western Alliance is a business-focused financial institution that also offers personal deposit accounts, such as CDs, through a partnership with Raisin, a digital savings marketplace. The bank is based in Arizona and is a Member FDIC, with more than $70 billion in assets held.
Through Raisin, Western Alliance personal CDs are available in three-, five-, six-, nine- and 12-month terms with a minimum deposit requirement of just $1. Small business customers can also choose from a variety of tools and products, including business CDs with a $1,000 minimum deposit.
Live Oak Bank: Best for term options
Live Oak Bank 3-Month CD
Live Oak Bank 3-Month CD
APY*
3.00%
Term
3 Month
Min. deposit
$2,500
Live Oak Bank is a cloud-based digital bank founded in 2008. While it primarily focuses on small businesses, Live Oak Bank also offers savings accounts and CDs to personal customers in all 50 states. There are no brick-and-mortar locations.
Live Oak Bank has nine different CD terms to choose from for personal banking customers, which range from three to 60 months in length. Terms of 18 months or less offer very competitive returns, with a minimum deposit requirement of $2,500.
Alliant Credit Union: Best for jumbo CDs
Alliant Credit Union 3-Month CD
Alliant Credit Union 3-Month CD
APY*
4.25%
Term
3 Month
Min. deposit
$1,000
Alliant Credit Union is a member-owned financial institution with more than 800,000 members worldwide and over $19 billion in assets. Founded in 1935, Alliant is one of the largest credit unions in the country and offers a wide range of banking, savings, credit and investing products and services to customers in all 50 states. It only operates online and has no physical branch locations.
While Alliant has a minimum CD deposit of just $1,000, the credit union also offers Jumbo CDs to consumers who want to maximize returns on large deposits. Alliant CDs are available with terms ranging from three to 60 months, all with jumbo options and many at higher rates than the standard CD. Jumbo CDs have a minimum deposit requirement of $75,000.
How we chose the best three-month CD
We compared certificates of deposit based on the following criteria: APY, term, minimum deposit, fees and penalties for early withdrawal. We also took the search volume on the brand name or bank name, and the ease of getting the CD.
Ultimately, we looked for CDs that offer the most value to customers.
Learn more about CDs:
- What is a CD (certificate of deposit)?
- Are CDs worth it?
Choosing the best three-month CD: Where to begin
Shopping around for the best three-month CD often means looking at a few important factors. Here are some considerations to keep in mind as you shop for the right financial institution and CD for your money.
Do you prefer to bank online or in person?
Some financial institutions operate with a traditional bank model and have local branch locations where you can manage your accounts to speak with a teller. Others operate online only and funds can only be deposited by wire or ACH.
How much do you plan to deposit?
Most banks have a minimum and maximum limit on CDs. Depending on how much you want to deposit, shop around to make sure your funds fall within the bank’s lower and upper limits.
Is there a chance you’ll need to touch your money sooner?
If you pull your money from a CD before its term ends, you’ll incur early withdrawal penalties. If there’s a chance you won’t be able to keep the funds in place for the entire term, consider whether a no-penalty CD would be a better idea.
Once you’ve narrowed down your selection to a few different CD products, it’s time to choose the one that offers the best possible rate on a three-month term. This will ensure that you maximize your return while your money is locked away.
Are three-month CDs worth it?
A three-month CD can be a great option if you need to stash your money somewhere for a short period of time and still want to maximize returns. While not always the case, many of these products offer greater returns than high-yield savings accounts, helping you grow your savings even faster.
Alternatives to three-month CDs
Not sure if a CD is the right place to put your money, or don’t want to give up your liquidity by locking those funds away for months at a time?
The best alternative will likely be a high-yield savings account (HYSA). These savings accounts offer market-topping returns while still keeping your money accessible, so you can withdraw funds if an emergency expense or other opportunity arises. You also aren’t locked into a certain return term, so if you want to continue earning a high rate for longer than three months, you can just leave your money deposited.
The next best option would be a money market account (MMA). Very similar to HYSAs, these accounts also offer higher interest rates than average while sometimes giving you easier access to your cash with paper checks or even debit cards.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
