Best 3 Month CD Rates for November 2022
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A three-month CD may fit into your ladder as the shortest rung. Once it matures, you can either use the funds or reinvest into a longer-term .
Money market and high-yield savings accounts typically offer higher interest rates than standard , but they normally require higher balances and may have restrictions on accessing the money.
Investing in a one-year CD, for example, would require you to tie up your funds for 12 months.
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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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2 00% APY $0 minimum deposit 2 00% APY $10 000 minimum deposit : 1.75% APY; $50 minimum deposit 1 50% APY $0 minimum opening deposit 1 50% APY $500 minimum deposit 1 50% APY $2 500 minimum deposit 1 20% APY $1 000 minimum deposit 1 01% APY $20 000 minimum deposit to earn APY : 1.00% APY; $1,000 minimum deposit 0 85% APY $500 minimum deposit : 0.70% APY; $25,000 to earn APY Note: Annual percentage yields (APYs) shown are as of Oct. 28, 2022. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since the last update and may vary by region for some products.A closer look at the top 3-month CD rates
2 00% APY $0 minimum deposit
Synchrony Bank is an online-only bank that’s a division of Synchrony Financial, a publicly traded provider of consumer financial services, including credit cards. Synchrony Bank offers competitive yields on CDs across 14 terms. It also has a bump-up CD and a no-penalty CD. The bank also offers a savings account and a money market account.2 00% APY $10 000 minimum deposit
Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs have eight fixed terms, from three months to five years. Popular Direct’s High-Rise savings account offers a competitive yield and requires a $5,000 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank.1 75% APY $50 minimum deposit to open
Bethpage Federal Credit Union was founded in 1941 for employees of aircraft-maker Grumman. The Bethpage, New York-based credit union has more than 400,000 members. Bethpage FCU offers nine terms of CDs, ranging from three months to five years, along with a 39-month bump-up CD. It also offers checking and savings accounts, loans and other financial products.1 50% APY $0 minimum opening deposit
Ally Bank is an online-only bank formerly known as GMAC Bank. Ally offers seven terms of CDs, a no-penalty CD and two terms of a Raise Your Rate CD. The Sandy, Utah-based bank also offers a savings account, an interest-bearing checking account and a money market account. Ally has 2.5 million customers with deposit accounts.1 50% APY $500 minimum deposit
America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500. It also offers a variety of checking and savings accounts.1 50% APY $2 500 minimum deposit
Discover Bank may be known for its credit cards, but it also offers a wide selection of banking products. It has been offering deposit products online since 2007. Discover Bank offers CDs ranging in terms from three months to 10 years. It also offers checking, money market and savings accounts.1 20% APY $1 000 minimum deposit
TIAA Bank is a division of TIAA FSB and has 10 branches, all in Florida. TIAA offers CD terms ranging from three months to five years. It also offers a bump-rate CD, which allows a one-time rate bump should rates go higher. TIAA Bank offers a service for customers with deposits that exceed the FDIC insurance limit of $250,000. Funds are spread around to different federally insured banks to expand insurance coverage.1 01% APY $20 000 minimum deposit to earn APY
SchoolsFirst Federal Credit Union was formed by school employees in 1934, during the Great Depression. Today, it has 50 branches. SchoolsFirst Federal Credit Union has CD terms ranging from 30 days to five years. CDs at this credit union have four balance tiers: $500, $20,000, $50,000 and $100,000.1 00% APY $1 000 minimum deposit to earn APY
First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. It opened in February 1999 and serves all 50 states. First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.0 85% APY $500 minimum deposit
VyStar Credit Union was founded in 1952 as Jax Navy Federal Credit Union and was chartered at Naval Air Station Jacksonville in Florida. Membership at VyStar Credit Union is open to anyone who works or lives in the 49 Florida counties or 10 Georgia counties listed on its website. VyStar Credit Union offers 10 CDs terms ranging from three months to five years. It also offers a one-year CD to its Kid’s, VyTeen, Bravo and Achieve members only.0 70% APY $25 000 minimum deposit to earn the APY
Security Service Federal Credit Union was founded in 1956 to serve the needs of members of the U.S. Air Force Security Service Command and their families. Based in San Antonio, it offers CD terms ranging from three months to seven years. It also offers checking and savings accounts, mortgages, auto loans and credit cards.How to find the best 3-month CD rates
Comparison shopping is key when you’re looking for the best three-month CD rates. There are , including bump-up CDs and liquid CDs. But the top three-month CD rates are usually found with traditional CDs. Check out the best three-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 by the end of your term.3-month CD FAQs
How to use a 3-month CD in a CD ladder
With a CD ladder, you’ll . The long-term CDs should allow you to take advantage of higher CD interest rates, while the shorter-term CDs let you either access the money sooner or reinvest into a new CD if you can find higher interest rates.A three-month CD may fit into your ladder as the shortest rung. Once it matures, you can either use the funds or reinvest into a longer-term .
Alternatives to 3-month CDs
A three-month CD isn’t right for everyone. Check out these alternatives:Savings account or money market account
You may be able to score a higher interest rate with a or a , while still maintaining access to your money.Money market and high-yield savings accounts typically offer higher interest rates than standard , but they normally require higher balances and may have restrictions on accessing the money.
Consider a CD with a longer term
CDs give savers a bit of a yield boost over savings accounts in exchange for a longer-term deposit. The longer savers agree to leave their money in the bank, the higher the yield.Investing in a one-year CD, for example, would require you to tie up your funds for 12 months.