A 3-month CD (certificate of deposit) can offer a competitive return while only locking up your money for a short term. Rates usually aren't as robust as with longer-term options, but they still outperform traditional savings accounts by a wide margin.
We've rounded up the CDs with 3-month terms (or close to it) and the most competitive rates. We also considered deposit requirements, early withdrawal penalties and other features. For more on how we made our choices, read our methodology. CDs and rates are accurate as of Aug. 18, 2026.
Best 3-month CD rates
- Nuvision Credit Union – 5.00% APY (4-month CD)
- DR Bank – 4.05% APY
- OMB Bank – 4.05% APY
- Brilliant Bank – 4.00% APY
- Dow Credit Union – 4.00% APY
- Bask Bank – 3.95% APY
- Popular Direct – 3.90% APY
- Bread Savings – 3.80% APY
- ConnectOne Bank – 3.75% APY (4-month no penalty CD)
- Quontic Bank – 3.60% APY
Nuvision Credit Union CD – 5.00% APY*
Term: 4 months
Minimum deposit: $1,000 ($5,000 maximum)
Early withdrawal penalty: 90 days of interest
*Offer expires Sep. 30, 2026.
Nuvision Credit Union Certificate Accounts
Annual Percentage Yield (APY)
2.55% to 5.00% APY
Terms
From 3 months to 5 years
Minimum deposit
$1,000
Early withdrawal penalty
Up to 90 days' interest on CDs with terms of three to 12 months. Up to 180 days' interest on terms greater than 12 months but less than 36 months. Up to 365 days' interest on terms of 36 months or longer:
Terms apply.
Pros
- Highly competitive promotional rates on short-term CDs
- Membership only requires joining the American Consumer Council and making a $5 savings account deposit.
Cons
- Promotional short-term CDs capped at $5,000
- Only has branches in California, Alaska, Arizona, Washington and Wyoming
DR Bank CD – 4.05% APY
Term: 3 months
Minimum deposit: $500
Early withdrawal penalty: 90 days of interest
DR Bank CDs
Annual Percentage Yield (APY)
4.05% to 4.30% APY
Terms
From 3 months to 12 months
Minimum deposit
$500
Early withdrawal penalty
Ranges from 30 days to 360 days of interest, depending on the length of the CD.
Terms apply.
Pros
- Competitive yields on short-term CDs
- No cap on maximum deposit
Cons
- Only offers short-term CDs
- Mixed customer reviews
- Only two branches, both in Connecticut
OMB Bank CD – 4.05% APY
Term: 3 months
Minimum deposit: $1,000
Early withdrawal penalty: 45 days of interest
OMB Bank CD
Annual Percentage Yield (APY)
From 0.20% to 4.31% APY
Terms
From 3 months to 6 years
Minimum deposit
$1,000
Early withdrawal penalty
The penalty is generally equal to one-half of the interest the CD would have earned if held to maturity. Review the truth-in-savings disclosure for complete terms.
Pros
- Wide range of CD terms
- Offers limited-time CD specials
Cons
- $1,000 minimum deposit
- Lower rates on standard CDs
- Interest compounds quarterly
- Few physical locations
Brilliant Bank CD – 4.00% APY
Term: 3 months
Minimum deposit: $1,000 (maximum $500,000)
Early withdrawal penalty: 45 days of interest
Brilliant Bank CDs
Annual Percentage Yield (APY)
Up to 4.00% APY
Terms
3, 9 and 15 months
Minimum deposit
$1,000
Early withdrawal penalty
50% of interest that would have been earned.
Terms apply.
Pros
- Competitive yields on short-term CDs
- High $500,000 deposit limit
Cons
- Only offers short-term CDs
- Only has branches in Arkansas, Kansas, Missouri and Oklahoma
Dow Credit Union CD – 4.00% APY
Term: 3 months
Minimum deposit: $500
Early withdrawal penalty: 90 days of interest
Dow Credit Union CDs
Annual Percentage Yield (APY)
3.24% to 4.66% APY (for standard CDs, including potential Member Saver Reward bonus Giveback percentage)
Terms
3 months to 60 months
Minimum deposit
$500
Early withdrawal penalty
An early withdrawal penalty may be applied and could result in loss of principal.
Terms apply.
Pros
- Above-average APYs
- Member Giveback rebates and rewards can increase savings APY
- Youth CDs let savers under 18 make additional deposits
- Membership only requires a $5 deposit in a DCU savings account
Cons
- The only physical branches are in Michigan
Bask Bank CD – 3.95% APY
Term: 3 months
Minimum deposit: $1,000
Early withdrawal penalty: 90 days of interest
Bask Bank CDs
Annual Percentage Yield (APY)
From 3.95% to 4.15% APY
Terms
3 months to two years
Minimum deposit
$1,000
Early withdrawal penalty
Withdrawals of principal are subject to an early withdrawal penalty of 90 days of simple interest for CDs with terms of 6 to 12 months and 180 days of simple interest for CDs with terms greater than 12 months. If the accrued interest is less than the total penalty, the difference will be deducted from the principal.
Terms apply.
Pros
- Above-average APYs on shorter terms.
- You can withdraw any interest earned during your term without penalty
Cons
- $1,000 minimum deposit
- Only offers traditional CDs
- No physical branches
Popular Direct CD – 3.90% APY
Term: 3 months
Minimum deposit: $10,000
Early withdrawal penalty: 90 days of interest
Popular Direct CDs
Annual Percentage Yield (APY)
From 3.90% to 4.50% APY
Terms
From 3 months to 60 months
Minimum deposit
$10,000
Early withdrawal penalty
For terms less than 91 days, the penalty is 89 days simple interest. For terms equal to or greater than 91 days but less than 12 months, it's 120 days simple interest. For terms equal to or greater than 12 months but less than 36 months, it's 270 days simple interest; For terms equal to or greater than 36 months but less than 60 months, it's 365 days simple interest. For terms equal to or greater than 60 months, it's 730 days simple interest.
Terms apply.
Pros
- Above-average APYs
Cons
- $10,000 minimum deposit
- Doesn't have no-penalty or bump-up CDs
- Early withdrawal penalties are among the steepest we’ve seen
Bread Savings CD – 3.80% APY
Term: 3 months
Minimum deposit: $1,500
Early withdrawal penalty: 90 days of interest
Bread Savings™ CDs
Annual Percentage Yield (APY)
From 3.80% to 4.35% APY
Terms
6 months to 5 years
Minimum deposit
$1,500
Early withdrawal penalty
For terms of less than 12 months, the penalty is 90 days of simple interest. For terms of 12 months to three years, the penalty is 180 days of simple interest. For terms of four years or longer, the penalty is 365 days of simple interest.
Terms apply.
Pros
- Above-average APYs
- Wide range of terms
Cons
- $1,500 minimum deposit
- Doesn't offer no-penalty or bump-up CDs
- No physical branches
ConnectOne Bank no-penalty CD – 3.75% APY
Term: 4 months
Minimum deposit: $500
Early withdrawal penalty: None after 7 days
ConnectOne Bank CDs
Annual Percentage Yield (APY)
From 2.75% to 3.75% APY
Terms
From 4 months to 17 months
Minimum deposit
$500
Early withdrawal penalty fee
Between 7 and 360 days of interest, based on the term length. Funds can be withdrawn from a no-penalty CD anytime after the first 7 days.
Terms apply.
Pros
- Competitive rates on short-term CDs
- Includes a penalty-free CD option
- Modest $500 minimum deposit
Cons
- Doesn't offer longer-term CDs
- Limited physical footprint
Quontic Bank CD – 3.60% APY
Term: 3 months
Minimum deposit: $500
Early withdrawal penalty: 90 days of interest
Quontic Bank CDs
Annual Percentage Yield (APY)
From 2.75% to 3.60% APY
Terms
From 3 months to 5 years
Minimum balance
$500 minimum deposit
Monthly fee
None
Early withdrawal penalty fee
Withdrawals before the maturity date are subject to penalties. For time deposits up to 12 months, the penalty will be equal to the interest for the full length of the stated term. For time deposits 12 months to under 24 months, the penalty equals one year interest. For time deposits 24 months and over, the penalty equals two years interest. If the accrued interest exceeds the penalty amount, the excess accrued interest over the penalty amount will be paid to you. If the accrued interest is less than the penalty amount, a reduction of the principal balance may result.
Terms apply.
Pros
- Above-average APYs on terms from 3 months to 5 years, covering a broad range of savings timelines.
- $500 minimum deposit to open, keeping the entry point accessible for most savers.
- No monthly fees, so every dollar you deposit stays working for you.
- As a Community Development Financial Institution, Quontic reinvests in economically disadvantaged communities, so your savings help support a broader mission.
Cons
- Only offers traditional CDs, with no no-penalty or bump-up options available.
- Early withdrawal penalties are on the heavier side, ranging from the full term’s interest for shorter CDs up to two years of interest for terms of 24 months or more.
- No physical branch locations, so all banking is done online or by phone.
At its Sept.16 meeting, the Fed instituted its first rate hike since July 2023. Higher interest rates often put upward pressure on CD yields, although the timing and magnitude of any changes depend on how individual institutions respond.
While there are some outliers, the best CD rates currently range roughly from 4.00% to 4.50% APY, depending on the term, deposit amount and institution, with the most competitive yields often available from online banks and credit unions.
What is a CD and how do they work?
A CD is a deposit account that earns a fixed rate of interest for a predetermined set of time. What sets traditional CDs apart from savings accounts is that once you deposit the funds, you can't access them without paying a penalty (usually a portion of the accrued interest).
When a CD matures, you can withdraw the principal and interest or roll it into another CD. If you do nothing, CDs usually auto-renew at the rate offered at maturity.
One reason to consider a CD over a high-yield savings account is that you lock in the rate the day you open the account. In addition, CDs typically don't come with monthly fees.
How to choose a CD
Choosing a CD comes down to understanding when you'll need your money, how much flexibility you want and which features matter most to you.
- Savings goal and timeline: Decide when you'll need access to your money. Short-term CDs (three to 12 months) offer more flexibility, while longer-term CDs lock your rate in for longer.
- APYs and terms: Shop banks, credit unions and online lenders to find the best interest rates for your chosen term length.
- Minimum deposit: CD minimum deposits can range from $100 to $1,000, with $500 being the most common amount and jumbo CDs can require as much as $100,000. Some institutions, including Ally Bank, have CDs with no minimum deposit requirement.
- Early withdrawal penalty: Withdrawing funds before a CD matures typically incurs a penalty that can reduce your earnings. There are no-penalty CDs, but they often have lower rates.
- Interest rate environment: If the Fed is expected to lower its benchmark rate, it makes sense to lock in a competitive rate now. If rates are forecast to rise, however, a shorter-term CD or a laddering strategy would offer more flexibility.
- Automatic renewals: Some CDs automatically renew at maturity, potentially at a lower rate. Set a reminder to review your options before the renewal date.
Types of CDs
There are different types of CDs, though not all institutions offer all of them.
Traditional CDs: A standard certificate of deposit has a fixed interest rate and a set term. Savers agree to leave the funds untouched until maturity or face early withdrawal penalties.
No-penalty CD: Money can be withdrawn before the term ends without penalty, usually after a brief lock-in period. In most cases, all the funds must be withdrawn and the account closed, although some banks allow for partial withdrawals.
Bump-up CDs: If a bank's CD rates increase, savers with a bump-up CD can receive the higher APY.
Add-on CD: Unlike most CDs, add-on CDs allow you to
Jumbo CDs: In return for a higher rate, jumbo CDs require a large minimum deposit, often at least $50,000 or $100,000.
Brokered CD: These are purchased through a brokerage firm and can be sold on the secondary market before maturity.
IRA CD: An individual retirement account in which the funds are invested in CDs, making it a low-risk option that combines the stability of a CD with the tax advantages of an IRA.
Pros and cons of CDs
Some of the pros and cons of CDs are quite the same, and whether you see something as good or bad depends on other factors. We list what we think below.
- Fixed interest rates
- Early withdrawal penalty discourages spending money meant for savings
- APYs can be on par with high-yield savings accounts
- Fixed rate can be a negative if APY goes up before your CD matures
- Early withdrawal penalty fees usually apply
- Can generally only deposit money at the beginning of the term
- There is often a minimum deposit requirement, typically $500 at least
FAQs
Is it worth doing a three-month CD?
A three-month CD can be worthwhile if you only want to keep your cash locked up for a short amount of time, especially in a high-rate environment. You can grow substantial savings in just a few months, and the bigger the deposit, the better the growth.
How much interest can a three-month CD earn in a year?
How much you earn from a three-month CD depends on the APY and the size of your deposit. If you deposit $3,000 in a CD earning 4.0%, you will have an additional $30 after three months.
Can you lose money in a CD?
CDs from a bank are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, and those from a credit union are guaranteed by the National Credit Union Administration for the same amount. However, you can lose interest if you withdraw funds before your CD matures. In addition, there is an opportunity cost if rates increase while your CD rate is locked in.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every CD review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings and banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To identify the best three-month CDs, CNBC Select compared certificates of deposit from more than 45 banks, credit unions and online financial institutions.
We evaluated each account using the following criteria:
- Annual percentage yield (APY): We prioritized CDs offering competitive yields compared with the national average and other three-month CDs.
- Minimum opening deposit: Accounts with low or no minimum deposit requirements were given more weight.
- CD types: We considered whether institutions offered no-penalty, bump-up and add-on CDs, in addition to traditional CDs.
- Early withdrawal penalty: While shorter-term CDs typically carry lighter penalties, we compared penalty policies and gave preference to CDs with less restrictive terms.
- Deposit insurance: We only considered CDs offered by banks insured by the Federal Deposit Insurance Corporation (FDIC) or credit unions insured by the National Credit Union Administration (NCUA). We also considered whether institutions offered expanded FDIC insurance through deposit sweep programs that can extend coverage beyond the standard $250,000 limit.
- Customer experience: We considered a bank's mobile banking offers and customer support hours, and reviewed the overall ease of managing an account.
- Branch availability: We considered whether an institution had physical branches for savers to conduct in-person banking.
- Additional banking services: We considered whether an institution also offered checking and savings accounts, personal loans, mortgages, investments and other financial products.
- Availability: We only considered institutions that serve savers nationwide.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
