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5 Best 3-Month CD Rates for August 2022

Aug 1, 2022

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Three-month CD rates aren't too common, but of those available, online banks tend to have the best. These CDs can be helpful in some savings strategies, such as CD ladders.

Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

» Want to see a wider pool of high rates? See our list of the best high-interest accounts

Best 3-Month CD Rates

TIAA Bank Basic CD

4.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

0.90%

Why we like it

TIAA Bank has a somewhat low minimum and its three-month rate is one of the best.

Read Full Review

Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

APY

1.00%

Why we like it

Online bank Synchrony has a low opening requirement and a wide range of high CD rates, including for its three-month CD.

Read Full Review

Ally Bank High Yield CD

5.0

NerdWallet rating 
Ally Bank High Yield CD

Minimum deposit

$0

Member FDIC

APY

0.75%

Why we like it

Ally's wide range of CD terms starts at three months, and there's no minimum opening requirement.

Read Full Review
Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

5.0

NerdWallet rating 
Discover Bank CD

Minimum deposit

$2,500

Member FDIC

APY

0.50%
Learn more

at Discover Bank, Member FDIC


Why we like it

Discover Bank offers a competitive rate for a current three-month CD. Its minimum is relatively high.

Read Full Review

Popular Direct CD

4.5

NerdWallet rating 
Popular Direct CD

Minimum deposit

$10,000

Member FDIC

APY

0.90%

Why we like it

Popular Direct is an online bank with a decent three-month CD rate but a steep minimum opening deposit of $10,000.

Read Full Review

» Want to see more options? Check our list of the best CD rates overall

Best 3-month CD rates

  • Synchrony Bank: 1.00% APY, no minimum deposit.

  • TIAA Bank: 0.90% APY, $1,000 minimum deposit.

  • Ally Bank: 0.75% APY, no minimum deposit.

  • Discover Bank: 0.50% APY, $2,500 minimum deposit.

  • Popular Direct: 0.90% APY, $10,000 minimum deposit.

How do CDs work?

Learn more about the journey of choosing, opening and closing CDs.

For choosing CDs:

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See CD rates by term and type

Compare the best rates on certificates of deposit for various CD terms and types:

See CD rates by bank

If you want to see CD rates at specific banks, here’s a quick list of both traditional and online banks’ CDs (and one brokerage’s offering):

Last updated on August 1, 2022

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People often identify opening a savings account as their next money move.

Capital One 360 Performance Savings™

4.5

NerdWallet rating 
Capital One 360 Performance Savings™

APY

1.50%

With $0 min. balance for APY

at Capital One, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.50%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

2.07%

With $0 min. balance for APY

Methodology

On a monthly basis, we compare rates at over 30 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyzed our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.

We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

To recap our selections...

NerdWallet's Best 3-Month CD Rates for August 2022

Frequently asked questions