Best of
Best 3-Month CD Rates September 2019
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Summary of Best 3-Month CD Rates September 2019
| Bank | APY | Minimum Deposit | Learn More |
|---|---|---|---|
 Ally Bank | 0.75% | $0 | |
 Popular Direct | 1.90% | $10,000 | |
 Synchrony Bank | 0.75% | $2,000 | |
 TIAA Bank | 1.95% | $5,000 | |
 Radius Bank at Radius Bank, Member, FDIC | 0.85% | $1,000 | at Radius Bank, Member, FDIC |
| Bank | APY | Minimum Deposit | Learn More |
|---|---|---|---|
Ally Bank | 0.75% | $0 | |
Popular Direct | 1.90% | $10,000 | |
Synchrony Bank | 0.75% | $2,000 | |
TIAA Bank | 1.95% | $5,000 | |
Radius Bank at Radius Bank, Member, FDIC | 0.85% | $1,000 | at Radius Bank, Member, FDIC |
APY
0.75%
Minimum Deposit
$0
Ally's wide range of CD terms starts at three months, and there's no minimum opening requirement.
Read full reviewAPY
1.90%
Minimum Deposit
$10,000
Popular Direct has a steep opening minimum, but its high three-month rate makes it worth considering.
Read full reviewAPY
0.75%
Minimum Deposit
$2,000
Online bank Synchrony doesn’t have a low opening requirement, but it has a wide range of high CD rates, including its three-month.
Read full reviewAPY
1.95%
Minimum Deposit
$5,000
TIAA Bank has a hefty minimum, but its three-month rate is one of the best.
Read full reviewat Radius Bank,
Member, FDIC
at Radius Bank,
Member, FDIC
APY
0.85%
Minimum Deposit
$1,000
Radius Bank offers a solid three-month CD rate and a low opening minimum.
Read full review» Want to see more options? Check out our list of the best CD rates overall
What is a CD?
A CD, or certificate of deposit, is a type of savings account which keeps money locked up for a set period or term, generally three months to five years. The longer the CD term, the higher the rate tends to be.
» Want slightly higher rates? Check out our list of best six-month CD rates
How do CD rates work?
CD rates are quoted as an annual percentage yield, or APY, which is how much the account earns in one year, including compound interest. Banks generally compound interest monthly or daily. Most CDs have fixed rates, so they won't change as savings account rates tend to.
» See what CDs can earn with our CD calculator
When should you get a CD?
You should get a CD only if you know you won’t need those funds during its term. Pulling money out of a CD before its expiration date will likely result in an early withdrawal fee, which is typically a percentage of the interest earned. With a three-month CD, there’s less of a commitment so you have more opportunities to renew in a given year if you decide you don’t need the money yet.
» Thinking of a longer term for higher yields? Check out our lists of best one-year and best three-year CD rates
What's better: CDs or high-yield savings accounts?
It depends on what's more important to you: rates or access to your money. The best CD rates tend to be higher than the best savings account rates, but you sacrifice access to money in CDs. If that doesn't work for you, check out our list of best online savings accounts.
What's better: CDs or investment accounts?
It depends on the level of risk you want to take. Investment, or brokerage, accounts can have higher returns than CDs, but CDs guarantee returns. They're typically federally insured for up to $250,000 and offer fixed interest rates. Brokerage accounts can be riskier since you aren’t protected against losses.
Last updated on September 1, 2019
Methodology
We featured easy-to-join financial institutions that NerdWallet has vetted and reviewed with the highest rates for three-month CDs. Higher rates might be available elsewhere.
To recap our selections...
NerdWallet's Best 3-Month CD Rates September 2019
- Ally Bank: 0.75% APY
- Popular Direct: 1.90% APY
- Synchrony Bank: 0.75% APY
- TIAA Bank: 1.95% APY
- Radius Bank: 0.85% APY
