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6 Best 3-Month CD Rates October 2020

Spencer TierneyOctober 1, 2020

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Three-month CD rates aren't that common, but of those available, online banks tend to have the best. Although the term is one of the shortest available, these CDs can be helpful in some savings strategies, such as CD ladders.

Want to know more? See our overview of CD ladders

Summary of Best 3-Month CD Rates October 2020

TIAA Bank Basic CD

TIAA Bank CD

APY

0.25%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


Why we like it

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

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Consumers Credit Union CD

Consumers Credit Union CD

APY

0.35%

With $250 minimum balance

Minimum Balance

$250

Federally insured by the NCUA


Why we like it

Consumers Credit Union's opening minimum for its certificates is $250, much lower than other financial institutions'.

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Axos Bank® CD

Axos Bank® CD

APY

0.25%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


Why we like it

Axos Bank is an online bank with a relatively low minimum opening requirement and a decent rate for its three-month CD term.

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Synchrony Bank CD

Synchrony Bank CD

APY

0.25%

With $2,000 minimum balance

Minimum Balance

$2,000

Member FDIC


Why we like it

Online bank Synchrony doesn’t have a low opening requirement, but it has a wide range of high CD rates, including its three-month.

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Discover Bank CD

Discover Bank CD

APY

0.25%

With $2,500 minimum balance

Minimum Balance

$2,500

Member FDIC


Why we like it

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

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Radius Bank CD

Radius Bank CD

APY

0.25%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


Why we like it

Radius Bank offers a solid three-month CD rate and a low opening minimum.

Read Full Review

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

Here's our list of the best 3-month CD rates from banks and credit unions:

  • Consumers Credit Union: 0.35% APY, $250 minimum deposit.

  • TIAA Bank: 0.25% APY, $1,000 minimum deposit.

  • Axos Bank: 0.25% APY, $2,500 minimum deposit.

  • Synchrony Bank: 0.25% APY, $2,000 minimum deposit.

  • Discover Bank: 0.25% APY, $2,500 minimum deposit.

  • Radius Bank: 0.25% APY, $1,000 minimum deposit.

Last updated on October 1, 2020

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 October 2020

Frequently asked questions