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7 Best 3-Month CD Rates for May 2022

May 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

Consumers Credit Union CD

4.0

NerdWallet rating 
Consumers Credit Union CD

Minimum deposit

$250

Federally insured by the NCUA

APY

0.35%

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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TIAA Bank Basic CD

5.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

0.35%

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

0.50%

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.

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Ally Bank High Yield CD

5.0

NerdWallet rating 
Ally Bank High Yield CD

Minimum deposit

$0

Member FDIC

APY

0.30%

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

BrioDirect High-Yield CD

4.0

NerdWallet rating 
BrioDirect High-Yield CD

Minimum deposit

$500

Deposits are FDIC Insured

APY

0.25%

Why we like it

BrioDirect is the online bank division of Webster Bank. It has a competitive three-month CD rate and a low minimum opening deposit.

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Axos Bank® CD

3.0

NerdWallet rating 
Axos Bank® CD

Minimum deposit

$1,000

Member FDIC

APY

0.20%

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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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

0.30%
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

» 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: 0.35% APY, $1,000 minimum deposit.

  • Synchrony Bank: 0.50% APY, no minimum deposit.

  • BrioDirect: 0.25% APY, $500 minimum deposit.

  • Ally Bank: 0.30% APY, no minimum deposit.

  • Axos Bank: 0.20% APY, $2,500 minimum deposit.

  • Discover Bank: 0.30% APY, $2,500 minimum deposit.

Last updated on May 1, 2022

Methodology

On a monthly basis, we compare rates at over 20 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 May 2022

Frequently asked questions