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7 Best 3-Month CD Rates August 2020

Spencer TierneyAugust 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.

Summary of Best 3-Month CD Rates August 2020

BankNerdWallet Rating APYMinimum DepositLearn More
Ally Bank CD

Ally Bank CD

0.35%

$0

Read review
TIAA Bank CD

TIAA Bank CD

0.35%

$5,000

Read review
Consumers Credit Union CD

Consumers Credit Union CD

0.35%

$250

Read review
Axos Bank™ CD

Axos Bank™ CD

0.25%

$1,000

Read review
Synchrony Bank CD

Synchrony Bank CD

0.25%

$2,000

Read review
Discover Bank CD

Discover Bank CD

0.25%

$2,500

Read review
Radius Bank CD

Radius Bank CD

0.25%

$1,000

Read review

Ally Bank CD

Ally Bank CD

APY

0.35%

With $0 minimum balance

Minimum Balance

$0

Member FDIC


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

TIAA Bank CD

TIAA Bank CD

APY

0.35%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


Why we like it

TIAA Bank has a hefty minimum, but its three-month rate is one of the best.

Read Full Review

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'.

Read Full Review

Axos Bank™ CD

Axos Bank™ CD

APY

0.25%

With $1000 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.

Read Full Review

Synchrony Bank CD

Synchrony Bank CD

APY

0.25%

With $2000 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.

Read Full Review

Discover Bank CD

Discover Bank CD

APY

0.25%

With $2500 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.

Read Full Review

Radius Bank CD

Radius Bank CD

APY

0.25%

With $1000 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:

  • Ally Bank: 0.35% APY, no minimum deposit.

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

  • TIAA Bank: 0.35% APY, $5,000 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 August 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 August 2020

Frequently asked questions