The 10 best 3-month CD rates right now

Savers have numerous options for earning interest on the money in their accounts. And, right now is a great time to take advantage of one or more of them. Rates on interest-bearing accounts are significantly higher than they were this time last year, so this is a unique opportunity to rake in big interest earnings by depositing your money into the right account today.

For example, many certificates of deposit (CDs) currently offer rates that are well above 5% right now — and there are other big benefits to opening one, too. But with a CD, you're required to leave your money untouched for the entire CD term. Otherwise, you could pay an early withdrawal penalty that cuts into your interest earnings — sometimes significantly. And that requirement can be a hurdle for some savers.

So what are the options for savers who may need access to their funds in the near future? Well, CDs come with all types of term lengths, from a few months to a few years. So, there are still CDs that you can take advantage of — and right now, shorter-term CDs, like 3-month CDs, are offering some of the top rates available.

Explore the top rates you could earn on your savings here.

The 10 best 3-month CD rates right now

If you want to open a 3-month CD with a high rate, here are some of the top options: 

• TotalDirectBank — 5.66% APY: You'll need to deposit a minimum of $25,000 via ACH to open this CD. And, if you withdraw your money early, the penalty is one month of interest.
• Dow Credit Union – 5.65% APY: There is a minimum deposit requirement of $500 in order to open this CD. And, if you withdraw your money before the CD matures, you may face an early withdrawal penalty.
• Bayer Heritage Federal Credit Union – 5.65% APY: You'll need to deposit a minimum of $100 to open this CD. And, if you withdraw your money before the CD has matured, you'll face a penalty of either the earned dividend on the certificate or one month of dividends on the amount withdrawn, depending on which is less.
• Signature Federal Credit Union — 5.55% APY: Opening this CD requires a $500 minimum deposit. You have the option to withdraw the interest you earn before the CD matures, but if you withdraw your principal prior to the end of the term, you'll pay a penalty of 45 days' worth of interest.
• Charles Schwab — 5.51% APY: You'll need to deposit a minimum of $1,000 to open this CD, and you'll also need to open (or have) a Charles Schwab account. Note that this CD only earns simple interest, not compound, and there could also be brokerage fees to contend with.
• Home Loan Investment Bank, FSB — 5.50% APY: There is a minimum deposit requirement of $1,000 to open this CD. The interest can be withdrawn before the maturity date on the CD, but if you withdraw all of your money early, you'll pay a penalty for early withdrawal. 
• Fidelity — 5.45% APY: To open this CD, you'll need to deposit at least $1,000 into the account and be a Fidelity Brokerage customer. However, there is no monthly service charge or early withdrawal penalty.
• Ponce Bank — 5.40% APY: This CD has a $1 minimum opening deposit requirement, making it accessible for most people. However, there are no partial early withdrawals allowed, and any early withdrawal you make is subject to a penalty of 90 days' worth of interest.
• iGoBanking — 5.35% APY: You'll need a minimum opening deposit of $1,000 in order to open this online bank's CD. Withdrawing your money early comes with a penalty worth 90 days of interest.
• Popular Direct Bank — 5.10% APY: To open this CD, you'll need to make a minimum opening deposit of $10,000 — which is substantial compared to many of the other 3-month CD options. And, if you withdraw your money early, the early withdrawal penalty is 89 days of simple interest.

Find out what top savings options are available to you here.

The bottom line

There's no reason to settle for a low interest rate on your savings — even if you're hesitant to lock your money away in a CD for the long term. Right now, short-term CDs offer some of the best rates you can find, and if you think you'll need access to your cash within the next few months, a 3-month CD could be the right fit. Just make sure you understand all of the terms and conditions before opening a CD of any length so you can make the most educated decision possible for your finances.