Best short-term CDs to open now

If you're looking for a low-risk way to earn guaranteed returns on your savings, a certificate of deposit (CD) is worth exploring. CDs typically offer higher interest rates than savings accounts (including the high-yield ones). Plus, they lock in your rate for the CD's full term. That means if interest rates go down in the future, your CD's rate will remain the same.

CD terms range from a few months to several years. Which term is best for you depends on several factors, including how soon you'll need to access the funds. While long-term CD rates tend to be higher, a short-term CD is better for you if you think you'll need your funds in the near future. Many CDs charge a penalty if you withdraw money before the term expires, so opening a short-term account can help you avoid these charges.

And the great news is that plenty of today's short-term CDs have rates that are as high — if not higher — than long-term ones.

See today's top CD rates here.

Best short-term CDs to open now

If you're in the market for a short-term CD, you'll enjoy the highest earnings with these accounts.

3-month CDs

• Popular Direct (4.75% APY): $10,000 minimum deposit; 89 days' interest early withdrawal penalty
• America First Federal Credit Union (4.50% APY): $500 minimum deposit; 60 days' interest early withdrawal penalty
• First Internet Bank of Indiana (4.18% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• Bank of America (4.00% APY): $1,000 minimum deposit; seven days' interest early withdrawal penalty
• TIAA Bank (4.00% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty

Compare CD rates online now.

6-month CDs

• Popular Direct (5.35% APY): $10,000 minimum deposit; 120 days' interest early withdrawal penalty
• America First Credit Union (5.30% APY): $500 minimum deposit; 60 days' interest early withdrawal penalty
• Bank5 Connect (5.30% APY): $500 minimum deposit; 90 days' interest early withdrawal penalty
• Bask Bank (5.25% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• First Internet Bank of Indiana (5.22% APY): $1,000 minimum deposit; 180 days' interest early withdrawal penalty

Check out current CD offerings here.

1-year CDs

• Santander Bank (5.50% APY): $500 minimum deposit; three months' interest early withdrawal penalty
• Limelight Bank (5.50% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
• Lending Club (5.50% APY): $2,500 minimum deposit; 90 days' interest early withdrawal penalty
• Sallie Mae Bank (5.50% APY): $2,500 minimum deposit; 90 days' interest early withdrawal penalty
• Popular Direct (5.50% APY): $10,000 minimum deposit; 270 days' interest early withdrawal penalty

Start your CD search today!

The bottom line

Short-term CDs can be a great way to earn a guaranteed return on your investment without locking up your money for an extended period. And, today's best short-term CDs offer competitive interest rates that can help your savings grow faster.

The accounts above are great options to consider when looking for a short-term CD. But, as with any financial product, it's important to do your own research to find the CD that's best for you. Remember to carefully consider the minimum deposit requirements, interest rates and terms before deciding on a CD.