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6 3-month CDs to open in 2024

Opening a 3-month CD right now is a good way to earn interest quickly. Getty Images

Certificates of deposit (CDs) are a safe and secure way to make your money work for you. The biggest drawback to using a CD is that you have to keep your money in the bank for the entire term of the CD. One way to get the benefits of a CD without losing access to your cash, though, is to open a short-term account, like a 3-month CD. Right now is the perfect time to consider opening a 3-month CD, as interest rates are very high. There are a lot of options out there, however, so it helps to familiarize yourself with the possibilities in order to make the right selection.

Pick the right CD for you now.

6 3-month CDs to open in 2024

There are many factors to consider when choosing which bank to use when opening a CD. Obviously, the interest rate is a major factor, but you also need to consider the minimum deposit requirements. It's also worth considering the early withdrawal penalties, if any. With that said, here are six potential 3-month CDs to consider in 2024.

TotalDirectBank - 5.66%

TotalDirect Bank is currently offering rates of 5.66% for 3-month CDs. There is a catch, though – the minimum account size is $25,000. If you're an established saver with $25,000 sitting in an account doing nothing, however, this could be a good option to make a lot of interest quickly with no risk.

iGoBanking - 5.35%

iGoBanking is the online division of Flushing Bank. They are currently offering interest rates of 5.35% for a 3-month CD with a minimum account balance of just $1,000.

Popular Direct - 5.10%

Popular Direct is currently is offering a return of 5.10% on a 3-month CD. This is a good choice for someone who has been saving for a while, as the minimum account size is $10,000. If you can afford that, though, the return is solid. There are also CDs available for terms of up to 5 years.

Open a CD today and start earning more interest on your savings.

America First Credit Union - 4.50%

America First Credit Union is currently offering a return of 4.50% for a 3-month CD. While that may be lower than some of the other options on this list, the minimum account size of just $500 makes it a great choice for young people or anyone who hasn't been able to accrue a lot of savings yet.

Wells Fargo - 4.50%

Wells Fargo is currently offering rates of 4.50% for 3-month CDs, with a minimum account size of $2,500.

Bank of America - 4.00%

Bank of America is another full-service bank with locations across the country. The plethora of physical locations makes it a good choice for anyone who prefers to do their banking in person rather than online or through an app. That said, the rate is currently just 4.00%, among the lowest on this list. The minimum account size is $1,000.

The bottom line

A 3-month CD is all about taking money that would otherwise be earning nothing and earning some quick interest for little to no risk. Make sure you won't need the money during those three months, though – there are generally significant penalties for early withdrawals from CDs. Once you're sure of that, though, one or more of these options could be right for you.

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