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The Best 3-Month CD Rates in June 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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If you have some extra cash and are looking for a quick return, a 3-month certificate of deposit (CD) could be the handy savings tool you’ve been looking for. CDs with a 3-month term are typically the shortest CD offerings available. Because they’re such brief investments, 3-month CDs also tend to earn at pretty low interest rates. In fact, the average return on a 3-month CD in June is only 0.14% APY.

However, low 3-month CD rates are far from being an inescapable destiny. In order to compete for customers, some banks end up offering really great rates on short-term CDs. This competition can be a big advantage if you know where to look. And we know where to look: Read on to see the best CD rates for 3-month terms.

We ranked the following products by highest APY available nationwide, using data from DepositAccounts.com, another LendingTree-owned company. We also took minimum deposit requirements into consideration to ensure wider availability for customers. Finally, we checked each account’s early withdrawal penalty, as 3-month CD penalties can take a larger chunk of your earnings out than other terms.

The best 3-month CD rates

1. Spectrum Credit Union — 0.50% APY, $500 minimum deposit

Spectrum Credit Union offers a high-yield rate with its 3-month share certificate, which requires a $500 minimum deposit. After that, all balances can earn at the given rate. Making an early withdrawal from the 3-month share certificate will result in a penalty of three months’ worth of dividends.

Spectrum Credit Union was founded in 1973 as Bechtel Employees Federal Credit Union. In 2012, it became a division of Chevron Federal Credit Union (CFCU), aiming to serve communities that Chevron’s membership does not reach. Spectrum membership is available to a variety of customers, including employees of select companies and residents of select San Francisco and Maryland neighborhoods. You can also become eligible by joining one of its partner nonprofit associations.

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on Spectrum Credit Union’s secure website

NCUA Insured

2. NexBank — 0.50% APY, $10,000 minimum deposit

NexBank certificates of deposit earn at some great rates, including its 3-month CD. NexBank requires a pretty high opening deposit of $10,000 for its CDs, and balances max out at $240,000. The penalty for an early withdrawal will equal one month’s worth of interest.

In addition to its CDs and other personal deposit accounts, NexBank focuses largely on commercial banking, mortgage banking and institutional services. It was established in 1934 and is based in Dallas.

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on NexBank’s secure website

Member FDIC

3. Bethpage Federal Credit Union — 0.40% APY, $50 minimum deposit

With competitive rates on all its Certificates, the Bethpage Federal Credit Union 3-Month Certificate is no exception. Plus, you only need $50 to open an account, so it’s easier to get started. The penalty for an early withdrawal from this account is 90 days’ worth of dividends on the principal amount withdrawn.

Bethpage FCU first opened in 1941 to serve Grumman employees. Based in Bethpage, N.Y., the credit union also offers customers access to thousands more branches and ATMs throughout the country through the CO-OP Network. Bethpage FCU opens membership up to anyone; you just need to open a Bethpage savings account and fund it with $5 to become a member.

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on Bethpage Federal Credit Union’s secure website

NCUA Insured

4. Service Credit Union — 0.40% APY, $500 minimum deposit

Dividends are compounded monthly on this 3-month CD from Service Credit Union and credited every month. At the end of the term, you can take out your funds or roll them over. The minimum to open an account is $500.

Service Credit Union was originally formed in 1957 to provide financial services to military members and their families. Active military and veterans are still welcome to join, as are community members of select Massachusetts areas. If you don’t fall under these categories, you can also join Service Credit Union through the American Consumer Council. Use the code “Service” to score a membership at no cost.

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on Lake Michigan Credit Union’s secure website

NCUA Insured

5. Consumers Credit Union (IL) — 0.35% APY, $250 minimum deposit

It takes only $250 to earn this competitive rate on Consumers Credit Union’s 91-day CD. Dividends are compounded daily and post monthly for this account. Early withdrawal will cost you 60 days’ dividends.

A one-time $5 membership fee to the Consumers Cooperative Association also qualifies you for membership to Consumers Credit Union, which was originally established in 1910 as Cooperative Trading Company of Waukegan in Illinois.

6. Evansville Teachers Federal Credit Union — 0.35%APY, $1,000 minimum deposit

This 3-month certificate from Evansville Teachers Federal Credit Union earns a solid rate for such a short term. You’ll only need $1,000 to deposit to secure this rate.

Evansville Teachers Federal Credit Union was established in 1936 by a group of Indiana teachers in response to the Great Depression to help serve the financial needs of teachers at the time. Today, ETFCU membership is still open to teachers, but it also serves through other employers, organizations and family members. You can also join by donating as little as $5 to the Mater Dei Friends & Alumni Association.

7. TIAA Bank — 0.35% APY, $1,000 minimum deposit

You’ll need to set aside only $1,000 to benefit from TIAA Bank’s 3-month Yield Pledge CD. Interest on the certificate is compounded daily and credited monthly, and it will automatically renew at maturity for the same term. The penalty for an early withdrawal from this account is equal to 22 days of simple interest.

Established in 1998, TIAA Bank is a division of TIAA, FSB, which was founded in 1918. TIAA Bank is headquartered in Jacksonville, Fla., but operates entirely online.

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on TIAA Bank’s secure website

Member FDIC

8. Hiway Federal Credit Union — 0.35% APY, $25,000 minimum deposit

Dividends are calculated daily on this 3-month CD from Hiway Federal Credit Union, which requires a substantial opening balance of $25,000. But investing only $10,000 will still get you a rate that just misses the top 10. Withdrawing before maturity will cost you 30 days’ dividends. The certificate automatically renews for the same term if you don’t make any changes within the 14-day, post-maturity grace period.

Minnesota-based Hiway Federal Credit Union opens its membership outside the Metro Community area to employees of partner organizations. You can also qualify if you become a member of the Minnesota Recreation and Park Foundation or the Association of the United States Army for a small donation.

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on Hiway Credit Union’s secure website

NCUA Insured

9. Affinity Plus Credit Union — 0.30% APY, $500 minimum deposit

The APY listed here is for a 3-month Affinity Plus Basic Certificate. Dividends are compounded and credited monthly. Withdrawing money before the three months is up carries a stiff penalty of 90 days’ interest, essentially wiping out any benefit, so be sure you can leave your money untouched until the CD matures.

There are many avenues of eligibility for membership in Affinity Plus, most centering around your employer or participation in select Minnesota areas. But anyone can join by making a one-time $25 payment to the Affinity Plus Foundation.

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on Affinity Plus Federal Credit Union’s secure website

NCUA Insured

10. Signature Federal Credit Union — 0.30% APY, $500 minimum deposit

You can get started with a 3-month Signature FCU share certificate with $500. Dividends are compounded and credited monthly. Signature FCU allows you to transfer your interest out of your CD each month or you can reinvest it to grow your money even faster. You’ll forfeit 45 days of dividends if you withdraw your money early.

You can join Signature Federal Credit Union if you are a member or employee of select partner organizations; by being sponsored or referred by a member; or by enrolling in the American Consumer Council at no cost.

Short-term CDs vs. long-term CDs: Which are better investments?

Both short-term and long-term CDs are great investment tools, although they serve different purposes depending on your savings goals. Long-term CDs are better for saving for goals years in the future. They also help you lock in high rates for years to come to protect against a rate-dropping climate.

Short-term CDs, on the other hand, are better when you have some extra cash you need to stash away for a bit. You can take advantage of high rates, but there is the inherent risk that in three or six months, that rate may have gone down. On the flip side, a short-lived term allows you to take advantage of rising rates more quickly.

A CD alternative that would still allow you some flexibility in catching rising rates would be to open no-penalty CDs instead. Like their name suggests, no-penalty CDs allow you to avoid the typical early withdrawal penalty associated with CDs. That way, when you start to see higher available CD rates, you can close up one CD and deposit those funds in a new, higher rate account without losing money.

Because short-term CDs expire so quickly, it might make sense to open a more liquid savings product instead. “A reasonable alternative is to just keep that money in a savings or money market account for three or six months,” suggests Ken Tumin, founder of DepositAccounts.com, a LendingTree-owned company. “In fact, the savings account rates at many internet banks are actually quite a bit higher than their 3- and 6-month CD rates.”

However, there is always the chance of your variable savings account rate decreasing without notice. So if you can open one of the best 3-month CDs above, the returns could be worth locking away your money for a few months.

Starting off a mini CD ladder with a 3-month CD

Many CD ladder guides suggest building a ladder starting with a 1-year CD. That technique results in CDs that mature every year. But you can also just as easily kick off a CD ladder with 3-month CDs. That would allow for more frequent maturity dates. For example, you could start a ladder with 3-month, 6-month, 9-month and 12-month CDs. When the 3-month, 6-month and 9-month CDs mature, you would renew each one into a 12-month CD. The steady state of the ladder would then be just 12-month CDs that mature every three months.

You can also create a ladder with longer-term CDs that still mature every three months. In this case, it’s a little more complicated when starting the CD ladder. In sticking with the example above, you could also open a 24-month and 36-month CD at the outset. After several rollovers into various terms over the next few years, the ladder’s steady state would have a 36-month CD maturing every 3 months. This could be an ideal way to take advantage of high rates now while also leaving some room for higher rates in the future. It also offers opportunities for you to receive a payout every three months.

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10 Best 18-Month CD Rates June 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Sometimes you need a shorter-term CD, but the rate of return on a 12-month CD just isn’t quite enough. Thankfully, many institutions offer 18-month CD or 19-month CD options. They typically have higher rates than a 12-month account, while remaining a viable choice for near-term savings goals when a 24-month CD would be too long a commitment.

The key is to find the right 18-month CD to maximize your savings. If you look around, you can find rates just at or a bit under 0.80% APY, double the average 18-month CD rate of 0.37%. To make the search process easier for you, we’ve uncovered the best 18-month CDs using data from DepositAccounts.com to find the highest APY. We also took each account’s minimum deposit requirement into consideration.

The 10 best 18-month CD rates in June 2021

1. Consumers Credit Union (IL) (20-month) — 0.80% APY, $250 minimum deposit

This 20-month certificate from Consumers Credit Union offers a special chance at this more competitive rate. The certificate will automatically renew at maturity at a term of two years. Dividends are compounded daily and credited monthly. If you withdraw money from the CD before the 20 months is up, you’ll face a penalty of 120 days’ dividends.

Illinois-based Consumers Credit Union is available to join by doing two things: Paying a onetime $5 fee to its sponsor, the Consumers Cooperative Association, and depositing and keeping $5 in a Membership Share/Savings Account.

2. Lafayette Federal Credit Union — 0.75% APY, $50 minimum deposit

The $50 minimum deposit on Lafayette Federal Credit Union’s 18-month certificate is tempting, but keep in mind that it’s a variable rate, which means the certificate rate is subject to change without notice. You can also make additional deposits into the certificate at any time. Dividends are compounded and paid quarterly, and the certificate automatically renews upon maturity. Withdrawing money early will cost you 180 days’ dividends.

Membership to Lafayette Federal Credit Union is open to people who live, work or attend school in the Maryland, Virginia and Washington, D.C. area, but if you live elsewhere in the country, you’re also eligible for membership by joining the Home Ownership Financial Literacy Council, which will only set you back $10.

SEE DETAILS Secured

on Lafayette Federal Credit Union’s secure website

NCUA Insured

3. Evansville Teachers Federal Credit Union — 0.75% APY, $1,000 minimum deposit

You’ll earn this rate on Evansville’s 18-month certificate until the certificate first matures. Like all of Evansville’s certificates, this 18-month account requires a modest minimum investment of $1,000.

Membership to ETFCU is open to employees of select employers and organizations and their family members. You can also join with a $5 donation to the Mater Dei High School Friends & Alumni Association.

4. NexBank — 0.75% APY, $10,000 minimum deposit

NexBank’s 18-month certificate of deposit earns you this high rate, but you’ll need to part with a minimum of $10,000. If a year and a half is too long for you to lock up that kind of money, their 12-month CD earns the same rate. This CD will automatically roll over at maturity. They may impose a substantial penalty for money withdrawn before then.

NexBank was established in 1934 in Dallas.

5. Marcus by Goldman Sachs Bank USA — 0.70% APY, $500 minimum deposit

Under the brand Marcus by Goldman Sachs, Goldman Sachs Bank USA is a consistent rate leader for its online deposit accounts. Its 18-month CD here earns a solid 0.70% APY on deposits of $500 and above. If you fund your account within 10 days of opening, Marcus will guarantee you the highest rate it can offer on that account. The early withdrawal penalty equals 270 days’ simple interest on the principal at the rate in effect for the CD.

Goldman Sachs Bank USA was founded in 1869 and is headquartered in New York City. Marcus is accessible online and on its mobile app.

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on Marcus By Goldman Sachs’s secure website

Member FDIC

6. CFG Bank — 0.70% APY, $500 minimum deposit

The minimum balance for this CFG Bank CD is $500, and no additional deposits are allowed after opening. These accounts are subject to an early withdrawal penalty, and any withdrawal within the first six days of opening an account will incur a penalty of 7 days’ interest.

CFG Bank is privately owned and operated by an entrepreneur. Its headquarters are in Baltimore, Md.

7. American Heritage Credit Union (20-month) — 0.70% APY, $1,000 minimum deposit

By bumping your term up by just two months, from 18 to 20 months, you’ll earn this high APY. If you want to stick to 18 months, their rate falls a bit short of our list. You can fund an American Heritage Credit Union CD with $500, but you’ll need to deposit at least $1,000 to earn this top rate. Dividends are compounded and credited monthly. The early withdrawal penalty is 180 days’ dividends.

American Heritage, founded in 1948, has locations in and around Philadelphia, and offers access to more than 5,000 shared branch locations nationwide. In addition to the usual ways to become a member, based on where you work and/or live, you can join American Heritage Credit Union if you are a member of the credit union’s Kids-N-Hope Foundation. If you’re not currently a member, American Heritage will donate to the foundation for you, securing your membership.

8. Hanscom Federal Credit Union (19-month) — 0.70% APY, $1,000 minimum deposit

Hanscom FCU offers its traditional certificates in a range of terms, but its 19-month special stands out. It earns at a higher rate than the 12-month and even the 18 to 29-month accounts, and dividends are paid monthly. You’ll need at least $1,000 to open. If you make a withdrawal before the account matures, you’ll face a penalty of 180 days’ worth of interest.

Hanscom Federal Credit Union has been around since 1953, with branches throughout Massachusetts. You can also access your accounts at CO-OP shared branches nationwide. You can become a Hanscom FCU member through family relationships, your employer or partner organizations, including membership in the Nashua River Watershed Association or Burlington Players.

9. NASA Federal Credit Union (15-month) — 0.70% APY, $10,000 minimum deposit

NASA Federal Credit Union offers an in-between CD term with its 15-month share certificate. It earns a top rate and requires a minimum $10,000 deposit in new money to open. Dividends are compounded monthly. Withdrawal of your principal amount before maturity will result in the loss of 182 days of dividends on the amount withdrawn.

NASA Federal Credit Union was founded in 1949 and is headquartered in Upper Marlboro, Md. You’re eligible for membership if you are an employee or retiree of NASA Headquarters, any NASA Center or Facility, or National Academy of Sciences (NAS); an employee of a partner company or association; or a relative or household member of a current NASA FCU member. You can also join through a National Space Society (NSS) membership, which NASA FCU will provide, complimentary.

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on NASA Federal Credit Union’s secure website

NCUA Insured

10. Affinity Plus Federal Credit Union — 0.65% APY, $500 minimum deposit

Affinity Plus Federal Credit Union offers a variety of CD products, including its competitive 18-month Basic Certificate. You’ll need at least $500 to open one, and the early withdrawal penalty will equal 180 days’ interest.

Affinity Plus Federal Credit Union membership is open to employees, volunteers, students, alumni, members and volunteers of select organizations and groups as well as to individuals who live, work, worship or volunteer in select Minnesota communities. You may also join if you’re a relative or housemate of an eligible individual or if you make a one-time $25 dues payment to the Affinity Plus Foundation.

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on Affinity Plus Federal Credit Union’s secure website

NCUA Insured

Is it worth getting an 18-month CD over a 1-year CD?

When we discuss CD rates, we tend to center the conversation on 1-year CDs. They’re helpful to look at when assessing changes in rates over time, typically compared to long-term CDs. They also the general starting point when creating a CD ladder. So where do the slightly longer 18-month CDs fit in?

18-month CDs are only six months longer than 1-year CDs. It might seem like too little of a difference, especially when you’re squirreling away cash. However, because of this extra time a bank gets to hold your money, banks are willing to pay higher rates on your 18-month deposits, thus boosting your savings a little bit more.

Let’s say you deposit $1,000 into a bank’s 3% APY 18-month CD. At maturity, you’ll have earned around $46. Making that same deposit into the same bank’s 1-year CD at 2% APY, would earn just a little over $20. Of course, rates vary from bank to bank. That’s why it’s important to look for the best CD rates for each term to make locking your money away more worthwhile.

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Best Savings Account Bonus Offers of June 2021

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There are several savings account bonus offers out there that could allow you to earn a few hundred dollars by opening a new savings account.

Find some of the best savings account bonus offers below, ranked by bonus amount. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Also keep an eye on an offer’s expiration date so you don’t miss out on a deal.

The best savings account bonus offers in June 2021

Do you have a savings goal in mind? Tell us about it!

Methodology

To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the three biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.

PNC Bank — Up to $300 bonus with $5,000 direct deposits

Offer ends 6/30/2021

Offer rules: There are three bonus reward opportunities at PNC Bank, although you can only redeem one at a time. To earn the largest $300 reward, you must first open a new Virtual Wallet with Performance Select and receive direct deposits totaling at least $5,000. To earn a $200 reward, you must open a new Virtual Wallet with Performance Spend account and make at least $2,000 in total direct deposits. To earn a $50 reward, you must open a new Virtual Wallet and make $500 in direct deposits.

You must meet all requirements within the first 60 days of account ownership. Qualifying direct deposits are paycheck, pension, Social Security or other regular monthly payments from an employer or an outside agency.

Who’s eligible: Only new PNC customers qualify for these offers. This excludes those who own an existing PNC Bank consumer checking account, have closed an account within the past 90 days or have been paid a promotional premium in the past 12 months.

To redeem this bonus, open the new checking account via the bonus page.

Account details: The Performance Select is the top tier Virtual Wallet. Its checking account aspects earn interest at 0.01% APY. The savings account earns 0.01% APY as well, unless you qualify for higher relationship rates. There is a $25 monthly fee, which you can waive in a few different ways.

The Performance Spend also pays 0.01% interest on its checking account for balances of $2,000 or more. Its second checking component earns 0.01% APY on all balances. Its Growth savings component earns 0.01% APY. You can earn at higher relationship rates by meeting certain requirements. Performance Spend has a $15 waivable fee.

Virtual Wallet includes a primary, non-interest-bearing checking account, a short-term, interest-bearing checking account at 0.01% APY and a long-term savings account at 0.01% APY, again with the opportunity for relationship rates. It charges a $7 waivable monthly fee.

Regions Bank — Up to $100 bonus with $10 monthly minimum deposit

No expiration date

Offer rules: The LifeGreen Savings Account earns an annual 1% bonus of up to $100. To qualify for the bonus, you must have received an automatic transfer of at least $10 from a Regions checking account to your LifeGreen Savings Account in at least 10 of the 12 months that precede the month of your account opening.

Your bonus will be based on the average monthly balance for the 12 calendar months before your account anniversary.

Who’s eligible: Any Regions checking account holder. You must already have a Regions checking account to open a LifeGreen Savings account.

Account details: The LifeGreen Savings account charges no monthly fee and earns 0.01% APY on all balances. You’ll need an opening deposit of at least $50 to open the account online, or $5 if you open the account at a branch, and you set up an automatic recurring monthly transfer from a Regions checking account.

BMO Harris — Up to $60 bonus with $200 monthly minimum deposits

Offer ends 10/29/2021

Offer rules: BMO Harris rewards new Statement Savings customers with a $5 bonus each month you save $200 or more for the first year after account opening. Your opening deposit counts toward the balance growth for the first month of this offer, but accounts opened online may have a short delay in funding. Account growth is measured by the difference in balance between the last business day of the previous month and the last business day of the current month.

Who’s eligible:Residents of AZ, FL, IL, IN, KS, MN, MO, or WI are eligible for this offer, which cannot be combined with any other savings or money market offer provided by BMO Harris.

Account details: The Statement Savings account has just a $25 minimum balance to open, does not have any monthly maintenance fees and is insured by the FDIC. The current APY is just 0.01% for all balances.

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on BMO Harris Bank’s secure website

Member FDIC

How do these accounts compare to the best online savings accounts?

When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.

Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.

Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.

Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.

Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.