Savers have many options for earning interest on the money in their accounts. And now is the perfect time to enjoy 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 reap significant interest income by depositing your money into the right one. count today.
For example, many(CD) currently offer prices that are right now – and there is to open one too. But with a CD, you have to leave your money intact for the duration of the . Otherwise, you could pay a this reduces your interest income – sometimes significantly. And this requirement can be an obstacle for some savers.
So what options are available to savers who may need to access their funds in the near future? Well, CDs come in all sorts of lengths, from a few months to a few years. So there are still CDs you can enjoy – and right now,like 3 month CDs, offer some of the best rates available.
Find out the best rates you could get on your savings here.
The 10 best 3-month CD prices at the moment
If you want to open a 3 month CD at a high rate, here are some of the best options:
- TotalDirectBank – 5.66% APY: You will 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’s interest.
- Dow Credit Union – 5.65% APY: There is a minimum deposit required of $500 to open this CD. And if you withdraw your money before the CD matures, you risk an early withdrawal penalty.
- Bayer Heritage Federal Credit Union – 5.65% APY: You will need to deposit a minimum of $100 to open this CD. And, if you withdraw your money before the CD matures, you will be subject to a penalty equal to either the dividend earned on the certificate or one month’s dividends on the amount withdrawn, whichever is less.
- Signature Federal Credit Union – 5.55% APY: Opening this CD requires a minimum deposit of $500. You have the option to withdraw the interest you earn before the CD matures, but if you withdraw your principal before the end of the term, you will pay a 45-day interest penalty.
- 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 and there may also be brokerage fees to pay.
- Investment Bank for Home Loans, FSB — 5.50% APY: There is a minimum deposit required of $1,000 to open this CD. Interest can be withdrawn before the maturity date listed on the CD, but if you withdraw all your money early, you will pay an early withdrawal penalty.
- Loyalty – 5.45% APY: To open this CD, you will need to deposit at least $1,000 into the account and be a Fidelity Brokerage customer. However, there are no monthly service fees or early withdrawal penalties.
- Bank Ponce – 5.40% APY: This CD requires a minimum opening deposit of $1, making it accessible to most people. However, no partial early withdrawals are permitted and any early withdrawals you make are subject to a 90-day interest penalty.
- iGoBanking – 5.35% APY: You will need a minimum opening deposit of $1,000 to open this online bank’s CD. Withdrawing your money early comes with a penalty worth 90 days of interest.
- People’s Direct Bank – 5.10% APY: To open this CD, you will need to make a minimum opening deposit of – which is substantial compared to most other 3-month CD options. And if you withdraw your money early, the early withdrawal penalty is 89 days of simple interest.
Discover the best savings options available to you here.
There’s no reason to settle for a low interest rate on your savings, even if you’re hesitant to keep your money in a CD 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 money in the next few months, a 3-month CD might be the ideal solution. Just make sure you understand all the terms and conditions before opening a CD, regardless of its length, so you can make the most informed decision possible for your finances.
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