Comparing the Best CD Rates: Get the Highest Return on Your Investment Now!
Are you looking for the best CD rates? If so, you'll want to compare the latest rates from top financial institutions. CDs (Certificates of Deposit) are a great option for those who want a fixed interest rate and the ability to save for a specific amount of time. We've done the research for you and found the best 3-month CD rates available right now.
The 3-month CD rates vary depending on the institution and the amount you deposit. For example, American Express offers a 3-month CD with a minimum deposit of $1,000 and a rate of 2.25% APY. Other institutions may offer higher rates but with a higher minimum deposit.
When choosing a CD, it's important to understand the early withdrawal penalties. For 3-month CDs, the penalty is usually a fixed amount of the interest you earn on the CD. If you open a 3-year CD and take the money out within the first six months, you’ll likely lose money due to the penalty.
It's also important to remember that CD rates are affected by the federal funds rate. For example, the highest rate on a nationally available 3-year CD was 1.11% in December 2021. The 36-month certificate with the highest rate of return currently stands at 4.84%. Rates may continue to increase if the federal funds rate goes up, so it may be wise to lock in the best CD rate you can find now.
If you're looking for the best CD rates, be sure to compare different institutions and understand the early withdrawal penalties. Rates may continue to increase if the federal funds rate goes up, so it may be wise to lock in the best CD rate you can find now.
0. “The Best 3-Month CD Rates of February 2023” Business Insider, 10 Feb. 2023, https://www.businessinsider.com/personal-finance/best-3-month-cd-rates
1. “CD Rate Trends, Week of February 13: Rates again mixed” Investopedia, 14 Feb. 2023, https://www.investopedia.com/cd-rate-trends-week-of-february-13-rates-again-mixed-7109324