There’s no question that today’s economy is tough for many people. For starters, persistent inflation issues are causing the cost of groceries, gas and other consumer goods to remain elevated, making it tough for Americans to afford the basics at the pump or in the store. And, when you add in the other issues, like high housing prices and elevated interest rates, it’s easy to see why many people’s budgets are coming up short each month.

The good news is that we may get some relief soon. While inflation remains above the Federal Reserve’s 2% target rate, it’s still much lower than it was at its recent peak in 2022. And, while borrowing money with a credit card or loan now costs a lot more than it did a couple of years ago, most experts expect the Fed to start lowering interest rates mid-year. If that happens, it would lower the cost of borrowing across the board.

As a result, there are some moves you can make now to take advantage of what today’s high-rate environment offers to savers. For example, right now, short-term certificates of deposit (CDs) are offering excellent rates, making it a smart time to consider opening this type of account. By opening a CD today, you can lock in your annual percentage yield (APY) for the full CD term, ensuring that your money is working hard for you. But if you’re going to take this route, be sure to maximize your earning potential by opening one of the best short-term CDs available this month.

Find out what top CD rates you could earn online today.

The best short-term CD rates for March 2024 (up to 5.75% APY)

If you’re ready to invest in a short-term CD, the following options may be worth considering this March:

3-month CDs

• Home Loan Investment Bank, F.S.B. — 5.50% APY: There is a $1,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• Ponce Bank — 5.35% APY: There is a $1 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Dow Credit Union — 5.30% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 45 days of interest
• PNC Bank — 5.25% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to all earned interest
• Banesco USA — 5.25% APY: There is a $1,500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest

Explore your CD account options right now.

6-month CDs

• Andrews FCU — 5.75% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Home Savings Bank — 5.50% APY: There is a $5,000 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• BMO Alto — 5.50% APY: There is a $0 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Superior Choice Credit Union — 5.50% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
• Pen Air — 5.36% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest

9-month CDs

• Genisys Credit Union — 5.41% APY: There is a $500 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• Forbright Bank — 5.50% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• NASA FCU — 5.30% APY: There is a $10,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 182 days of interest
• TAB Bank — 5.27% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• BankUnited — 5.25% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest

1-year CDs

• Bask Bank — 5.40% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Alliant Credit Union — 5.40% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 90 days of interest
• Expedition Credit Union — 5.40% APY: There is a $2,500 minimum deposit requirement to open this account; an early withdrawal penalty will be charged for accessing the funds in this account before the CD matures
• USALLIANCE Financial — 5.40% APY: There is a $500 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest
• First Internet Bank — 5.36% APY: There is a $1,000 minimum deposit requirement to open this account; the early withdrawal penalty is equal to 180 days of interest

The bottom line

It can make a lot of sense to consider a short-term CD in today’s high-rate environment. Not only are short-term CDs offering some of the best rates available today, but these types of CDs also require less commitment than their long-term counterparts. That gives you the flexibility and liquidity you may need while offering the potential for high rates of return on your money. But before you open any type of CD, just make sure that the requirements — and any fees or penalties — work for your budget and financial goals. That way, you can make the most of the opportunity to earn big interest with today’s top CD rates.