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15 top 3-month CDs for December 2023
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Anyone who’s planning to borrow money soon knows that this may not be the best time to do so. After all, the Federal Reserve has raised interest rates 11 times over the last 18 months to try and get inflation under control. And while the Fed’s benchmark rate doesn’t directly set the rates on loan products, it does have a big influence on the rates you’ll get on everything from mortgages to personal loans and credit cards. In turn, those Fed rate increases have caused borrowing to become a lot more expensive than it was just a few years ago.
But if you’re planning to save money instead, this is a great time to do so. That’s because the Fed’s rate increases haven’t just impacted lending rates; they’ve also caused the rates on interest-bearing accounts, like high-yield savings accounts, high-yield checking accounts and certificates of deposit (CDs), to climb exponentially. So, by putting your savings into one of these accounts today, you can grow your savings safely and easily.
If you opt for a CD, you’ll lock in the interest rate you get when you open the account, meaning that you’ll earn the same great interest rate throughout the full CD term. That can be a big benefit in an uncertain economy. And while you have plenty of options to choose from, it’s the short-term CDs, like 3-month CDs, that currently offer some of the highest rates around. But if you want to maximize your earning potential, it’s important to know exactly which 3-month CDs are offering the best APYs right now.
Learn more about the best CDs available to you here.
15 top 3-month CDs for December 2023
If you’re looking for a short-term CD with a high APY, these 3-month CDs may be worth considering:
- Dow Credit Union — 5.65% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is three months of interest
- TotalDirectBank — 5.66% APY: This CD has a $25,000 minimum opening deposit requirement; the early withdrawal penalty is one month of interest
- Boeing Employees Credit Union — 5.60% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is one month of interest
- BECU – 5.60% APY: This CD has a $500 minimum opening deposit requirement; early withdrawal penalty is one month of interest
- Signature Federal Credit Union — 5.55% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is one month of interest
- Charles Schwab — 5.51% APY: This CD has a $1,000 minimum opening deposit requirement; there is no early withdrawal penalty with this CD
- Merrick Bank — 5.50% APY: This CD has a $25,000 minimum opening deposit requirement; the early withdrawal penalty is three months of interest
- Fidelity Investments — 5.40% APY: This CD has a $100 minimum opening deposit requirement; there is no early withdrawal penalty with this CD
- iGObanking — 5.35% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is three months of simple interest
- Interior Federal Credit Union — 5.22% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is one month of interest
- All In Credit Union — 5.12% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is three months of interest
- Brilliant Bank — 5.10% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is half of the interest that would have been earned if the CD had been held to maturity
- Popular Direct — 5.10% APY: This CD has a $10,000 minimum opening deposit requirement; the early withdrawal penalty is 89 days of interest
- Pen Air Federal Credit Union — 5.00% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is three months of interest
- Farmers Insurance Federal Credit Union — 5.00% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is three months of interest
Explore today’s top CD options online here.
The bottom line
This is a great time to take advantage of what a 3-month CD can offer. Between today’s high rates and the short commitment time, this type of CD can be a smart option for nearly every type of saver. And, if you’re unsure of whether you’ll need access to your money sooner rather than later, a CD term this short can be a good compromise between maximizing your interest returns and maintaining access to your money.
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A food company known for popular grocery store condiments has recalled a package of tortilla strips that may be contaminated with wheat, the U.S. Food and Drug Administration said Friday. The product is meant to be gluten-free.
Sugar Foods, a manufacturing and distribution corporation focused mainly on various toppings, artificial sweeteners and snacks, issued the recall for the “Santa Fe Style” version of tortilla strips sold by the brand Fresh Gourmet.
“People who have a wheat allergy or severe sensitivity to wheat run the risk of serious or life-threatening allergic reaction if they consume the product,” said Sugar Foods in an announcement posted by the FDA.
Packages of these tortilla strips with an expiration date as late as June 20, 2025, could contain undeclared wheat, meaning the allergen is not listed as an ingredient on the label. The Fresh Gourmet product is marketed as gluten-free.
Sugar Foods said a customer informed the company on Nov. 19 that packages of the tortilla strips actually contained crispy onions, another Fresh Gourmet product normally sold in a similar container. The brand’s crispy onion product does contain wheat, and that allergen is noted on the label.
U.S. Food and Drug Administration
No illnesses tied to the packaging mistake have been reported, according to the announcement from Sugar Foods. However, the company is still recalling the tortilla strips as a precaution. The contamination issue may have affected products distributed between Sept. 30 and Nov. 11 in 22 states: Arizona, California, Colorado, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, North Carolina, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia and Washington.
Sugar Foods has advised anyone with questions about the recall to contact the company’s consumer care department by email or phone.
CBS News reached out to Sugar Foods for more information but did not receive an immediate reply.
This is the latest in a series of food product recalls affected because of contamination issues, although the others involved harmful bacteria. Some recent, high-profile incidents include an E. coli outbreak from organic carrots that killed at least one person in California, and a listeria outbreak that left an infant dead in California and nine people hospitalized across four different states, according to the Center for Disease Control and Prevention. The E. coli outbreak is linked to multiple different food brands while the listeria outbreak stemmed from a line of ready-to-eat meat and poultry products sold by Yu-Shang Foods.
