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.