In recent years, high interest rates have made borrowing challenging but created significant opportunities for savers. Certificates of Deposit (CDs), particularly short-term options, have become a go-to choice for earning competitive returns without tying up money for years.
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While the Federal Reserve’s recent rate cuts have started to cool returns on CDs, short-term options remain a lucrative choice compared to historical averages. If you’re looking for secure and predictable growth for your savings before 2025, now’s the time to lock in these attractive rates. Here are 16 of the best short-term CDs available today.
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Best 3-Month CDs to Consider
1. TotalBank – 4.71% APY
- Minimum Deposit: $25,000
- Early Withdrawal Penalty: 30 days of interest
- Why It Stands Out: Offers one of the highest APYs for a short-term investment with a significant deposit requirement.
2. Bask Bank – 4.65% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: 90 days of interest
- Why It Stands Out: Low entry requirement for savers with smaller balances.
3. Brilliant Bank – 4.60% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: Half the interest earned to maturity
- Why It Stands Out: A balance of competitive rates and manageable penalties for early withdrawal.
4. American Bank – 4.50% APY
- Minimum Deposit: $500
- Early Withdrawal Penalty: 90 days of interest
- Why It Stands Out: Ideal for savers with modest deposits seeking a short-term commitment.
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Best 6-Month CDs to Lock In Now
5. Amerant – 4.75% APY
- Minimum Deposit: $10,000
- Early Withdrawal Penalty: 90 days of interest
- Why It Stands Out: Offers a top-tier APY for a half-year term.
6. Bellco Credit Union – 4.75% APY
- Minimum Deposit: $500
- Early Withdrawal Penalty: 90 days of interest
- Why It Stands Out: Provides high returns for a low minimum deposit.
7. Bread Savings – 4.75% APY
- Minimum Deposit: $1,500
- Early Withdrawal Penalty: 90 days of interest
- Why It Stands Out: A good balance between deposit requirements and earning potential.
8. Chartway Federal Credit Union – 4.70% APY
- Minimum Deposit: $500
- Early Withdrawal Penalty: Varies
- Why It Stands Out: Offers competitive rates with flexible withdrawal terms.
Best 9-Month CDs for Mid-Term Planning
9. Quorum Federal Credit Union – 4.75% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: 1% of the amount withdrawn
- Why It Stands Out: Provides an excellent return for those willing to park money for just under a year.
10. Pacific National Bank – 4.65% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: Varies
- Why It Stands Out: Great for savers looking for flexibility in a mid-term investment.
11. Brilliant Bank – 4.55% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: Half the interest earned to maturity
- Why It Stands Out: A strong option for short-term planning with manageable withdrawal terms.
12. NASA Federal Credit Union – 4.54% APY
- Minimum Deposit: $10,000
- Early Withdrawal Penalty: 182 days of interest
- Why It Stands Out: Best suited for savers with larger deposits seeking competitive rates.
Best 12-Month CDs for a Secure Yearlong Investment
13. Fort Liberty Federal Credit Union – 4.60% APY
- Minimum Deposit: $25,000
- Early Withdrawal Penalty: 90 days of interest
- Why It Stands Out: Ideal for savers looking for top returns on larger balances.
14. DuGood Credit Union – 4.59% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: Varies
- Why It Stands Out: Offers competitive rates for those with smaller savings goals.
15. GTE Financial – 4.59% APY
- Minimum Deposit: $500
- Early Withdrawal Penalty: 180 days of interest
- Why It Stands Out: Balances affordability with solid returns for one-year savers.
16. FivePoint Credit Union – 4.54% APY
- Minimum Deposit: $1,000
- Early Withdrawal Penalty: 30 days of interest
- Why It Stands Out: Offers flexibility with minimal penalties for early withdrawal.
Why Short-Term CDs Are Still Worth It
While recent Federal Reserve rate cuts have caused CD rates to dip slightly, they remain high compared to historical averages. Short-term CDs are particularly appealing for their flexibility, allowing you to capitalize on high rates now while keeping your money accessible in the near future.
By choosing a CD with a competitive APY and terms that match your financial goals, you can secure a predictable and rewarding return on your savings heading into 2025.
Final Thoughts: Don’t Wait to Maximize Your Savings
With rates potentially continuing to decline, locking in a short-term CD now could be your best opportunity to maximize returns. Explore the options listed above to find the CD that aligns with your deposit amount, term preferences, and financial goals.
Start comparing CD rates today—because the sooner you act, the more you’ll save.
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