Three month Certificates of Deposit (CD) rates from online banks are often above average if you are willing to open and manage your account using the Internet. Most online banks offer an online application and money can be transferred to fund the CD via an electronic transfer, check, wire, or credit card. To view rates for other CD terms, click the tabs above.
July 25, 2017
CD National Average: 0.19% ?
|EverBank / TIAA DIrect||0.80%||4.30x||$1,500||
|Bank of Internet||0.55%||2.96x||$1,000||
|USAA Federal Savings Bank||0.35%||1.88x||$175,000||Reviews|
Three month CDs are generally the shortest CD term offered by a bank. Online CDs are opened via the Internet from banks that do not have brick-and-mortar operations. In general, online banks offer higher rates by passing on the savings from a lack of a branch network. The disadvantages of an online bank, especially for a short term 3 month CD is that users need to roll over the CD and conduct all business via the Internet and sometimes by phone. A depositor does not have the ability to walk into a branch and handle the transaction.
Three year CDs generally pay significantly less an online savings accounts but offer less flexibility and liquidity. The CD also offers very little in the way of a fixed interest rate because the term is only for three months. After that, the CD must be renewed at the prevailing interest rate. In most cases, depositors would be better off with an online savings or money market account.
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