{"id":6066,"date":"2023-02-14T16:02:28","date_gmt":"2023-02-14T22:02:28","guid":{"rendered":"https:\/\/dudleymediagroup.com\/secure-your-savings-with-the-best-3-month-cd-rates-of-2023\/"},"modified":"2023-02-14T16:02:28","modified_gmt":"2023-02-14T22:02:28","slug":"secure-your-savings-with-the-best-3-month-cd-rates-of-2023","status":"publish","type":"post","link":"https:\/\/dudleymediagroup.com\/secure-your-savings-with-the-best-3-month-cd-rates-of-2023\/","title":{"rendered":"Secure Your Savings with the Best 3-Month CD Rates of 2023"},"content":{"rendered":"

CDs are a great way to save money, providing a safe and secure place to store your funds while earning higher-than-average interest rates. Now is a great time to consider locking in the best CD rates, as the federal funds rate may peak during the summer.[0]<\/a><\/sup> Here’s what you need to know about 3-month CDs and the rates you can expect.[1]<\/a><\/sup><\/p>\n

What Are 3-Month CDs?<\/p>\n

A 3-month CD is a certificate of deposit that pays a fixed rate of interest over a three-month term. This type of CD typically requires a minimum deposit of $1,000 and is FDIC insured up to $250,000. The interest rate on a 3-month CD is usually higher than that of a traditional savings account, as you\u2019re agreeing to leave your money in the account for a fixed period of time.<\/p>\n

Which CD Is the Best Option?<\/p>\n

Which CD is the best option for you depends on a few factors. If you need cash at a specific time in the future, you\u2019re looking to generate income in retirement, or you need a way to diversify a broader investment portfolio, a CD might be the right move.[2]<\/a><\/sup> However, if rates are dropping, you might prefer a CD over a high-yield savings account because your rate will stay the same for three months. A high-yield savings account may be a better option if rates are rising, as you may be able to earn a higher rate later on.<\/p>\n

What Are the Current Rates?<\/p>\n

The current 3-month CD rates range from 0.01% to 4.00% APY, varying by location. The best CD rates of 2023 include: 4.10% APY, 4.25% APY, 4.60% APY, 5.00% APY, 4.86% APY, 4.84% APY, 4.70% APY, 4.80% APY, 5.00% APY, 5.25% APY, and 4.50% APY.<\/p>\n

What Is the Early Withdrawal Penalty?<\/p>\n

The early withdrawal penalty on a 3-month CD varies between 90 and 545 days of interest.[3]<\/a><\/sup> For example, if you take your money out of a 3-month CD before the term is over, you will be penalized.[1]<\/a><\/sup> Typically, a fixed amount of the interest earned on the CD is used as the penalty.[1]<\/a><\/sup><\/p>\n

0. <\/span>“CD Rate Trends, Week of February 13: Rates again mixed” Investopedia, 14 Feb. 2023, https:\/\/www.investopedia.com\/cd-rate-trends-week-of-february-13-rates-again-mixed-7109324<\/a><\/p>\n

1. <\/span>“Best 3-Year CD Rates for February 2023” GOBankingRates, 8 Feb. 2023, https:\/\/www.gobankingrates.com\/banking\/cd-rates\/3-year-cd-rate\/<\/a><\/p>\n

2. <\/span>“‘You may want to think about a CD.’ Some CDs pay 4.5% or more right now. Should you get one?” MarketWatch, 10 Feb. 2023, https:\/\/www.marketwatch.com\/picks\/you-may-want-to-think-about-a-cd-some-cds-pay-4-5-or-more-right-now-should-you-get-one-01675975850<\/a><\/p>\n

3. <\/span>“State Farm CD Rates February 2023 \u2013 Forbes Advisor” Forbes, 14 Feb. 2023, https:\/\/www.forbes.com\/advisor\/banking\/cds\/state-farm-cd-rates\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CDs are a great way to save money, providing a safe and secure place to store your funds while earning higher-than-average interest rates. Now is a great time to consider locking in the best CD rates, as the federal funds rate may peak during the summer.[0] Here’s what you need to know about 3-month CDs […]<\/p>\n","protected":false},"author":6,"featured_media":6065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"_links":{"self":[{"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/posts\/6066"}],"collection":[{"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/comments?post=6066"}],"version-history":[{"count":0,"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/posts\/6066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/media\/6065"}],"wp:attachment":[{"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/media?parent=6066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/categories?post=6066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dudleymediagroup.com\/wp-json\/wp\/v2\/tags?post=6066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}