Best Short Term Certificate of Deposit Accounts
By: Conor Keenan Last updated February 06, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal, CNN, Fox News, MSN & Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Compare CD terms with ease, find the right one for you, and open your account in minutes.
APY
4.30%
3 Month Term
- High Yield CD
- Term: 3 Month
- 4.30% APY
- Min. initial deposit: $1
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- Certified Community Development Financial Institution
- Interest Compounded Daily
- See Site for Details
On Raisin's Secure Site for
Ponce Bank, FDIC Insured
APY
3.80%
9 Month CD
- High Yield CD
- Term: 9 Months
- Min. Initial Deposit: $0
- 3.80% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
4.25%
7 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 7 Months
- 4.25% APY
- Healthcare Bank is Part of Bell Bank, Which Holds Over $13 billion in Assets
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- One of the Top 10 Health Savings Account (HSA) Custodians in the U.S.
- Customer Service is Located in New York, NY
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site
for Healthcare Bank,
Member FDIC
Compare With

APY
0.05%
6 Month Term
Chase Bank Details
- Certificate of Deposit
- Term: 6 Months
- Minimum Opening Deposit: $10,000 for APY
- 0.05% APY
- Offers lower minimum deposit of $1,000 for 0.02% APY
- Must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY
Not Recommended.
Shown For Comparison Purposes Only.
APY
3.50%
11 Month Term
- High Yield No Penalty CD
- Term: 11 Months
- 3.50% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- No Penalty to Access Funds if Needed Before Maturity
- Daily Compounding Interest to Maximize Your Earning Potential
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.05%
6 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 6 Months
- 4.05% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
APY
4.00%
12 Month CD
- High Yield CD
- Term: 12 Months
- Min. Initial Deposit: $0
- 4.00% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
0.03%
12 Month Term
Bank of America® Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $10,000
- 0.03% APY
Not Recommended.
Shown For Comparison Purposes Only.
APY
3.50%
13 Month Term
CIT Bank® CD Details
- High Yield CD
- Term: 13 Months
- 3.50% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Interest Compounded Daily
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
3.95%
12 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 12 Months
- 3.95% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
APY
1.50%
12 Month Term
Wells Fargo Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $2,500
- 1.50% APY
- Interest Rates Vary from State to State
- For Terms of 12 Months+, Interest May Be Paid Monthly, Quarterly, Semi-Annually, or Annually.
Not Recommended.
Shown For Comparison Purposes Only.
APY
3.00%
18 Month Term
- High Yield CD
- Term: 18 Months
- 3.00% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Daily Compounding Interest to Maximize Your Earning Potential
- Set Up & Manage Your Account Online
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.10%
24 Month CD
- High Yield CD
- Term: 24 Months
- Min. Initial Deposit: $0
- 4.10% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Ponce Bank® Certificate of Deposit Account: 4.30% APY - 3 Month Term
Discover® Bank Certificate of Deposit Account: 3.80% APY - 9 Month Term
Healthcare Bank High-Yield CD: 4.25% APY - 7 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 3.50% APY - 11 Month Term
Western Alliance Bank® High-Yield CD: 4.05% APY - 6 Month Term
Discover® Bank Certificate of Deposit Account: 4.00% APY - 12 Month Term
CIT Bank® Certificate of Deposit Account: 3.50% APY - 13 Month Term
Western Alliance Bank® High-Yield CD: 3.95% APY - 12 Month Term
CIT Bank® Certificate of Deposit Account: 3.00% APY - 18 Month Term
Discover® Bank Certificate of Deposit Account:4.10% APY - 24 Month Term
Customers Also Viewed: High-Yield Savings Accounts
APY
3.80%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open: $0
- 3.80% APY
- APY as of February 06, 2025
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
APY
3.75%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- 3.75% APY
- 5x National Savings Avg*
- Mobile Check Deposit
- No Monthly Fees
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover's Secure Site, Member FDIC
What to Look for in a Certificate of Deposit Account
It’s always wise to compare your options when opening a new certificate of deposit account.
Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawl your funds before the term is complete.
Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.
2. Term Length
Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.
This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.
Therefore, you need to decide when you’ll need these funds again.
For any term less than a year, we recommend a high-yield savings account.
If this is your first CD account, we recommend starting with a 12 – 15 month term.
If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.
3. Required Initial Deposit
Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.
While others require much more than $500 to open the account.
Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.
What is a Short Term CD?
Short-term CDs have a maturity date that is typically within a year or less, while long-term CDs have a maturity date that is more than a year in the future.
There are a few reasons why someone might want to consider a short-term CD:
1. Higher interest rates: Short-term CDs often offer higher interest rates than traditional savings accounts, which can help the depositor earn more money on their savings.
2. Low risk: CDs are considered to be a low-risk investment because they are FDIC-insured, which means that the depositor’s money is backed by the government up to $250,000.
3. Flexibility: Short-term CDs have a shorter term than long-term CDs, which means that the depositor can access their money sooner. This can be beneficial for someone who might need to access their savings in the near future.
4. Liquidity: CDs are considered to be a relatively liquid investment, as the depositor can typically cash in their CD before the maturity date, although there may be a penalty for doing so.
*National Savings Rate Average as published by FDIC