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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

As of October 2022, the national average APY on a 3-year CD is 0.66%, according to the FDIC. If you want to grow your money and maintain the same interest rate on an account, a certificate of deposit (CD) may be a good option

The best 3-year CD rates are at least 3.60% right now. Three-year terms provide a nice balance of a good rate and a relatively short length of time. You’ll likely earn a higher APY on a 3-year CD than with a shorter-term CD, and you won’t have to part with your money for as long as you would with a longer term.

Compare our top picks for 3-year CDs

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Competitive interest rate

Editor’s rating

3.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Competitive interest rate

Editor’s rating

3.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Competitive interest rate

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Low minimum opening deposit

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star


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On Pentagon Federal Credit Union’s website

3-year CD rates at the largest US banks

The biggest banks in America pay lower rates than our top picks. However, it may be important to you to bank with a company you’re familiar with. Here are the rates you’ll earn on a 3-year CD with some of the most popular institutions:

Bread Savings High-Yield CD


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

Bread Savings Bread Savings High-Yield CD

Bread Savings High-Yield CD


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

On Bread Savings’s website


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

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Why it stands out: Bread Savings pays high rates on CDs and charges reasonable early withdrawal penalties.

APY for a 3-year CD: 4.00% APY

3-year CD early withdrawal penalty: 180 days simple interest

What to look out for: Minimum deposit. Bread Savings requires at least $1,500 to open a CD.

Pentagon Federal Credit Union Pentagon Federal Credit Union Money Market Certificate

Pentagon Federal Credit Union Money Market Certificate


Annual Percentage Yield (APY)

1.70% to 3.60% APY


Minimum Deposit Amount

$1,000

Pentagon Federal Credit Union Pentagon Federal Credit Union Money Market Certificate

Pentagon Federal Credit Union Money Market Certificate


Annual Percentage Yield (APY)

1.70% to 3.60% APY


Minimum Deposit Amount

$1,000

On Pentagon Federal Credit Union’s website


Annual Percentage Yield (APY)

1.70% to 3.60% APY


Minimum Deposit Amount

$1,000

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Why it stands out: PenFed has some of the highest interest rates on long-term CDs right now.

Interest for a 3-year CD: 3.60% APY

3-year CD early withdrawal penalty: All interest earned OR 30% of the gross dividends you would have earned if the certificate had matured

What to look out for: The Pentagon Federal Credit Union Money Market Certificate has high early withdrawal penalties, especially if you withdraw money within the first year.

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

0.50% to 3.75% APY


Minimum Deposit Amount

$1,000

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

0.50% to 3.75% APY


Minimum Deposit Amount

$1,000

On Crescent Bank’s website


Annual Percentage Yield (APY)

0.50% to 3.75% APY


Minimum Deposit Amount

$1,000

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Why it stands out: Crescent Bank has online CDs with competitive interest rates. You may open an online Crescent CD from anywhere in the US as long as you are a US citizen and over the age of 18.

APY for 3-year CD: 3.60% APY

3-year CD early withdrawal penalty: 180 days of interest

What to look out for: Crescent Bank has a $1,000 minimum opening deposit. Some of our other top picks let you open an a CD with less money upfront.

CFG Bank CFG Bank Certificate of Deposit

CFG Bank Certificate of Deposit


Annual Percentage Yield (APY)

3.56% to 3.70% APY


Minimum Deposit Amount

$500

CFG Bank CFG Bank Certificate of Deposit

CFG Bank Certificate of Deposit


Annual Percentage Yield (APY)

3.56% to 3.70% APY


Minimum Deposit Amount

$500


Annual Percentage Yield (APY)

3.56% to 3.70% APY


Minimum Deposit Amount

$500

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Why it stands out: CFG Bank has a high interest rate on its 3-year CD, and you’ll only need $500 upfront to open one.

APY for 3-year CD: 3.65% APY

3-year CD early withdrawal penalty: 180 days of interest

What to look out for: Limited term options. CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 13-month, 18-month, 36-month, or 60-month CDs.

CDs we considered that didn’t make the cut

We looked at the following 3-year CDs as well. However, our winners have higher interest rates, lower minimum opening deposits, and lower early withdrawal penalties, which make them more compelling options

  • Bethpage Federal Credit Union Certificate Account: Bethpage offers high interest rates, but our top picks offer even higher rates right now.
  • Synchrony CD: Synchrony lets you open an account with $0, but our top picks offer higher interest rates right now.
  • Barclays Online Certificate of Deposit: Barclays may be a good option if you’re looking for a CD with a low minimum opening deposit or low early withdrawal penalties. Our top picks pay higher interest rates on a 3-year CD, though.
  • First Internet Bank of Indiana Certificate of Deposit: First Internet Bank of Indiana pays solid interest rates, but our top picks offer even higher interest rates.
  • Ally High Yield Certificate of Deposit: Ally has a low minimum opening deposit, but our top picks offer higher interest rates.
  • Nationwide CD: Nationwide has a low minimum opening deposit, but our top picks pay better rates.
  • Marcus High-Yield CD: Marcus has a low minimum opening deposit, but our top picks offer higher interest rates.
  • Capital One 360 Certificate of Deposit®: Capital One lets you open a CD with $0. However, our top picks offer higher interest rates.
  • Live Oak Bank CD: Live Oak pays good interest rates, but you’ll need at least $2,500 for an initial deposit.
  • Discover CD (Member FDIC): Discover pays solid interest rates, but you’ll need a minimum of Discover CD.
  • NBKC CD: NBKC offers competitive interest rates on long-term CDs, but our top picks offer even higher rates.
  • Citizens Online CD: Citizens has solid CD rates, but you’ll need at least $5,000 to open an account.
  • Navy Federal Credit Union Standard Certificate: Navy Federal Credit Union has solid CD rates, but our top picks offer even higher rates. 
  • TAB Certificate of Deposit: TAB Bank has a solid interest rate, but our top picks offer even higher rates.
  • Sallie Mae CD: Sallie Mae has a solid interest rate, but you’ll need a minimum opening deposit of $2,500.
  • Popular Direct CD: Popular Direct has great interest rates on long-term CDs, but you’ll need at least $10,000 to open a CD.
  • BrioDirect High-Yield CD: BrioDirect has a variety of CD terms, but its 3-year CD rate isn’t as strong as our top picks. 
  • American Express CD®: American Express has solid interest rates, but our top picks have higher rates.
  • CIT Bank CD: Other banks on our list offer high interest rates right now. 
  • Amerant CD: Amerant has solid interest rates, but our top picks offer more competitive rates right now. 
  • BMO Harris CD: BMO Harris requires a minimum opening deposit between $1,000 to $5,000 to open a CD. 

Bank trustworthiness and BBB ratings

We’ve compared each company’s Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:

All our top picks received an A+ rating from the BBB. Keep in mind that a BBB rating isn’t necessarily the end-all-be-all. To see if a bank is a good fit, talk to current customers about their experiences or read online customer reviews too. 

The only bank on our list that’s been involved in a public controversy is Bread Savings. 

In July 2022, the BBB opened an investigation into Bread Financial because it received customer complaints stating they could not access Comenity credit card accounts.

According to the BBB website, Bread Financial said that due to its rebranding and software system, an upgrade was preventing customers from accessing their accounts. Bread Savings posted an FAQ on their website to explain the situation. The BBB has reached out again to see how the company will address customer issues, and will update Comenity Bank’s profile once it has more information.

Why trust our recommendations on 3-year CDs?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

Frequently asked questions

With a 3-year CD, you’ll deposit your money into an account with a fixed interest rate for 36 months. If you need to take out money before the term ends, you may have to pay an early withdrawal penalty.

You have the option to renew your CD at the end of the 3-year period, or close the account and pocket the money.

If you open a 3-year CD at a 3.55% APY, you’ll earn 3.55% for three years. If you renew your CD after it matures, you’ll earn the new rate available in three years.

Some institutions offer variable-rate CDs or CDs that allow your rate to change after a predetermined amount of time.

Your choice will likely depend on two things — how soon you need access to your money and which term pays the highest rate.

For the most part, longer terms pay higher rates than lower-term CDs. However, short-term CD offer the opportunity to snag a better interest if rates increase throughout the year.

Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths so you can take advantage of higher rates with longer terms, but also access some of your money earlier. 

The choice between a 3-year CD and high-yield savings account will depend on several factors.

Financial institutions usually pay a higher rate for a 3-year CD than for a savings account.

However, be aware that a CD also locks in your rate for the entire term. If rates are dropping, this could make the CD a better choice, because your savings account interest could decrease over the next few months. If rates are going up throughout the year, the savings account might be a better fit, because your rate could rise. Either way, there’s a good chance rates will fluctuate over a 3-year period.

It also depends on when you’ll need to access your money. You should be able to access funds from your savings account regularly. If you take out money from a CD before the end of its term, you may have to pay an early withdrawal penalty. You can also continuously add money to your savings account, whereas most CDs block you from making additional deposits after opening the account. 

Money market accounts usually have paper checks or debit cards, so you’ll have quick access to your money. Money market account rates also fluctuate, so you may prefer a money market account if rates are rising, but a CD if rates are dropping. Still, remember that rates will likely go up and down over a 3-year term.

Many banks require higher deposits for money market accounts than CDs, which could affect your decision. It’s also good to remember that you can add more funds to your money market account over time, while a CD only allows an opening deposit.

CDs aren’t generally considered investments. A CD is typically viewed as a type of savings account, and your potential for losses and gains — your risk — is much more limited.

Because the stock market is risky, experts generally don’t advise investing money you’ll need in the next five years. In the case of a stock market drop, you wouldn’t have time to make up your losses.

If you need to access your money in three years and want a guaranteed rate of return, a 3-year CD is a better choice than a different type of investment account. 

If you’re comfortable taking more risk with your money to earn a higher return, then you may want to invest in the stock market. For example, tax-advantaged retirement accounts, like a 401(k) or IRA, grow your money over decades. Another is through brokerage accounts, which are useful tools to build long-term wealth, but can’t guarantee a given return like a CD can.

There is such a thing as an IRA CD, which is a sort of combo savings/investment account. It’s a safe investment tool that may be a worthwhile option for people who are close to retirement age.



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