The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Karen Bennett
Written by
Brian Beers
Edited by
Robert R. Johnson
Reviewed by
Best available rates across different account types for Wednesday, July 24, 2024
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What To Know First
A certificate of deposit typically pays a higher yield the longer its term, which can vary from weeks to months to years. A three-year CD, for example, frequently pays a higher rate than athree-month CD. The trade-off, of course, is that you must leave your money untouched five times longer to earn the higher annual percentage yield (APY) or face a penalty.
Today’s top, widely available three-year CD pays 5 percent APY — higher than some of the best four-year CD rates. A CD that matures in three years could be a good investment for mid-term financial obligations, like a down payment on a car.
Bankrate’s picks for the top 3-year CD rates
- First Internet Bank of Indiana — 4.61% APY, $1,000 minimum deposit
- Popular Direct — 4.50% APY, $10,000 minimum deposit
- Quontic Bank — 4.40% APY, $500 minimum deposit
- America First Credit Union — 4.35% APY, $500 minimum deposit
- TAB Bank — 4.35% APY, $1,000 minimum deposit
- LendingClub Bank — 4.30% APY, $2,500 minimum deposit
- Limelight Bank — 4.25% APY, $1,000 minimum deposit
- Bread Savings — 4.25% APY, $1,500 minimum deposit
- Sallie Mae Bank — 4.25% APY, $2,500 minimum deposit
- SchoolsFirst Federal Credit Union — 4.20% APY, $500 minimum deposit
Note: Annual percentage yields (APYs) shown were updated between July 17, 2024 and July 23, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
On This Page
- Bankrate's picks for the top 3-year CD rates
- What is a 3-year CD?
- How to find the best 3-year CD rates
- 3-year CD FAQs
- Research methodology
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.64% APY
National average
0.82% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 7/24/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Bankrate's picks for the top 3-year CD rates
- What is a 3-year CD?
- How to find the best 3-year CD rates
- 3-year CD FAQs
- Research methodology
Bankrate's picks for the top 3-year CD rates
Note: Annual percentage yields (APYs) shown were updated between July 17, 2024 and July 23, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
First Internet Bank of Indiana
Rating: 4.6 stars out of 5
4.6
Overview
First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products in all 50 states.
First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.
Read Bankrate's Expert First Internet Bank of Indiana Review
4.61% APY
$1,000 minimum deposit
Popular Direct
Rating: 4 stars out of 5
4.0
Overview
Popular Direct CDs require a minimum $10,000 deposit, making them best suited to established savers. The CDs come in terms ranging from three months to five years.
Popular Direct’s Select Savings account offers a competitive yield and requires a $100 minimum deposit.
Read Bankrate's Expert Popular Direct Review
4.50% APY
$10,000 minimum deposit
Quontic Bank
4.0
Overview
Quontic Bank was established in 2005 and is based in New York. It offers six terms of CDs, ranging from three months to five years, which can be opened with as little as $500.
In addition to its CDs, Quontic Bank also offers money market, high-yield savings and checking accounts.
Read Bankrate's Expert Quontic Bank Review
4.40% APY
$500 minimum deposit
America First Credit Union
Rating: 5 stars out of 5
5.0
Overview
America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.
It also offers a variety of checking and savings accounts.
Read Bankrate's Expert America First Credit Union Review
4.35% APY
$500 minimum deposit
TAB Bank
Rating: 4.5 stars out of 5
4.5
Overview
TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops. TAB (Transportation Alliance Bank) serves businesses and individual customers.
It offers several checking accounts, a savings account, a money market account and CDs in eight terms, from six months to five years.
Read Bankrate's Expert TAB Bank Review
4.35% APY
$1,000 minimum deposit
LendingClub Bank
Rating: 4.3 stars out of 5
4.3
Overview
LendingClub is an online bank that offers six terms of CDs ranging from six months to five years. A $2,500 minimum deposit is required.
In addition to CDs, LendingClub offers a high-yield savings account and a rewards checking account.
Read Bankrate's Expert LendingClub Bank Review
4.30% APY
$2,500 minimum deposit
Limelight Bank
Rating: 3.9 stars out of 5
3.9
Overview
Limelight Bank is an online-only bank that’s a division of Capital Community Bank. It’s known for supporting eco-friendly causes such as solar initiatives.
The bank offers four CD terms ranging from six months to three years. A minimum deposit of $1,000 is required. Limelight doesn’t offer any types of bank accounts other than CDs.
Read Bankrate's Expert Limelight Bank Review
4.25% APY
$1,000 minimum deposit
Bread Savings
Rating: 4 stars out of 5
4.0
Overview
Bread Financial, formerly Comenity Direct, is an online bank that offers a high-yield savings account and five terms of CDs ranging from one year to five years.
Bread Financial is part of Comenity Capital Bank, which is a unit of Bread Financial.
Read Bankrate's Expert Bread Savings Review
4.25% APY
$1,500 minimum deposit
Sallie Mae Bank
Rating: 4.4 stars out of 5
4.4
Overview
Sallie Mae Bank offers 11 terms of CDs, as well as a savings account and a money market account with no minimum balance requirements or monthly fees. All of these products offer competitive yields.
Sallie Mae Bank was established in 2005 and has its headquarters in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Read Bankrate's Expert Sallie Mae Bank Review
4.25% APY
$2,500 minimum deposit
SchoolsFirst Federal Credit Union
Rating: 4.5 stars out of 5
4.5
Overview
SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of SchoolsFirst Federal Credit Union members are eligible to join.
SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has five rate tiers: $500, $20,000, $50,000, $100,000 and $250,000.
Read Bankrate's Expert SchoolsFirst Federal Credit Union Review
4.20% APY
$500 minimum deposit
What is a 3-year CD?
A three-year CD is a deposit account in which you agree to keep the money in the account for three years. Yields on three-year CDs are often higher than money market accountandsavings account yields.
Bankrate’s CD calculatorcan help youdetermine how much interest you could earnwhen your CD matures. Your principal is protected, so you won’t have to worry about fluctuations in value like you might wheninvesting in the stock market. Plus, with a CD, your interest rate is locked in, so you also don’t have to worry about your yield decreasing.
How to find the best 3-year CD rates
Include online banks, credit unions and other banks in your search to find the best three-year CD rates. Many savers tend to stick with the same bank that provides their checking account. But that can be a mistake, especially at large national banks, where deposit rates tend to fall well short of what some smaller institutions offer.
Opening a three-year CD might make sense for people who don’t need access to their money for at least three years. As a result, these accounts are ideal for midterm goals, like setting aside money for a car down payment. Getting a three-year CD could also be a good idea if you’re planning to build a CD ladder.
Search for the best three-year CD rates online, and compare your options. If you’re looking for a higher yield, consider some of the lesser-known institutions willing to offer good interest rates to attract depositors.
3-year CD FAQs
Research methodology
At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.
Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.
To find the best CDs, our editorial team analyzes various factors, such as: APY, the minimum deposit needed to earn that APY (or to open the CD) and whether it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).
When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.
