Rates updated between Sept. 8 and Sept. 14
A certificate of deposit typically pays a higher yield the longer its term, which can vary from weeks to years. A three-year CD, for example, frequently pays a higher rate than a three-month CD, making it a good investment for mid-term financial obligations, such as a down payment on a car.
Years experience
Deposit rates tracked
Banks reviewed
Note: Annual percentage yields (APYs) shown were updated between Sept. 8 and Sept. 14. 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.
Bankrate CD rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 3.7/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 3.8/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
Bankrate CD rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.
A three-year CD is a type of savings account in which you agree to keep your money for three years in exchange for earning a fixed APY. Withdrawing your funds early will likely result in an early withdrawal penalty.
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.
Bankrate’s CD calculator can help you determine how much interest you could earn when your CD matures. Your principal is protected, so you won’t have to worry about fluctuations in value like you might when investing 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 for the duration of your CD, like you would with a regular savings account.
When choosing a bank for your CD, confirm you will have FDIC-insurance. You should also compare APYs, the early withdrawal penalty and the bank’s reviews. Consider your financial goals and when you need the funds when determining the right term.
If you have a cash flow need three years in the future, the current top-yielding three-year CDs are a compelling option as returns are ahead of inflation and by a wide enough margin that you can feel comfortable that the purchasing power of your investment will not be materially weakened in three years.Greg McBride, CFA, Bankrate Chief Financial Analyst
Search for the best three-year CD rates online, and compare your options at online banks and credit unions. If you’re looking for a higher yield, consider some of the lesser-known institutions willing to offer good interest rates to attract depositors. Many savers may stick with the same bank that provides their checking account when looking for a CD 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.
In addition to comparing APYs when considering a CD, it’s important to make sure you’re okay with locking in the funds, says Louise Eisenach, Vice President of Savings and Deposits at Capital One. “It's crucial to ensure that you’re comfortable with the term length and understand that you’ll incur a penalty if you withdraw the money before the full length of the term. If you do invest in a three-year CD, consider how you’d like to structure your finances outside of the money in this account."
“For example, you may take part of your savings and put it into the CD, while holding your emergency funds in an easily accessible savings account, should you need to pull from it during the CD term.”
Diversifying your savings among accounts in such a way can help you avoid needing access to the money in a CD before it matures, which could incur an early withdrawal penalty, Eisenach says.
Bankrate researches over 100 banks and credit unions, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
To find the best three-year CD rates, we regularly survey three-year CD offerings from the banks and credit unions that continually offer the most competitive rates.
The banks and credit unions on this page are selected based on their current APY for a three-year CD and their minimum deposit requirements. Only banks and credit unions with broadly available CDs made the list. Learn more about how we choose the best banking products and our methodology for reviewing banks.
