Summary of best 3-year CD rates for June 2022
- Highest Rate: Quontic Bank – 2.75% APY, $500 minimum deposit
- High Rate: Bread Savings (formerly Comenity Direct) – 2.75% APY, $1,500 minimum deposit
- High Rate: Popular Direct – 2.75% APY, $10,000 minimum deposit
- High Rate: Pentagon Federal Credit Union – 2.60% APY, $1,000 minimum deposit
- High Rate: Limelight Bank – 2.50% APY, $1,000 minimum deposit
- High Rate: TAB Bank – 2.50% APY, $1,000 minimum deposit
- High Rate: Amerant Bank – 2.40% APY, $10,000 minimum deposit
- High Rate: BMO Harris – 2.35% APY, $1,000 minimum deposit
- High Rate: First Internet Bank of Indiana – 2.32% APY, $1,000 minimum deposit
- High Rate: Barclays – 2.30% APY, $0.01 minimum deposit
- High Rate: Synchrony Bank – 2.30% APY, $0.01 minimum deposit
- High Rate: Marcus by Goldman Sachs – 2.30% APY, $500 minimum deposit
- High Rate: Live Oak Bank – 2.30% APY, $2,500 minimum deposit
- High Rate: Ally Bank – 2.25% APY, $0.01 minimum deposit
- High Rate: Citizens Access – 2.25% APY, $5,000 minimum deposit
- High Rate: Capital One – 2.20% APY, $0.01 minimum deposit
- High Rate: Bethpage Federal Credit Union – 2.20% APY, $50 minimum deposit
- High Rate: TIAA Bank – 2.20% APY, $1,000 minimum deposit
- High Rate: Discover Bank – 2.20% APY, $2,500 minimum deposit
- High Rate: Security Service Federal Credit Union – 2.20% APY, $25,000 minimum deposit
- High Rate: Salem Five Direct – 2.00% APY, $10,000 minimum deposit
- High Rate: Sallie Mae Bank – 1.85% APY, $2,500 minimum deposit
- High Rate: Vio Bank – 1.40% APY, $500 minimum deposit
note : annual share yields ( APYs ) shown are as of June 2, 2022. Bankrate ’ s column team updates this information regularly, typically fortnightly. APYs may have changed since they were last update and may vary by region for some products. nowadays ’ mho top, widely available three-year CD pays 2.75 percentage APY — higher than some of the best four-year compact disk rates. A candle that matures in three years could be a good investment for midterm fiscal obligations, like a down payment on a car. Include on-line banks, credit unions and early banks in your search to find the best three-year certificate of deposit rates. many savers tend to stick with the same bank that provides their check score. But that can be a error, specially at big national banks, where lodge rates tend to fall well short of what some smaller institutions offer .
Bankrate’s guide to choosing the right CD rate
Why you can trust Bankrate
Bankrate has more than four decades of experience in fiscal publish, so you know you ’ re getting information you can trust. Bankrate was born in 1976 as Bank Rate Monitor, a print publisher for the bank diligence, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trust source of fiscal rates and information .
Methodology for Bankrate’s Best CD Rates
At Bankrate, we strive to help you make smart fiscal decisions. We follow rigorous 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 contented is thoroughly fact-checked to ensure accuracy. Bankrate regularly surveys around 70 widely available fiscal institutions, made up of the biggest banks and credit rating unions, angstrom well as a number of popular on-line banks. To find the best CDs, our column team analyzes assorted factors, such as : APY, the minimal lodge needed to earn that APY ( or to open the four hundred ) 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 certificate of deposit for you, consider the function of the money and when you ’ ll necessitate access to these funds to help you avoid early withdrawal penalties .
Compare: Best 3-year CD rates
Highest Rate: Quontic Bank – 2.75% APY, $500 minimum deposit
Quontic Bank was established in 2005 and is based in New York. It offers five terms of CDs, ranging from six months to three years, which can be opened with adenine small as $ 500. In accession to its CDs, Quontic Bank besides offers money commercialize, high-yield savings and checking accounts .
High Rate: Bread Savings (formerly Comenity Direct) – 2.75% APY, $1,500 minimum deposit
Bread Savings, once Comenity Direct, is an on-line trust that offers a high-yield salvage report and five terms of CDs ranging from one class to five years. Bread Savings is part of Comenity Capital Bank, which is a unit of measurement of Bread Financial .
High Rate: Popular Direct – 2.75% APY, $10,000 minimum deposit
popular Direct CDs require a minimal $ 10,000 sediment, making them best suited to established savers. The CDs come in terms ranging from 30 days to six years. democratic Direct ’ s High-Rise savings account offers a competitive give and requires a $ 5,000 minimal deposit .
High Rate: Pentagon Federal Credit Union – 2.60% APY, $1,000 minimum deposit
Pentagon Federal Credit Union was established in 1935 and is headquartered in McLean, Virginia. It has more than 2 million members. PenFed has nine terms of CDs, ranging from six months to seven years .
Highest Rate: Limelight Bank – 2.50% APY, $1,000 minimum deposit
Limelight Bank is a division of Capital Community Bank, with headquarters in Provo, Utah. It offers four terms of on-line CDs : six months, one year, 18 months and three years. It offers no other bank accounts. limelight uses deposits to focus on funding eco-friendly initiatives, such as providing loans for solar projects, according to its web site .
High Rate: TAB Bank – 2.50% APY, $1,000 minimum deposit
TAB Bank was established in 1998 in Ogden, Utah, as a deposit service inside truck stops. TAB serves businesses and individual customers. It offers CDs in eight terms, from six months to five years, along with several checking accounts, a couple of savings account options and a money market account .
High Rate: Amerant Bank – 2.40% APY, $10,000 minimum deposit
Amerant Bank has 17 branches in South Florida and seven in Houston. It offers competitive APYs on its on-line CDs, with terms ranging from three months to five years, but the concede listed for the three-year certificate of deposit international relations and security network ’ triiodothyronine available in Florida and Texas. The $ 10,000 minimum to open a four hundred may be a tough prerequisite for some savers to meet .
High Rate: BMO Harris – 2.35% APY, $1,000 minimum deposit
BMO Harris offers on-line accounts and operates more than 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. It ’ s based in Chicago. BMO Harris offers 10 candle terms ranging from three months to five years, each requiring a minimum $ 1,000 depository to open. It besides offers several CD Specials with very competitive rates .
High Rate: First Internet Bank of Indiana – 2.32% APY, $1,000 minimum deposit
First Internet Bank of Indiana is an FDIC-insured fiscal institution that operates on-line 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 render, a savings bill and two check accounts .
High Rate: Barclays – 2.30% APY, $0.01 minimum deposit
Barclays is a ball-shaped bank that was founded in London more than 300 years ago. It introduced the earth to the first ATM machine in 1967. Barclays has no minimum balance requirements to open a cadmium on-line and offers nine terms, ranging from three months to five years .
High Rate: Synchrony Bank – 2.30% APY, $0.01 minimum deposit
Synchrony Bank offers competitive four hundred yields across 14 terms, including 10 terms that are less than two years. An 11-month no-penalty compact disk and a biennial bump-up candle are besides available. If Synchrony Bank receives your certificate of deposit deposition within 15 days of opening the history and the compact disk pace increases, you ’ ll receive the higher rate. The bank besides offers a save account and a money market account. The savings account features a competitive APY and has no minimum balance prerequisite.
High Rate: Marcus by Goldman Sachs – 2.30% APY, $500 minimum deposit
Marcus by Goldman Sachs is the consumer banking unit of Goldman Sachs Bank USA. Marcus offers nine terms of regular CDs and three no-penalty compact disk terms. A minimum down payment of $ 500 is required to open any candle and earn the post APY .
High Rate: Live Oak Bank – 2.30% APY, $2,500 minimum deposit
Live Oak Bank was founded in 2008 and is based in Wilmington, North Carolina. It offers seven terms of CDs. The on-line bank besides offers a salvage history that features a competitive output, charges no monthly avail fee and has no minimum counterweight requirement .
High Rate: Ally Bank – 2.25% APY, $0.01 minimum deposit
Ally Bank is an online-only bank and has no branches. It ’ s based in Sandy, Utah. Ally offers standard CDs in seven terms ranging from three months to five years, with no minimal down payment required to open. Ally besides offers a no-penalty cadmium and a Raise Your Rate four hundred, adenine well as check, savings and money market accounts .
High Rate: Citizens Access – 2.25% APY, $5,000 minimum deposit
Citizens Access launched in July 2018. It is an on-line bank and a class of Citizens Bank. It offers a competitive return on its savings score and CDs. compact disk terms run from one year to five years. Citizens Access besides offers an 11-month liquid ( no penalty ) certificate of deposit. All of its products require a $ 5,000 minimum deposition .
High Rate: Capital One – 2.20% APY, $0.01 minimum deposit
capital One is an on-line trust that besides operates branches. The McLean, Virginia-based bank offers nine terms of regular CDs ranging from six months to five years, all of which require no minimum open deposition .
High Rate: Bethpage Federal Credit Union: 2.20% APY; $50 minimum deposit to open
Bethpage Federal Credit Union has more than 400,000 members and is based in Bethpage, New York. nine terms of CDs are offered, ranging from three months to five years. Bethpage besides offers a 39-month bump-up certificate of deposit, equally well as checking accounts, savings accounts, loans and other fiscal products .
High Rate: TIAA Bank – 2.20% APY, $1,000 minimum deposit
TIAA Bank is a division of TIAA FSB and has 10 branches, all in Florida. TIAA offers cadmium terms ranging from three months to five years. It besides offers a blow rate candle, which allows a erstwhile rate demote should TIAA raise its rates. For customers with large deposits who need FDIC coverage that exceeds the $ 250,000 limit, TIAA Bank offers a serve that spreads money around to a network of banks to expand policy coverage .
High Rate: Discover Bank – 2.20% APY, $2,500 minimum deposit
Discover Bank may be known for its citation cards, but it besides offers a wide choice of other trust products. It has been offering depository products online since 2007. Discover Bank offers CDs ranging in terms from three months to 10 years. It besides offers a write account, a check account and a money market account .
High Rate: Security Service Federal Credit Union – 2.20% APY, $25,000 minimum deposit
Security Service Federal Credit Union was founded in 1956 to serve the needs of members of the U.S. Air Force Security Service Command and their families. Based in San Antonio, it offers cadmium terms ranging from three months to seven years. It besides offers checking and savings accounts, mortgages, car loans and credit cards .
High Rate: Salem Five Direct – 2.00% APY, $10,000 minimum deposit
Salem Five Direct is an on-line division of Salem Five, which was founded in 1855 in Salem, Massachusetts. The minimum situate to open a high-yield candle is $ 10,000. Salem Five Direct CDs have four terms : 18 and 30 months, and three and four years. The federally insure on-line bank besides offers savings and checking accounts .
High Rate: Sallie Mae Bank – 1.85% APY, $2,500 minimum deposit
Sallie Mae Bank was established in 2005 and became a stand-alone consumer bank business in 2014. The Salt Lake City-based depository financial institution offers 11 terms of CDs, along with savings and money market accounts. All deposit products pay competitive yields. Sallie Mae ’ s other fiscal products include credit cards and student loans .
High Rate: Vio Bank – 1.40% APY, $500 minimum deposit
Vio Bank, established in 2018, is the national on-line division of MidFirst Bank, which is based in Oklahoma City. Vio Bank offers both a high move over Online Savings report and 10 terms of CDs ranging from six months to 10 years .
What is a 3-year CD?
A three-year certificate of deposit is a depository score in which you agree to keep the money in the account for three years. Yields can be higher than the national average earned from money market accounts and savings accounts. Bankrate ’ s calculator can help you determine how a lot interest you could earn when your candle matures. Your principal is protected, so you don ’ t have to worry about sprout market ups and downs. Plus, with a compact disk, your interest rate is locked in, so you besides don ’ t have to worry about your succumb decrease .
Who should open a 3-year CD?
Opening a three-year four hundred 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 candle could besides be a full idea if you ’ re planning to build a compact disk ladder. search for the best three-year compact disk rates online and compare your options. If you ’ ra looking for a higher concede, consider some of the lesser-known institutions willing to offer beneficial matter to rates to attract depositors .
Can you withdraw cash early?
When putting money into CDs, it ’ second important to read the fine print. After all, CDs come with restrictions dictating when you can withdraw your money. In most cases, you ’ re not allowed to get your cash before the cadmium matures. With a three-year candle, that means keeping your money in the account for three years. If you do withdraw the money, there ’ s a good probability you ’ ll have to pay a penalty. The penalty depends on the fiscal institution, and can vary wide. A penalty might be expressed as a certain number of months ’ deserving of interest or as a share of the chief. In some cases, that percentage of principal might be based on the stallion sum in the four hundred, or it might only apply to the amount you withdraw early. If you ’ rhenium uncertain that you can keep your money in the explanation for three years, consider other options. There are no-penalty CDs that won ’ t accusation you for taking the money out early on. however, no-penalty CDs frequently come with lower interest rates than those on ceremonious CDs. additionally, you can choose a six-month or annual compact disk, alternatively of getting a three-year candle. You ’ ll be able to access your money earlier, but you ’ ll earn a lower give way.
3-year CD rate vs. other CD terms
A three-year candle rate much comes with a higher interest rate than CDs with shorter terms. besides, because there are liquidity restrictions on a cadmium, you ’ ll often see a higher yield on a compact disk than what you ’ d make with a traditional spare score or money market account, though savings and money market accounts provide easier access to your money. besides, while a three-year four hundred can feature a higher pastime rate than shorter-term CDs and liquid savings accounts, it much has a lower give than what you ’ vitamin d see if you were volition to tie up your money for a longer terminus. For exemplar, you might get a higher yield on a five-year four hundred than what ’ s available for a three-year compact disk. cautiously consider your needs before putting your money in a four hundred. Be realistic about when you might need the money, based on your short- and medium-term fiscal goals. Knowing your needs will help you to make a better decision about the type of report that ’ s best for your money .
The best 3-year CD rates for June 2022
|Financial Institution||APY||Minimum Deposit|
|Bread Savings (formerly Comenity Direct)||2.75%||$1,500|
|Pentagon Federal Credit Union||2.60%||$1,000|
|First Internet Bank of Indiana||2.32%||$1,000|
|Marcus by Goldman Sachs||2.30%||$500|
|Live Oak Bank||2.30%||$2,500|
|Bethpage Federal Credit Union||2.20%||$50|
|Security Service Federal Credit Union||2.20%||$25,000|
|Salem Five Direct||2.00%||$10,000|