17 Best 3-Year CD Rates for May 2022
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ALSO CONSIDER: Best online savings accounts || Best checking accounts || Best high-interest accounts
The best three-year CD rates can give a boost to short-term savings. The rates featured on this page are much higher than the national average rate of 0.31% APY for three-year CDs. See our picks below.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Also scroll down to see "no-penalty" CDs that allow you to withdraw your money whenever you want.
ALSO CONSIDER: Best online savings accounts || Best checking accounts || Best high-interest accounts
The best three-year CD rates can give a boost to short-term savings. The rates featured on this page are much higher than the national average rate of 0.31% APY for three-year CDs. See our picks below.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Also scroll down to see "no-penalty" CDs that allow you to withdraw your money whenever you want.
at Discover Bank, Member FDIC
Discover Bank CD
Minimum deposit
$2,500Member FDIC
APY
2.20%at Discover Bank, Member FDIC
at Quontic Bank, Member FDIC
Quontic Bank CD
Minimum deposit
$500Member FDIC
APY
2.75%at Quontic Bank, Member FDIC
PenFed Credit Union Money Market Certificate
Minimum deposit
$1,000Federally insured by the NCUA
APY
2.75%Marcus by Goldman Sachs High-Yield CD
Minimum deposit
$500Member FDIC
APY
2.30%
TIAA Bank Basic CD
Minimum deposit
$1,000Member FDIC
APY
2.20%
at Bread Savings, Member FDIC
Bread Savings™️ CD
Minimum deposit
$1,500Member FDIC
APY
2.75%at Bread Savings, Member FDIC
Alliant Credit Union CD
Minimum deposit
$1,000Federally insured by the NCUA
APY
1.80%Connexus Credit Union CD
Minimum deposit
$5,000Federally insured by the NCUA
APY
3.01%
Popular Direct CD
Minimum deposit
$10,000Member FDIC
APY
2.40%
Ally Bank High Yield CD
Minimum deposit
$0Member FDIC
APY
2.00%
» Want to see more options? Check out our list of the best CD rates overall
No-penalty CDs offer more freedom
When you withdraw your money from a CD before the term expires, you generally pay a penalty of at least several months’ of interest earned.
Some providers, however, allow you to withdraw your money before the term expires, with no penalty. Keep in mind that rates may be a little lower for these no-penalty CDs.
The following three banks offer no-penalty CDs:
Marcus by Goldman Sachs Bank (read NerdWallet's full review)
CIT Bank (read NerdWallet's full review)
Ally Bank (read NerdWallet's full review)
Best 3-year CD rates for May 2022
Popular Direct: 2.40% APY.
PenFed: 2.75% APY.
Bread Savings: 2.75% APY.
Synchrony Bank: 2.30% APY.
TIAA Bank: 2.20% APY.
Live Oak Bank: 2.30% APY.
Ally Bank: 2.00% APY.
TAB Bank: 1.85% APY.
Quontic Bank: 2.75% APY.
Capital One: 2.20% APY.
Barclays: 2.30% APY.
American Express: 1.15% APY.
Marcus by Goldman Sachs: 2.30% APY.
Vio Bank: 1.40% APY.
Discover Bank: 2.20% APY.
Alliant Credit Union: 1.80% APY.
Connexus Credit Union: 3.01% APY.
Last updated on May 1, 2022
Methodology
On a monthly basis, we compare rates at over 20 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyzed our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.
We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees’ Credit Union of North Carolina, SoFi, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best 3-Year CD Rates for May 2022
- Discover Bank CD: 2.20% APY
- Quontic Bank CD: 2.75% APY
- PenFed Credit Union Money Market Certificate: 2.75% APY
- Marcus by Goldman Sachs High-Yield CD: 2.30% APY
- Synchrony Bank CD: 2.30% APY
- TIAA Bank Basic CD: 2.20% APY
- Bread Savings™️ CD: 2.75% APY
- Alliant Credit Union CD: 1.80% APY
- Connexus Credit Union CD: 3.01% APY
- Capital One 360 CD: 2.20% APY
- Popular Direct CD: 2.40% APY
- Live Oak Bank CD: 2.30% APY
- TAB Bank CD: 1.85% APY
- Barclays Online CD: 2.30% APY
- Ally Bank High Yield CD: 2.00% APY
- American Express® CD: 1.15% APY
- Vio Bank CD: 1.40% APY
Frequently asked questions
Ideally, you'll take out a CD only if you're certain that you won’t need that money before the term ends. Current CD rates tend to be higher than savings account rates. However, if you want to keep your funds more accessible, a high-yield online savings account is a better choice. (Check out our list of the best online savings accounts.)
That depends on how much risk you're willing to take. Investment accounts can have higher returns than CDs, but CDs offer guaranteed returns in the form of fixed interest rates. And they're typically federally insured for up to $250,000. Brokerage accounts can be riskier since you aren’t protected against losses. (For more information, see our list of the best online brokers.)
Although most CDs don't have monthly fees, banks typically charge early withdrawal penalties if you remove money before the CD's expiration date. The penalty is often several months' worth of interest. (If you're worried about losing access to your money for too long, consider shorter terms such as six-month CDs.)
» See what CDs can earn with our CD calculator
Certificates of deposit, or CDs, are savings accounts in which cash is locked away for a predetermined period of time, generally three months to five years.
CD rates are shown as an annual percentage yield, or APY. That number shows how much the CD earns in one year and includes compound interest. The higher the APY, the more your money will grow. Long-term CDs usually earn the highest rates. See this month’s top 3-year CD rates.
