15 Best 3-Year CD Rates for January 2023
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ALSO CONSIDER: Best online savings || Best checking || 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 1.16% 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 || Best checking || 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 1.16% 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.
The Federal Reserve raised rates seven times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.
Best 3-Year CD Rates
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Barclays Online CD Learn more at Barclays, Member FDIC | $0 Member FDIC | 4.30% | Learn more at Barclays, Member FDIC | |
 Discover Bank CD Learn more at Discover Bank, Member FDIC | $2,500 Member FDIC | 4.35% | Learn more at Discover Bank, Member FDIC | |
 Bread Savings™️ CD | $1,500 Member FDIC | 4.50% | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | 4.40% | Read review | |
 LendingClub CD | $2,500 Member FDIC | 4.10% | Read review | |
 Alliant Credit Union Certificate | $1,000 Federally insured by NCUA | 4.60% | Read review | |
 Ally Bank High Yield CD | $0 Member FDIC | 4.35% | Read review | |
 Capital One 360 CD | $0 Member FDIC | 4.30% | Read review | |
 Synchrony Bank CD | $0 Member FDIC | 4.30% | Read review | |
 Marcus by Goldman Sachs High-Yield CD | $500 Member FDIC | 4.00% | Read review | |
 Popular Direct CD | $10,000 Member FDIC | 4.60% | Read review | |
 PenFed Credit Union Money Market Certificate | $1,000 Federally insured by NCUA | 4.10% | Read review | |
 Quontic Bank CD | $500 Member FDIC | 4.30% | Read review | |
 TAB Bank CD | $1,000 Member FDIC | 4.00% | Read review | |
 BMO Harris Bank CD | $1,000 Member FDIC | 4.50% | Read review |
Minimum deposit
$0
Member FDIC
APY
4.30%
Why We Like It
Barclays offers solid rates on its online CDs and has no minimum.
Minimum deposit
$2,500
Member FDIC
APY
4.35%
Why We Like It
The credit card issuer offers several types of bank accounts, including a wide range of CD term lengths. Its three-year CD has a somewhat hefty minimum deposit requirement, but its rate is solid.
Minimum deposit
$1,500
Member FDIC
APY
4.50%
Why We Like It
Bread Savings offers a competitive rate on its CD, but there's a somewhat high minimum.
Bread Savings says: "Rates are compared against competitor rates published by NerdWallet.com and the institutions themselves as of 4/1/22. NerdWallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed."
Minimum deposit
$500
Member FDIC
APY
4.30%
Why We Like It
Quontic Bank is a digital bank with a low minimum and solid rate on its three-year CD.
Minimum deposit
$1,000
Member FDIC
APY
4.00%
Why We Like It
TAB Bank, an online bank headquartered in Ogden, Utah, offers a competitive three-year rate and relatively low minimum to open.
Minimum deposit
$1,000
Member FDIC
APY
4.50%
Why We Like It
BMO Harris's three-year online CD has a solid rate and a relatively low minimum of $1,000. However, the offering isn't available if you're a resident of the following states: Arizona, Illinois, Indiana, Kansas, Minnesota, Missouri or Wisconsin.
Want to compare more options? Here are our other top picks:
» Want to see more options? Check out our list of the best CD rates overall
Best 3-year CD rates for January 2023
Popular Direct: 4.60% APY.
Alliant Credit Union: 4.60% APY.
Bread Savings: 4.50% APY.
Sallie Mae Bank: 4.40% APY.
BMO Harris (not available in all states): 4.50% APY.
Capital One: 4.30% APY.
Synchrony Bank: 4.30% APY.
Quontic Bank: 4.30% APY.
Barclays: 4.30% APY.
Ally Bank: 4.35% APY.
Discover Bank: 4.35% APY.
LendingClub Bank: 4.10% APY.
Pentagon Federal Credit Union: 4.10% APY.
Marcus by Goldman Sachs: 4.00% APY.
TAB Bank: 4.00% APY.
Another option: No-penalty CDs
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 four 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)
Synchrony Bank (read NerdWallet's full review)
How do CDs work?
Learn more about the journey of choosing, opening and closing CDs.
For choosing CDs:
For understanding CD rates:
For opening CDs:
For closing CDs:
See CD rates by term and type
Compare the best rates on certificates of deposit for various CD terms and types:
See CD rates by bank
If you want to see CD rates at specific banks, here’s a quick list of both traditional and online banks’ CDs (and one brokerage’s offering):
Last updated on January 1, 2023
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People often identify opening a savings account as their next money move.
SoFi Checking and Savings
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
at SoFi, Member FDIC
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
LendingClub High-Yield Savings
APY
With $0 min. balance for APY
at LendingClub Bank, Member FDIC
Methodology
On a monthly basis, we compare rates at over 30 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 90 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, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, 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 January 2023
- Barclays Online CD: 4.30% APY
- Discover Bank CD: 4.35% APY
- Bread Savings™️ CD: 4.50% APY
- Sallie Mae Bank CD: 4.40% APY
- LendingClub CD: 4.10% APY
- Alliant Credit Union Certificate: 4.60% APY
- Ally Bank High Yield CD: 4.35% APY
- Capital One 360 CD: 4.30% APY
- Synchrony Bank CD: 4.30% APY
- Marcus by Goldman Sachs High-Yield CD: 4.00% APY
- Popular Direct CD: 4.60% APY
- PenFed Credit Union Money Market Certificate: 4.10% APY
- Quontic Bank CD: 4.30% APY
- TAB Bank CD: 4.00% APY
- BMO Harris Bank CD: 4.50% APY
Frequently asked questions
Ideally, you'll take out a three-year, or 36-month, 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.
Yes, in a big way. The Federal Reserve has raised its rate multiple times in 2022, which encourages banks and credit unions to raise their CD rates. Learn more about Fed rate increases or, if you want a broader financial picture, see our explainer on historical CD rates.
