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15 Best 3-Year CD Rates January 2020

Spencer TierneyJanuary 2, 2020

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Summary of Best 3-Year CD Rates January 2020

BankAPYMinimum DepositLearn More
Goldman Sachs Bank USA

Goldman Sachs Bank USA

2.10%

$500

Citizens Access

Citizens Access

at Citizens Access,

Member, FDIC

2.15%

$5,000

at Citizens Access,

Member, FDIC

Discover Bank

Discover Bank

2.05%

$2,500

Bank5 Connect

Bank5 Connect

at Bank5 Connect,

Member, FDIC

2.20%

$500

at Bank5 Connect,

Member, FDIC

Ally Bank

Ally Bank

1.95%

$0

Popular Direct

Popular Direct

2.05%

$10,000

Barclays

Barclays

2.00%

$0

PurePoint® Financial

PurePoint® Financial

2.00%

$10,000

First Tech Federal Credit Union

First Tech Federal Credit Union

2.15%

$500

Synchrony Bank

Synchrony Bank

2.10%

$2,000

TIAA Bank

TIAA Bank

2.05%

$5,000

Sallie Mae Bank

Sallie Mae Bank

2.15%

$2,500

Alliant Credit Union

Alliant Credit Union

1.95%

$1,000

Connexus Credit Union

Connexus Credit Union

2.31%

$5,000

American Express National Bank

American Express National Bank

2.05%

$0

BankAPYMinimum DepositLearn More
Goldman Sachs Bank USA

Goldman Sachs Bank USA

2.10%

$500

Citizens Access

Citizens Access

at Citizens Access,

Member, FDIC

2.15%

$5,000

at Citizens Access,

Member, FDIC

Discover Bank

Discover Bank

2.05%

$2,500

Bank5 Connect

Bank5 Connect

at Bank5 Connect,

Member, FDIC

2.20%

$500

at Bank5 Connect,

Member, FDIC

Ally Bank

Ally Bank

1.95%

$0

Popular Direct

Popular Direct

2.05%

$10,000

Barclays

Barclays

2.00%

$0

PurePoint® Financial

PurePoint® Financial

2.00%

$10,000

First Tech Federal Credit Union

First Tech Federal Credit Union

2.15%

$500

Synchrony Bank

Synchrony Bank

2.10%

$2,000

TIAA Bank

TIAA Bank

2.05%

$5,000

Sallie Mae Bank

Sallie Mae Bank

2.15%

$2,500

Alliant Credit Union

Alliant Credit Union

1.95%

$1,000

Connexus Credit Union

Connexus Credit Union

2.31%

$5,000

American Express National Bank

American Express National Bank

2.05%

$0

Goldman Sachs Bank USA

Goldman Sachs Bank USA

APY

2.10%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC


Why we like it

The Wall Street firm's online banking division offers competitive CD rates, including its three-year term.

Read Full Review
Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access

Citizens Access

APY

2.15%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC

at Citizens Access,

Member, FDIC


Why we like it

The online-only division of Citizens Bank offers a top rate but requires a steep $5,000 to open a CD.

Read Full Review

Discover Bank

Discover Bank

APY

2.05%

With $2500 minimum balance

Minimum Balance

$2,500

Member, FDIC


Why we like it

In addition to its solid checking and savings options, the online bank has an impressive lineup of CDs, including the rate on its three-year term.

Read Full Review
Bank5 Connect

at Bank5 Connect,

Member, FDIC

Bank5 Connect

Bank5 Connect

APY

2.20%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC

at Bank5 Connect,

Member, FDIC


Why we like it

Massachusetts-based BankFive's online division offers a competitive three-year CD rate, its longest term, with a low minimum.

Read Full Review

Ally Bank

Ally Bank

APY

1.95%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Ally doesn't have a minimum deposit requirement, but its three-year rate has three tiers that vary based on your deposit: 1.95% APY for less than $5,000, 2.05% APY for $5,000 to $24,999 and 2.10% APY for $25,000 or more.

Read Full Review

Popular Direct

Popular Direct

APY

2.05%

With $10000 minimum balance

Minimum Balance

$10,000

Member, FDIC


Why we like it

Popular Direct, the online bank division of global company Popular, has top rates across the board, but also a hefty opening minimum requirement.

Read Full Review

Barclays

Barclays

APY

2.00%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Online bank Barclays cuts out the minimum deposit requirement while giving a solid rate.

Read Full Review

PurePoint® Financial

PurePoint® Financial

APY

2.00%

With $10000 minimum balance

Minimum Balance

$10,000

Member, FDIC


Why we like it

The online bank's minimum requirement is high, but the three-year CD rate is also high.

Read Full Review

First Tech Federal Credit Union

First Tech Federal Credit Union

APY

2.15%

With $500 minimum balance

Minimum Balance

$500

Member, NCUA


Why we like it

First Tech has money market certificate rates, its equivalent of CD rates, competitive with rates at online banks.

Read Full Review

Synchrony Bank

Synchrony Bank

APY

2.10%

With $2000 minimum balance

Minimum Balance

$2,000

Member, FDIC


Why we like it

Synchrony's three-year certificate term has a competitive rate with a minimum deposit lower than some online banks.

Read Full Review

TIAA Bank

TIAA Bank

APY

2.05%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC


Why we like it

Despite the steep minimum, TIAA Bank has a strong lineup of CDs for various terms, including the three-year option.

Read Full Review

Sallie Mae Bank

Sallie Mae Bank

APY

2.15%

With $2500 minimum balance

Minimum Balance

$2,500

Member, FDIC


Why we like it

The student loan provider Sallie Mae has competitive yields on its three-year CD, though its minimum is higher than at some online banks.

Read Full Review

Alliant Credit Union

Alliant Credit Union

APY

1.95%

With $1000 minimum balance

Minimum Balance

$1,000

Member, NCUA


Why we like it

The online credit union offers high certificates across the board for a minimum requirement lower than many banks.

Read Full Review

Connexus Credit Union

Connexus Credit Union

APY

2.31%

With $5000 minimum balance

Minimum Balance

$5,000

Member, NCUA


Why we like it

This credit union is easy to join and has solid CD offerings, though the $5,000 needed to open is a lot.

Read Full Review

American Express National Bank

American Express National Bank

APY

2.05%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Although many banks require a minimum deposit amount to open a CD, American Express doesn't. And its rate is competitive.

Read Full Review

» 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:

↑ Back to top

Here's our list of the best 3-year CD rates for January 2020:

  • Connexus Credit Union: 2.31% APY
  • Bank5 Connect: 2.20% APY
  • First Technology Credit Union: 2.15% APY
  • Sallie Mae Bank: 2.15% APY
  • Citizens Access: 2.15% APY
  • TIAA Bank: 2.05% APY
  • Marcus by Goldman Sachs: 2.10% APY
  • Synchrony Bank: 2.10% APY
  • American Express Bank: 2.05% APY
  • Discover Bank: 2.05% APY
  • Popular Direct: 2.05% APY
  • Barclays: 2.00% APY
  • Alliant Credit Union: 1.95% APY
  • PurePoint Financial: 2.00% APY

Last updated on January 2, 2020

Methodology

We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; 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; we favored those with the highest CD rates. We excluded banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere. Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO HarrisCapital One 360Charles Schwab BankChaseChimeCIBC U.S., CITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBankM&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular DirectPurePoint FinancialRadius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit UnionSimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaro, Vio BankWells Fargo and Zions Bank.

To recap our selections...

NerdWallet's Best 3-Year CD Rates January 2020

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.