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17 Best 3-Year CD Rates for May 2022

May 1, 2022

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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.

Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

5.0

NerdWallet rating 
Discover Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.20%
Learn more

at Discover Bank, Member FDIC


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.

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Quontic Bank CD
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at Quontic Bank, Member FDIC

Quontic Bank CD

5.0

NerdWallet rating 
Quontic Bank CD

Minimum deposit

$500

Member FDIC

APY

2.75%
Learn more

at Quontic Bank, Member FDIC


Why we like it

Quontic Bank is a digital bank with a low minimum and solid rate on its three-year CD.

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PenFed Credit Union Money Market Certificate

5.0

NerdWallet rating 
PenFed Credit Union Money Market Certificate

Minimum deposit

$1,000

Federally insured by the NCUA

APY

2.75%

Why we like it

Pentagon Federal Credit Union has a solid rate and a low minimum on its three-year money market certificate, which is its equivalent to CDs.

Federally insured by NCUA.

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Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

Minimum deposit

$500

Member FDIC

APY

2.30%

Why we like it

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

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Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

APY

2.30%

Why we like it

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

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TIAA Bank Basic CD

5.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

2.20%

Why we like it

TIAA Bank has a somewhat low minimum and a wide range of CDs for various terms.

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Bread Savings™️ CD
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at Bread Savings, Member FDIC

Bread Savings™️ CD

5.0

NerdWallet rating 
Bread Savings™️ CD

Minimum deposit

$1,500

Member FDIC

APY

2.75%
Learn more

at Bread Savings, Member FDIC


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."

Read Full Review

Alliant Credit Union CD

5.0

NerdWallet rating 
Alliant Credit Union CD

Minimum deposit

$1,000

Federally insured by the NCUA

APY

1.80%

Why we like it

The online-focused credit union has a lower opening minimum than some competitors.

Read Full Review

Connexus Credit Union CD

4.5

NerdWallet rating 
Connexus Credit Union CD

Minimum deposit

$5,000

Federally insured by the NCUA

APY

3.01%

Why we like it

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

Read Full Review

Capital One 360 CD

5.0

NerdWallet rating 
Capital One 360 CD

Minimum deposit

$0

Member FDIC

APY

2.20%

Why we like it

Capital One has no minimum opening requirement and a solid rate.

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Popular Direct CD

4.5

NerdWallet rating 
Popular Direct CD

Minimum deposit

$10,000

Member FDIC

APY

2.40%

Why we like it

Popular Direct, the online bank division of New York-based Popular Bank, has a hefty opening minimum requirement but a competitive rate on its three-year CD.

Read Full Review

Live Oak Bank CD

5.0

NerdWallet rating 
Live Oak Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.30%

Why we like it

Live Oak Bank provides a high-yield CD with a somewhat high opening minimum.

Read Full Review

TAB Bank CD

5.0

NerdWallet rating 
TAB Bank CD

Minimum deposit

$1,000

Member FDIC

APY

1.85%

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.

Read Full Review

Barclays Online CD

5.0

NerdWallet rating 
Barclays Online CD

Minimum deposit

$0

Member FDIC

APY

2.30%

Why we like it

Barclays offers solid rates on its online CDs and has no minimum.

Read Full Review

Ally Bank High Yield CD

5.0

NerdWallet rating 
Ally Bank High Yield CD

Minimum deposit

$0

Member FDIC

APY

2.00%

Why we like it

Online bank Ally has competitive yields and no minimum deposit requirement.

Read Full Review

American Express® CD

5.0

NerdWallet rating 
American Express® CD

Minimum deposit

$0

Member FDIC

APY

1.15%

Why we like it

The popular credit card issuer American Express is also an online bank with high-yield CDs. Its CDs have no opening minimum.

Read Full Review

Vio Bank CD

5.0

NerdWallet rating 
Vio Bank CD

Minimum deposit

$500

Member FDIC

APY

1.40%

Why we like it

Vio Bank, the online bank division of MidFirst Bank, has high-yield CDs with competitive rates and a low opening minimum of $500.

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:

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.

To recap our selections...

NerdWallet's Best 3-Year CD Rates for May 2022

Frequently asked questions