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11 Best 3-Year CD Rates July 2020

Spencer TierneyJuly 1, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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 0.38% APY for three-year CDs. See our picks below.

Also scroll down to see "no-penalty" CDs that allow you to withdraw your money whenever you want.

Summary of Best 3-Year CD Rates July 2020

BankNerdWallet Rating APYMinimum DepositLearn More
Bank5 Connect CD

Bank5 Connect CD

1.20%

$500

Read review
Citizens Access CD

Citizens Access CD

0.90%

$5,000

Read review
TIAA Bank CD

TIAA Bank CD

1.21%

$5,000

Read review
Ally Bank CD

Ally Bank CD

1.05%

$0

Read review
Synchrony Bank CD

Synchrony Bank CD

1.15%

$2,000

Read review
Discover Bank CD

Discover Bank CD

1.05%

$2,500

Read review
Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member FDIC

1.10%

$500

at Marcus by Goldman Sachs,

Member FDIC

Comenity Direct CD

Comenity Direct CD

4.0

/5

1.05%

$1,500

Connexus Credit Union CD

Connexus Credit Union CD

1.26%

$5,000

Read review
Bank7 CD

Bank7 CD

3.5

/5

1.10%

$10,000

Sallie Mae Bank CD

Sallie Mae Bank CD

0.95%

$2,500

Read review

Bank5 Connect CD

Bank5 Connect CD

APY

1.20%

With $500 minimum balance

Minimum Balance

$500

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

Citizens Access CD

Citizens Access CD

APY

0.90%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


Why we like it

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

Read Full Review

TIAA Bank CD

TIAA Bank CD

APY

1.21%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


Why we like it

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

Read Full Review

Ally Bank CD

Ally Bank CD

APY

1.05%

With $0 minimum balance

Minimum Balance

$0

Member FDIC


Why we like it

Ally doesn't have a minimum deposit requirement.

Read Full Review

Synchrony Bank CD

Synchrony Bank CD

APY

1.15%

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

Discover Bank CD

Discover Bank CD

APY

1.05%

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 a wide range of CD term lengths.

Read Full Review
Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member FDIC

Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

APY

1.10%

With $500 minimum balance

Minimum Balance

$500

Member FDIC

at Marcus by Goldman Sachs,

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
Comenity Direct CD

Comenity Direct CD

4.0

NerdWallet rating 
Comenity Direct CD

APY

1.05%

With $1500 minimum balance

Minimum Balance

$1,500

Member FDIC


Why we like it

Comenity Direct offers a competitive rate on its CD; there's a somewhat high minimum.

Connexus Credit Union CD

Connexus Credit Union CD

APY

1.26%

With $5000 minimum balance

Minimum Balance

$5,000

Federally insured by the NCUA


Why we like it

Connexus Credit Union has a solid rate on its three-year share certificate, the CD equivalent for a credit union, though the opening minimum is high.

Read Full Review
Bank7 CD

Bank7 CD

3.5

NerdWallet rating 
Bank7 CD

APY

1.10%

With $10000 minimum balance

Minimum Balance

$10,000

Member FDIC


Why we like it

Bank7 only offers two terms, two- and three-year CDs, but its rates are competitive. The minimum deposit of $10,000 is steep.

Sallie Mae Bank CD

Sallie Mae Bank CD

APY

0.95%

With $2500 minimum balance

Minimum Balance

$2,500

Member FDIC


Why we like it

Sallie Mae offers solid rates, including on its three-year term. The minimum to open is somewhat hefty, though.

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:

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

  • Connexus Credit Union: 1.26% APY

  • TIAA Bank: 1.21% APY

  • Bank5 Connect: 1.20% APY

  • Synchrony Bank: 1.15% APY

  • Marcus by Goldman Sachs: 1.10% APY

  • Bank7: 1.10% APY.

  • Ally Bank: 1.05% APY

  • Comenity Direct: 1.05% APY

  • Sallie Mae Bank: 0.95% APY.

  • Discover Bank: 1.05% APY

  • Citizens Access: 0.90% APY

Last updated on July 1, 2020

Methodology

On a monthly basis, we compare rates at over 20 financial institutions from our full list which we’ve seen to be consistently competitive. On a quarterly basis, we take 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 Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT, Citibank, Citizens Access, Citizens Bank, Comenity Direct, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, Live Oak Bank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Vio Bank, Wells Fargo and Zions Bank.

To recap our selections...

NerdWallet's Best 3-Year CD Rates July 2020

Frequently asked questions