BEST OF

16 Best 3-Year CD Rates for July 2022

Jul 1, 2022

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. Here is a list of our partners and here's how we make money.

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 0.37% 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.

Best 3-Year CD Rates

Discover Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.50%
Learn more

at Discover Bank

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.
Quontic Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$500
Member FDIC
APY
2.81%
Learn more

at Quontic Bank

Why we like it
Quontic Bank is a digital bank with a low minimum and solid rate on its three-year CD.
PenFed Credit Union Money Market Certificate

CD

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,000
Federally insured by NCUA
APY
2.60%
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.
Marcus by Goldman Sachs High-Yield CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$500
Member FDIC
APY
2.50%
Why we like it
The Wall Street firm's online banking division offers competitive CD rates, including its three-year term.
TIAA Bank Basic CD

CD

Member FDIC

4.0

/5
 NerdWallet rating 
Minimum deposit
$1,000
Member FDIC
APY
2.30%
Why we like it
TIAA Bank has a somewhat low minimum and a wide range of CDs for various terms.
Bread Savings™️ CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,500
Member FDIC
APY
3.25%
Learn more

at Bread Savings

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."
Connexus Credit Union CD

CD

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
Minimum deposit
$5,000
Federally insured by NCUA
APY
2.36%
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.
Capital One 360 CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.50%
Why we like it
Capital One has no minimum opening requirement and a solid rate.
Popular Direct CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$10,000
Member FDIC
APY
3.02%
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.
Live Oak Bank CD

CD

Member FDIC

4.0

/5
 NerdWallet rating 
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.
TAB Bank CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$1,000
Member FDIC
APY
2.50%
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.
Barclays Online CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.50%
Why we like it
Barclays offers solid rates on its online CDs and has no minimum.
Synchrony Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.50%
Why we like it
Synchrony's three-year certificate term has a competitive rate with a minimum deposit lower than some online banks.
BrioDirect High-Yield CD

CD

Deposits are FDIC Insured

4.0

/5
 NerdWallet rating 
Minimum deposit
$500
Deposits are FDIC Insured
APY
2.45%
Why we like it
BrioDirect, online bank division of Webster Bank, offers a competitive rate and low minimum on its 3-year CD.
LendingClub CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.01%
Why we like it
LendingClub Bank is an online financial institution with a solid rate and somewhat high minimum on its 3-year CD rate.
Sallie Mae Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.00%
Why we like it
Sallie Mae offers solid rates, including on its three-year term. The minimum to open is hefty, though.

» 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 July 2022

  • Bread Savings: 3.25% APY.

  • Popular Direct: 3.02% APY.

  • Quontic Bank: 2.81% APY.

  • PenFed: 2.60% APY.

  • Barclays: 2.50% APY.

  • Synchrony Bank: 2.50% APY.

  • Capital One: 2.50% APY.

  • Marcus by Goldman Sachs: 2.50% APY.

  • TAB Bank: 2.50% APY.

  • BrioDirect: 2.45% APY.

  • Connexus Credit Union: 2.36% APY.

  • Discover Bank: 2.50% APY.

  • TIAA Bank: 2.30% APY.

  • Live Oak Bank: 2.30% APY.

  • LendingClub Bank: 2.01% APY.

  • Sallie Mae Bank: 2.00% APY.

Last updated on July 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 July 2022

Frequently asked questions