The 10 Best 3-Year CD Rates in 2021 | MagnifyMoney
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Best 3-Year CD Rates in 2022

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Three-year CDs are a great choice for your mid-term savings goals. They offer higher APYs than 1-year certificates, while avoiding the time commitment of a longer 5-year CD term. To make sure you give your account the best chance to grow your money, you’ll want to find the best CD rates available.

MagnifyMoney can help you find the right 3-year CD for your savings. Using data from, a LendingTree-owned site, we’ve found the highest 3-year CD rates available nationwide. We also looked at each account’s minimum deposit and each bank’s relative health to ensure we featured the best offers.

The 10 best 3-year CD rates in November 2022

InstitutionAPYMinimum deposit amount
PenFed Credit Union2.10%$1,000
KS StateBank1.75%$500
Popular Direct1.60%$10,000
Lafayette Bank1.56%$500
First Internet Bank1.51%$1,000
M.Y. Safra Bank1.62%$1,000
Third Federal Savings & Loan (39-month)1.50%$500
First National Bank of America1.75%$1,000
Colorado Federal Savings Bank1.45%$5,000
CFG Bank1.70%$500

1. PenFed Credit Union — 2.10% APY, $1,000 minimum deposit

For a deposit of $1,000, you can lock in this rate on what PenFed terms their Money Market Certificate. Your interest will post monthly on the 36-month CD. If you withdraw any money within the first 365 days of opening the account, the penalty will be the full dividends earned. After that, the withdrawal will cost you 30% of the gross amount of dividends you would have earned if the certificate had reached maturity. When your certificate matures, you can opt to transfer the money to another PenFed account, roll it over into a new certificate, receive a check or request an ACH transfer.

PenFed was founded in 1935. Anyone can join the credit union by opening and maintaining a savings account with them of $5 or more.


on PenFed Credit Union’s secure website

NCUA Insured

2. KS StateBank — 1.75% APY, $500 minimum deposit

KS StateBank offers CDs online with terms from 1 year to 7 years. You must deposit and maintain $500 in this 3-year CD account to earn the listed APY. Interest compounds quarterly. If you withdraw principal before the CD matures, you’ll pay a penalty of 12 months’ interest on the amount withdrawn. The CD automatically renews at the end of the term.

Kansas State Bank of Manhattan was founded in Manhattan, Kan., in 1969 and renamed KS StateBank in 2015. They have five branches in Kansas and one in Phoenix, but most of their CDs can also be opened online.


on KS StateBank’s secure website

Member FDIC

3. Popular Direct — 1.60% APY, $10,000 minimum deposit

Interest compounds daily and is credited on the last day of each month on Popular Direct’s 3-year CD, which automatically renews at maturity. If you withdraw money before then, they charge 365 days’ simple interest. You’ll also need to open the CD with at least $10,000, which is higher than a lot of our top 10, but with that comes a site where you can easily find answers to questions about the certificate and their other products.

Popular Direct products are offered by Popular Bank, chartered in New York. Their parent company has been in business for over a century.


on Popular Direct’s secure website

Member FDIC

4. Lafayette Federal Credit Union — 1.56% APY, $500 minimum deposit

Lafayette Federal Credit Union offers a number of certificates, including its 3-year fixed-rate certificate, which requires $500 to open and earns 1.56% APY. Interest is compounded and paid quarterly. An early withdrawal from this 3-year account will trigger a penalty equal to 360 days of dividends.

Established in 1935 and headquartered in Rockville, Md., Lafayette Federal credit union has branches in Maryland, Virginia and Washington, D.C., plus CO-OP Shared Branches. You can join LFCU if you live or work in its serviced areas, work at a partner company, are an immediate family member of a current member or are a member of the Home Ownership Financial Literacy Council.


on Lafayette Federal Credit Union’s secure website

NCUA Insured

5. First Internet Bank — 1.51% APY, $1,000 minimum deposit

First Internet Bank’s 3-year CD earns at a great savings rate, especially as the bank consistently offers competitive rates across the board. It requires at least $1,000 to open and start earning interest. Interest is compounded and credited monthly. Just be wary of making an early withdrawal, since you’ll lose 360 days’ worth of interest if you make one.

Founded in 1999, First Internet Bank was the first state-chartered, FDIC-insured institution to operate solely online, with customer service available by phone, email or online chat.


on First Internet Bank’s secure website

Member FDIC

6. M.Y. Safra Bank — 1.62% APY, $1,000 minimum deposit

M.Y. Safra Bank offers CD terms from 30 days to 60 months. For $1,000 you can snag this rate on their 3-year certificate. Interest compounds monthly. Oddly, even though this is an online-only product, you’ll need to contact them by phone, email or form to get the full account terms and conditions and disclosures, including the withdrawal penalty for this CD.

Safra is based in New York. The bank’s history reaches back to 1920 and beyond.


on M.Y. Safra Bank’s secure website

Member FDIC

7. Third Federal Savings & Loan (39-month) — 1.50% APY, $500 minimum deposit

This 39-month CD special from Third Federal Savings & Loan gives you a substantially higher APY for keeping your money in your account for 3 more months than a traditional 3-year CD. You’ll need to make sure you can go those extra few months, though, as the penalty is also pretty stiff: You’ll lose 12 months’ interest if you withdraw any of the principal. You’ll also be charged a penalty on the entire account if your balance falls below the $500 minimum as a result.

Third Federal opened its doors in Cleveland in 1938. It was originally established to help facilitate home ownership during the Great Depression.

8. First National Bank of America — 1.75% APY, $1,000 minimum deposit

First National Bank of America offers a great spread of Time Certificates of Deposit, starting at a term of 12 months and extending up to 84 months. Its 36-month CD falls nicely in between, especially with its competitive interest rate. You’ll need at least $1,000 to open a CD with the bank. Interest is compounded and credited quarterly; early withdrawal will cost you 360 days of that interest.

Established in 1955, First National Bank of America maintains its headquarters and three branches in Michigan. But you can also easily access your accounts online.


on First National Bank Of America’s secure website

Member FDIC

9. Colorado Federal Savings Bank — 1.45% APY, $5,000 minimum deposit

Among Colorado FSB’s CDs is their 3-year offering, which will set you back a minimum of $5,000. Withdrawing any of that money before the term is up will result in a penalty of 6 months’ interest (as it is with all of their CDs 18 months and longer). Interest is compounded daily and credited to your account monthly, and the certificate will automatically renew at maturity.

Colorado Federal Savings Bank is based in Greenwood Village, Colo., but they do business as a direct, online-only bank, with no brick-and-mortar branches.


on Colorado Federal Savings Bank’s secure website

Member FDIC

10. CFG Bank — 1.70% APY, $500 minimum deposit

This 3-year CD from CFG Bank can be opened online or in branch (if you happen to live in Lutherville or Baltimore). In addition to a traditional early withdrawal penalty, you’ll incur a penalty of 7 days’ interest if you take out any money in the first 6 days after opening the account. (If you feel you need access to your money in a pinch, you could opt for their onetime penalty-free CD in a pinch, but the term is only 13 months and would cut your interest rate tremendously.)

CFG Bank was founded in 2009, with headquarters in Baltimore, but it has roots going back to 1993, when the owner founded Capital Funding Group.


on CFG Bank’s secure website

FDIC Insured

Inflation impact on 3-year CD rates

Inflation reduces the value of any savings or investment balance, including CDs. Your earnings have to exceed the inflation rate for there to be a real return on your money. While mid- and long-term CDs can lock in a high rate today, there’s still potential for inflation to lower your earnings.

For a more inflation-proof savings strategy, consider stock- and bond-based investment products. They can come in handy for long-term savings since their earnings have a better chance of exceeding the inflation rate.