The Best 3-Year CD Rates in 2022

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Updated on Tuesday, November 9, 2021

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 DepositAccounts.com, 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 2022

1. Hughes Federal Credit Union — 1.11% APY, $1,000 minimum deposit

Making a minimum deposit into a Hughes Federal Credit Union 36-month Certificate can get you its competitive rate. Your rate will be further boosted if you deposit even more money in a Mini-Jumbo or Jumbo CD. Partial withdrawals from a Certificate Account are not allowed, so if you make a withdrawal before maturity, you’ll have to withdraw all of your funds, close the account and pay a penalty of $50 or 180 days’ dividends, whichever is greater.

Hughes Federal Credit Union was founded in 1952 in Tucson, Ariz., to serve Hughes Aircraft Company employees and their families. Today, membership to the credit union is open to select employee groups and anyone who lives, works, worships or attends school in Tucson. You can also join if you make a charitable donation to one of three local public libraries or the Tucson Audubon Society.

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on Hughes Federal Credit Union’s secure website

NCUA Insured

2. Lafayette Federal Credit Union — 1.01% APY, $500 minimum deposit

Lafayette Federal Credit Union offers a handful of certificates, including its 3-year Fixed Rate Certificate, which requires $500 to open and earns 1.01% 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.

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on Lafayette Federal Credit Union’s secure website

NCUA Insured

3. Quontic Bank — 1.10% APY, $500 minimum deposit

Quontic’s 3-year CD misses first place by just a hair. You can make the minimum initial deposit with funds from an existing Quontic account or an external account by ACH, or you can use Plaid. Interest is compounded daily and credited monthly. You must get consent from Quontic to withdraw money prior to maturity. If they agree, your CD will be closed and you’ll pay a penalty of 2 years’ interest, which will be deducted from your principal if you haven’t yet earned that amount of interest.

Quontic began as a community bank but transitioned to a digital institution in 2009. They are based in New York.

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on Quontic Bank’s secure website

Member FDIC

4. Credit Human — 1.00% APY, $500 minimum deposit

Credit Human’s 36-59 month certificate will earn you this high rate with a minimum of $500. In fact, by opening this CD, which means keeping your money locked away for just one month more than the term below it (36 months instead of 35), you get a substantial APY hike. The certificate automatically renews at maturity. If you withdraw funds before then, you’ll lose out on 365 days’ dividends (whether earned or not) or $50, whichever is greater.

The credit union was established in 1935 in San Antonio, Texas, as the National Federation of Federal Employees Local No. 28. It took on its current name in 2016. There are a number of ways to be eligible for membership, including partner employers, schools and organizations; if you live, work, worship or attend school in Credit Human’s service area; and whether you’re a veteran or current member of the Armed Forces or National Guard. If none of these fit, you can still qualify by joining the American Consumer Council; Credit Human will even pay the fee for you.

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on Credit Human’s secure website

NCUA Insured

5. PenFed Credit Union — 1.00% 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.

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on PenFed Credit Union’s secure website

NCUA Insured

6. Quorum Federal Credit Union (30-month) — 1.10% APY, $1,000 minimum deposit

By opting for this 30-month certificate from Quorum instead of their 36-month CD, you’ll double your APY. The catch is that you’ll need to fund it with new money or funds that have been on deposit at Quorum for 2 weeks or less. The minimum deposit is $1,000. Withdrawing funds early will cost you 3% of the amount withdrawn.

Quorum membership is established when you open a basic savings account with them and are approved. The account only requires a $5 minimum balance, which will be funded by Quorum once your application is approved.

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on Quorum Federal Credit Union’s secure website

NCUA Insured

7. Interior Federal Credit Union — 0.96% APY, $500 minimum deposit

Interior Federal Credit Union requires a low $500 minimum deposit to start saving with its non-jumbo certificates like its 36-month certificate. (They also offer an APY that would tie with the number 2 spot on this list, but you’d need to deposit $100,000.) You’ll face a penalty of 180 days’ dividends for early withdrawals from this account.

Interior FCU was founded in 1935 and is based in Washington, D.C. It has two of its own branches in the area but also partners with the CO-OP Shared Branch network to provide members with widespread access. You can become a member of Interior FCU if you’re an employee, contractor or volunteer of the Department of the Interior; an employee or volunteer at a National Park or other select partnering groups; or a member of the New Mexico Wildlife Federation, which is free to join.

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on Interior Federal Credit Union’s secure website

NCUA Insured

8. Abound Credit Union — 0.90% APY, $500 minimum deposit

Take advantage of Abound Credit Union’s 36-month certificate to earn this rate with a low minimum deposit of only $500. You’ll forfeit 180 days’ dividends, earned or not, if you withdraw the principal early. Interest is compounded and paid quarterly on this CD.

Abound Credit Union was established in Kentucky in 1950 as the Fort Knox Civilian Employees Federal Credit Union, changing to its current name in 2020. Membership is open to members of the military or civil service as well as employees of partner organizations and their families. You can also join if you live, work, study or worship in a few different counties in Kentucky. None of this matches you? You can still join by selecting “other” for qualifications and the credit union will contact you to help you sign up.

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on Abound Credit Union’s secure website

NCUA Insured

9. Evansville Teachers Federal Credit Union — 0.95% APY, $1,000 minimum deposit

All of Evansville Teachers Federal Credit Union CDs are available for a minimum deposit of $1,000, including this 3-year certificate. If three years is just a bit too long, you’ll still earn a high APY if you opt for the slightly shorter 30-month CD instead.

You don’t need to be a teacher to join this credit union, which has been around since 1936. You can join Evansville FCU by work, organization or family association or by making a $5 donation to the Mater Dei Friends & Alumni Association.

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on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

10. Hiway Federal Credit Union — 0.95% APY, $25,000 minimum deposit

You’ll need $25,000 to contribute if you want to get the high APY on this 36-47 month CD. If you have less cash on hand, but can still swing at least $10,000, you’ll still get an APY that would just miss this list. Any amount below $10,000 and you might want to go with another institution’s CDs. Also note that you may lose 180 days’ dividends if you need to access your cash before maturity.

Founded in 1931, Hiway Federal Credit Union was established for employees of the Minnesota Department of Transportation. Now almost anyone can join Hiway FCU if you live, work, worship or attend school in the Metro Community Area; work at a qualifying company or government agency; are related or know an eligible individual; join the Minnesota Recreation and Park Foundation or Hiway Credit Union Foundation with a onetime $10 contribution; or join the Association of the United States Army with a one-time $40 contribution.

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on Hiway Credit Union’s secure website

NCUA 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.