The 10 best 3-year CD rates right now

When it comes to maximizing the returns on your savings, certificates of deposit (CDs) stand out as a safe and potentially rewarding choice. When you put your money in a CD, you secure a consistent interest rate for the entire CD term — and it stays the same no matter what happens with the overall rate environment. That means you'll earn predictable returns on your money even if interest rates decline, which isn't the case with high-yield savings accounts or other interest-bearing accounts.

A locked-in rate isn't the only reason to open a CD, though. A series of Fed rate hikes over the last year-and-a-half has also led financial institutions to offer extremely attractive APYs on CDs. And, that's true whether you're considering a short- or long-term CD, so if you want to earn a high rate of return on your savings, it's a great time to move your money to this type of account.

And while short-term CDs currently offer some of the highest APYs available, it may still be smart to consider a CD with a slightly longer term. For example, if you lock your money in one of the top 3-year CDs right now, you'll accrue interest at today's high rates throughout the next 36 months while safeguarding your returns from potential future rate reductions.

Start exploring today's top CD options here.

The 10 best 3-year CD rates right now

If you're looking for the best 3-year CDs right now, it may benefit you to consider the following options: 

• Valley Direct — 5.60% APY: This CD requires a minimum opening deposit of $500. If you withdraw your money prior to the CD maturing, you'll pay an early withdrawal penalty of 365 days of interest.
• Luana Savings Bank – 5.27% to 5.42% APY: A deposit of $2,000 into a 3-year CD at Luana Savings Bank will get you a 5.27% APY currently, but a deposit over $100,000 will result in a higher rate of 5.42% on your money. However, if you take your money out of this CD before it matures, early withdrawal penalties may apply.
• Prime Alliance Bank – 5.25% APY: This CD requires a deposit of at least $500 to open an account. And, if you withdraw any of the interest prior to maturity, it will reduce your earnings. There is also an early withdrawal penalty for withdrawing your principal from the CD before it matures.
• SouthEast Bank — 5.25% APY: You'll need to deposit at least $1,000 into this CD account at SouthEast Bank to open it. An early withdrawal penalty will be charged if you take your money out of the account before it fully matures.
• U.S. Senate Federal Credit Union – 5.23% APY: To open this CD, you'll need to make a minimum deposit of $1,000. But if you deposit more money — over $100,000 — you can earn a higher rate of return. That said, if you withdraw your money early, you'll pay a penalty of 180 days of paid and accrued dividends. 
• Lafayette Federal Credit Union — 5.10% APY: The minimum opening deposit requirement is $500 on this CD account, and the minimum balance required to earn the advertised APY is also $500. Early withdrawal penalties could also apply if you take the money out of this CD account before it matures.
• DollarSavingsDirect — 5.00% APY: You'll need to deposit at least $1,000 in order to open this CD account and earn the advertised APY. If you withdraw your money before the end of the 3-year term, a penalty will be imposed for early withdrawal.
• My Savings Direct — 5.00% APY: Opening this CD requires a minimum deposit of $1,000 and if you withdraw your money before the end of the CD term, you'll pay an early withdrawal penalty.
• Transportation Federal Credit Union — 5.00% APY: A minimum deposit of $1,000 is required to open this CD. And, if you take your money out of the account before the term ends, you'll pay an early withdrawal penalty.
• Newtek Bank — 5.00% APY: This financial institution requires a minimum deposit of $2,500 to open a CD and there is a maximum deposit amount of $250,000 as well. Partial withdrawals are allowed, but you'll pay an early withdrawal penalty if you pull the principal out of your account before the term is over.

Explore the top CD rates available to you here.

The bottom line

A CD with any term is a smart bet right now thanks to the current interest rate environment. But while you may be able to earn a slightly higher rate by putting your money into a CD with a 3- or 6-month term, it's still wise to consider locking in a rate on a 3-year CD today. Rates are as high as 5.60% on this type of CD right now, and by opening one today, you'll lock in your earnings for the next 36 months, resulting in big — and predictable — returns on your savings without any added risk.