15 top 3-year CDs for December 2023

If you're trying to save money, one of the easiest ways to watch your balance grow is to put your money in an account that earns a high rate of interest. And while those types of accounts may have been difficult to find just a few years ago, there are plenty of good options right now. After all, the Federal Reserve's rate hikes over the last 18 months have pushed interest rates higher and higher — and that includes the rates being offered on interest-bearing accounts.

Take, for example, what's currently being offered to savers who open a certificate of deposit (CD). Right now, it's easy to find CDs with rates well above 4.5% — which is about 10 times higher than the rate you'd get with the average regular savings account. And, if you look hard enough, chances are that you can find rates that are even higher than that.

That's precisely what the 3-year CDs below offer — top interest rates on your money. By putting your savings in one of these CDs, you can maximize the interest you earn, making it easy to watch your balance grow without much work on your end.

Find the top CD rates you could qualify for here.

15 top 3-year CDs for December 2023

Looking for a longer-term CD with a top rate? The following CD options could be worth considering: 

• Workers Credit Union — 5.50% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal fee is 50% of the interest that would have been earned
• Luana Savings Bank — 5.32% APY: This CD has a $2,000 minimum opening deposit requirement; the early withdrawal fee is six months of interest
• SouthEast Bank — 5.25% APY: This CD has a $1,000 minimum opening deposit requirement; a penalty is charged for early withdrawal 
• U.S. Senate Federal Credit Union — 5.23% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal fee is 120 days of interest
• The Federal Savings Bank — 5.17% APY: This CD has a $5,000 minimum opening deposit requirement; the early withdrawal fee is 365 days of interest
• Lafayette Federal Credit Union — 5.10% APY: This CD has a $500 minimum opening deposit requirement; a penalty is charged for early withdrawal 
• Crescent Bank — 5.05% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal fee is 180 days of interest
• MYSB Direct — 5.05% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is the greater of 90 days of interest or all accrued interest
• Popular Direct — 5.00% APY: This CD has a $10,000 minimum opening deposit requirement; the early withdrawal fee is 270 days of simple interest
• BMO Alto — 5.00% APY: This CD does not have a minimum opening deposit requirement; the early withdrawal penalty is up to 545 days worth of interest
• DollarSavingsDirect — 5.00% APY: This CD does not have a minimum opening deposit requirement; the early withdrawal penalty is up to 180 days of interest
• My Savings Direct — 5.00% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is 180 days of interest 
• Bread Savings — 4.90% APY: This CD has a $1,500 minimum opening deposit requirement; the early withdrawal penalty is 180 days of interest
• First Internet Bank — 4.75% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is 360 days of interest
• Barclays — 4.50% APY: This CD does not have a minimum opening deposit requirement; the early withdrawal penalty is 180 days of interest 

Learn more about the best CD rates you could get today.

The bottom line

Locking in a rate on a 3-year CD could result in big returns on your savings — especially if you make your move today. Thanks to the Fed's recent rate hikes, interest rates on these types of deposit accounts are much higher than they were just a few years ago, and by opening one today, you're guaranteed to earn the same rate throughout the life of your CD. But if you're planning to take advantage of this opportunity, you may want to move quickly. The current rate environment is uncertain, and if rates drop, you'll miss out on your chance to lock in the best rate possible on your CD.