Summary List PlacementThe best 3-year CD rates of October 2020
1.05% to 1.10%
Navy Federal Credit Union Navy Federal Credit Union Standard Certificate
First National Bank of America First National Bank of America Certificate of Deposit
Comenity Direct Comenity Direct Certificate of Deposit
First Internet Bank of Indiana First Internet Bank of Indiana Certificate of Deposit
Ally Ally Raise Your Rate CD
Synchrony Synchrony CD
TAB Bank TAB Certificate of Deposit
TIAA Bank TIAA Basic Certificate of Deposit
NBKC Bank NBKC Certificate of Deposit
Discover Discover CD
Live Oak Bank Live Oak Bank Certificate of Deposit
*As of October 2020, the national average APY on a 3-year CD is 0.27%, according to the FDIC.
Table of Contents: Masthead Sticky3-year CD rates at the largest US banks
The biggest banks in America pay lower rates than our top picks. However, it may be important to you to bank with a company you’re familiar with. Here are the rates you’ll earn on a 3-year CD with some of the most popular institutions:
Citibank Citibank Fixed Rate Certificates of Deposit (CDs)
Capital One Capital One 360 CDs®
0.01% to 0.04%
PNC Bank PNC Fixed Rate Certificate of Deposit
TD Bank TD Bank Choice Promotional Certificate of Deposit
Bank of America
Bank of America Bank of America Standard Term Certificate of Deposit
0.01% to 0.05%
Chase Chase Certificate of Deposit (CD)
US Bank US Bank Certificate of Deposit
BB&T Bank BB&T Personal Certificate of Deposit
If you want to grow your money but keep it safe from the turbulence of the stock market, a certificate of deposit (CD) may be a good option.
The best 3-year CD rates are at least 0.70% right now. You can snag a higher APY with longer CD terms, but 3-year CDs have their perks.
You’ll likely earn a higher APY on a 3-year CD than with a shorter-term CD, and you won’t have to part with your money for as long as you would with a longer term. Three-year terms provide a nice balance of a good rate and a relatively short length of time.
Learn more about our top picks
Navy Federal Credit Union Standard Certificate
Why it stands out: Navy Federal Credit Union pays higher rates for higher balances, but its APY is competitive even for smaller balances. Navy Federal compounds your interest daily like most banks would, unlike many credit unions that compound monthly.
3-year CD early withdrawal penalty: 180 days interest
What to look out for: Membership and tiered APY system. You or a family member must have ties to the military for you to become a member of Navy Federal. Also, keep in mind that you won’t earn the highest APY unless your balance is at least $100,000.
First National Bank of America Certificate of Deposit
Why it stands out: First National Bank of America’s main strength is its high APYs.
3-year CD early withdrawal penalty: 360 days interest
What to look out for: High early withdrawal penalty. Some of our other top picks charge less to take out funds before your CD matures.
Comenity Direct Certificate of Deposit
Why it stands …read more
Source:: Business Insider