Accounts must be opened online.ģ-year CD early withdrawal penalty: 365 days of interest United States Senate Federal Credit Union 3 Year Smart Share Certificate You also can't open a Valley Direct CD at a Valley National Bank branch. Valley Direct has steep early withdrawal penalties for some CD terms. The CD is FDIC-insured, so up to $250,000 per depositor, per category is secure.

The Valley Direct 36-Month Variable CD has a $500 minimum opening deposit and a maximum deposit of $500,000. Valley Direct accounts are available nationwide. Any changes occur on the first business day of the month. The interest stays 0.1% above the Federal Funds Target Rate Upper Limit. Valley Direct's CD has a variable interest rate, which means the rate can go up or down during the term. The Valley Direct 36-Month Variable CD pays the highest interest rate on a 3-year CD right now. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account. Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. Our top picks for CDs are protected by FDIC or NCUA insurance. These are our picks for the best 3-year CD rates. If rates are going up throughout the year, the savings account might be a better fit, because your rate could rise. It also depends on when you'll need to access your money, because it's easier to take money out of a savings account. If rates are dropping, this could make the CD a better choice, because your savings account interest could decrease over the next few months. A CD locks in your rate for the entire term.

The choice between a 3-year CD and high-yield savings account will depend on several factors. The best 3-year CDs pay high interest rates - but you should also keep an eye out for minimum opening deposits, early withdrawal penalties, and a strong mobile app. DollarSavingsDirect 3 Year CD: 5.00% APY.BMO Alto 3 Year High Yield CD: 5.00% APY.United States Senate Federal Credit Union 3 Year Smart Share Certificate: 5.23% APY.Valley Direct 3 Year Variable CD: 5.60% APY.We check rates daily to find the best rates for 3-year terms. If you're also interested in other CD term lengths, check out our overall best CD rates guide. This CD is a variable-rate CD, which means the rate may go up or down during the term depending on economic conditions.

However, the best 3-year CD rate is 5.60% APY from Valley Direct. The average APY (Annual Percentage Yield) on a 3-year CD is 1.39% APY.

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