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15 Best 3 Year CDs for December 2023

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If you wait to open a 3-year CD, you could be missing out on great APYs on your savings money.

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If you’re trying to save money, one of the easiest ways to see your balance increase involves putting your money in an account that earns a high interest rate. And while these types of accounts may have been hard to find just a few years ago, there are plenty of good options available these days. After all, Federal Reserve rate hikes Over the past 18 months, interest rates have risen higher and higher – and that includes the rates offered on interest-bearing accounts.

Let’s take for example what is currently offered to savers who open a certificate of deposit (CD). Nowadays it is easy to find CDs containing rates well above 4.5% — which is about 10 times higher than the rate you would get with the average regular savings account. And if you look hard, there’s a good chance you’ll find even higher rates.

This is precisely what the 3-year CDs below offer — the best interest rates on your money. By placing your savings in one of these CDs, you can maximize the interest you earn, making it easy for you to see your balance grow without much work on your part.

Find the best CD prices you could qualify for here.

15 Best 3 Year CDs for December 2023

Are you looking for a longer term CD with an advantageous rate? The following CD options might be worth considering:

  • Workers Credit Union – 5.50% APY: This CD requires a minimum opening deposit of $500; early withdrawal fee is 50% of the interest that would have been earned
  • Luana Savings Bank — 5.32% APY: This CD requires a minimum opening deposit of $2,000; early withdrawal fee is six months interest
  • Southeast Bank — 5.25% APY: This CD requires a minimum opening deposit of $1,000; a penalty is charged for early withdrawal
  • US Senate Federal Credit Union – 5.23% APY: This CD requires a minimum opening deposit of $1,000; early withdrawal fee is 120 days interest
  • Federal Savings Bank — 5.17% APY: This CD requires a minimum opening deposit of $5,000; early withdrawal fee is 365 days interest
  • Lafayette Federal Credit Union — 5.10% APY: This CD requires a minimum opening deposit of $500; a penalty is charged for early withdrawal
  • Crescent Bank – 5.05% APY: This CD requires a minimum opening deposit of $1,000; early withdrawal fee is 180 days interest
  • MYSB Direct – 5.05% APY: This CD requires a minimum opening deposit of $500; early withdrawal penalty is the greater of 90 days interest or all accrued interest
  • Popular Direct – 5.00% APY: This CD requires a minimum opening deposit of $10,000; early withdrawal fee is 270 days simple interest
  • BMO Alto – 5.00% APY: This CD has no minimum opening deposit requirement; early withdrawal penalty can be up to 545 days interest
  • DollarSavingsDirect — 5.00% APY: This CD has no minimum opening deposit requirement; early withdrawal penalty can be up to 180 days interest
  • My Direct Savings – 5.00% APY: This CD requires a minimum opening deposit of $1,000; early withdrawal penalty is 180 days interest
  • Bread Savings – 4.90% APY: This CD requires a minimum opening deposit of $1,500; early withdrawal penalty is 180 days interest
  • First Internet Bank — 4.75% APY: This CD requires a minimum opening deposit of $1,000; early withdrawal penalty is 360 days interest
  • Barclays – 4.50% APY: This CD has no minimum opening deposit requirement; early withdrawal penalty is 180 days interest

Learn more about the best CD prices you can get today.

The essential

Locking in a rate on a 3-year CD could result in big returns on your savings, especially if you’re moving today. Thanks to recent Fed 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 for the life of your CD. But if you’re considering taking advantage of this opportunity, you may want to act quickly. The current pricing environment is uncertain, and if rates fall, you’ll miss your chance to get the best possible rate on your CD.

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