20 top 3-year CDs for January 2024

Right now, there is virtually no reason for your money to be sitting in a regular savings account. For starters, the average savings account rate is currently just 0.46% — and with inflation still hovering over 3%, you're effectively losing money by leaving your cash in a regular savings account.

But that's hardly the only reason to consider an alternative. Another big reason to consider making a change is that there are plenty of other interest-bearing accounts that offer much higher rates of interest on your money. High-yield savings accounts are one option and certificates of deposit are another. And, while many high-yield savings accounts come with rates above 5.5% currently, it's important to note that those rates are variable, meaning that they may change over time as the rate environment shifts. 

CDs, on the other hand, offer fixed rates, meaning that any future rate drops won't impact your interest rate until your account matures. As such, it can make a lot of sense to lock in a top rate on a 3-year CD today to ensure that you're earning the most interest possible on your money.

Ready to get started? Find your top CD options online here.

20 top 3-year CDs for January 2024

If you want to lock in a top rate on a 3-year CD, these options may be worth a look: 

• U.S. Senate Federal Credit Union — 5.23% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal fee is 120 days of interest
• Lafayette Federal Credit Union — 5.10% APY: This CD requires a $500 minimum opening deposit; a penalty is charged for early withdrawal 
• Transportation Federal Credit Union — 5.00% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal fee is six months 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
• Farmers Insurance Federal Credit Union — 5.00% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal penalty is a minimum of six months of interest
• My Savings Direct — 5.00% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal penalty is 180 days of interest 
• Prime Alliance Bank — 4.95% APY: This CD requires a $500 minimum opening deposit; the early withdrawal penalty is 90 days of interest
• Luana Savings Bank — 4.91% APY: This CD requires a $2,000 minimum opening deposit; the early withdrawal fee is six months of interest
• Hughes Federal Credit Union — 4.86% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal fee is six months of interest
• Popular Direct — 4.85% APY: This CD requires a $10,000 minimum opening deposit; the early withdrawal fee is 270 days of simple interest
• Crescent Bank — 4.85% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal fee is six months of interest
• First National Bank of America — 4.85% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal fee is 360 days of interest
• Dow Credit Union — 4.81% APY: This CD requires a $500 minimum opening deposit; an early withdrawal penalty may be imposed if funds are withdrawn early
• Crescent Bank — 4.80% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal fee is 180 days of interest
• BMO Alto — 4.75% APY: This CD does not have a minimum opening deposit requirement; the early withdrawal penalty is up to 545 days worth of interest
• First Internet Bank of Indiana — 4.75% APY: This CD requires a $1,000 minimum opening deposit; the early withdrawal penalty is 360 days of interest
• MYSB Direct — 4.66% APY: This CD requires a $500 minimum opening deposit; the early withdrawal penalty is the greater of 90 days of interest or all accrued interest
• Bread Savings — 4.40% APY: This CD requires a $1,500 minimum opening deposit; the early withdrawal penalty is 180 days of interest
• The Federal Savings Bank — 4.33% APY: This CD requires a $5,000 minimum opening deposit; the early withdrawal fee is 365 days of interest
• Barclays — 4.30% APY: This CD does not have a minimum opening deposit requirement; the early withdrawal penalty is 180 days of interest

Explore today's best CDs online here.

The bottom line

Don't leave your savings sitting in an account that earns a low rate of interest. You have lots of options to choose from right now — and 3-year CDs are one of them. Not only do many 3-year CDs offer rates that are at least 10 times more than what you can get with a regular savings account, but by opening this type of account, you'll ensure that you earn the same top rate throughout the three-year term. That allows you to earn consistent, reliable returns as you maximize the earnings potential of your savings.