The Best 3-Year CD Rates in November 2019

Three-year CDs are a great choice for your mid-term savings goals. They offer higher APYs than 1-year certificates, while avoiding the time commitment of a longer 5-year CD term. To make sure you give your account the best chance to grow your money, you’ll want to find the best CD rates available.

MagnifyMoney can help you find the right 3-year CD for your savings. Using data from DepositAccounts.com, similar to Magnify Money, a LendingTree-owned site, we’ve found the highest 3-year CD rates available nationwide. We also looked at each account minimum deposit and each bank’s relative health to ensure top picks.

The 10 best 3-year CD rates in November 2019

Institution	APY	Minimum deposit amount
Pennsylvania State Employees Credit Union	2.25%	$500
Dow Chemical Employees’ Credit Union	2.70%	$1,000
Wheelhouse Credit Union	2.60%	$500
Hughes Federal Credit Union	2.58%	$1,000
Home Loan Investment Bank, F.S.B.	2.55%	$1,000
Garden Savings Federal Credit Union	2.53%	$500
American 1 Credit Union	2.50%	$500
Affinity Plus Federal Credit Union	2.50%	$500
Xcel Federal Credit Union	2.50%	$500
Greenwood Credit Union	2.50%	$1,000

Pennsylvania State Employees Credit Union — 2.25% APY, $500 minimum deposit

With competitive rates across the board, Pennsylvania State Employees Credit Union offers a great deal on its 36 months certificate with a 2.25% APY. You need just $500 to open an account. PSECU Certificates are set apart from most CDs in that they allow recurring deposits throughout the term. Early withdrawals will lose you 180 days’ worth of dividends on the amount withdrawn, whether or not the certificate has earned anything.

PSECU was founded in 1934 by Pennsylvania state workers and is headquartered in Harrisburg, Pa. PSECU offers NCUA insurance on your balances. Membership is open to family or household members of current members; students, graduates or employees of partner schools; select state or local employees; and members of the Pennsylvania Recreation and Park Society, whose membership fees PSECU will help pay for.

Dow Chemical Employees’ Credit Union — 2.70% APY, $1,000 minimum deposit

Get started with a high-rate 36 Months Simple CD at Dow Chemical Employees’ Credit Union with a $1,000 minimum deposit. The penalty for an early withdrawal will equal 365 days’ worth of simple interest earned on the amount withdrawn.

As you might have guessed, the Dow Chemical Employees’ Credit Union was first opened to serve members of the The Dow Chemical Company in 1937. Today, membership is still open to The Dow Chemical Company and its affiliated companies as well as Dow Corning Corporation and its affiliated companies, other Select Employer Group companies, family members of eligible individuals and members of select other groups. The credit union also invites you to give them a call if you’re not eligible now so as to try and find a path of eligibility for you.

Wheelhouse Credit Union — 2.60% APY, $500 minimum deposit

Take advantage of Wheelhouse Credit Union’s slightly shorter 33-month certificate for its more competitive interest rate. You can get started with just $500. After the 33-month certificate matures, it will renew into a 36-month account. The early withdrawal penalty will depend on how far along in the term you are: the further away from maturity, the larger the penalty.

Wheelhouse Credit Union was founded in 1934 by a handful of City of San Diego employees. It is the second-oldest credit union in San Diego. You’re eligible for membership if you live and/or work in San Diego County, are a Zoological Society member or have a family member who is a current member.

Hughes Federal Credit Union — 2.58% APY, $1,000 minimum deposit

Making a minimum deposit into a Hughes Federal Credit Union 36 Month Certificate can get you its competitive rate. Depositing even more money can make it a Mini-Jumbo or Jumbo CD, boosting the rate a bit higher. Partial withdrawals from a Certificate Account are not allowed, so if you make a withdrawal before maturity, you’ll have to withdraw all the funds, close the account and pay a penalty of  $50.00 or 180 days dividend, whichever is greater.

Hughes Federal Credit Union was founded in 1952 in Tucson, Ariz. to serve Hughes Aircraft Company employees and their families. Today, the credit union serves select employee groups and anyone who lives, works, worships or attends school in Tucson.

Home Loan Investment Bank, F.S.B — 2.55% APY, $1,000 minimum deposit

In addition to its standard Certificates of Deposit, Home Loan Investment Bank also offers a handful of e-CDs. These eBanking accounts earn at much more competitive rates, including the 3 Year e-CD. You need at least $2,500 to open a Home Loan e-CD.

Home Loan was established in 1959 as a home loan lender. It expanded into banking in 1995 and is now headquartered in Warwick, R.I. and has branches and ATMs in both Rhode Island and Massachusetts.

Garden Savings Federal Credit Union — 2.53% APY, $500 minimum deposit

With a $500 minimum opening deposit, start saving with a Garden Savings Federal Credit Union 3 Years Share Certificate. Compounded interest is paid monthly. The early withdrawal penalty is 180 days of dividends earned. Garden Savings FCU provides NCUA insurance and ESI (Excess Savings Insurance)

Garden Savings Federal Credit Union was founded in 1968 to serve employees of AT&T Bell Laboratories, now known as Alcatel-Lucent. Today, the credit union still serves Alcatel-Lucent employees, as well as employees and retirees of other Select Employer Groups and their relatives. Membership is also open to those who live, work, worship and attend school in select New Jersey areas and members of the American Consumer Council.

American 1 Credit Union — 2.50% APY, $500 minimum deposit

American 1 Credit Union offers some solid rates on its certificates, including its 3 Year certificate. You’ll need at least $500 to open the account. Should you want to make an early withdrawal, you’ll have to give up 90 days’ dividends that you would have earned on the amount withdrawn and close your account.

American 1 was founded in 1950 and is based in Jackson, Mich.

Affinity Plus Credit Union — 2.50% APY, $500 minimum deposit

You need only $500 to get started with a 36-month Basic Certificate from Affinity Plus Credit Union. The early withdrawal penalty equals 180 days’ dividends.

Founded in 1930, Affinity is based in Minnesota. You can join Affinity Plus Credit Union depending on where you work or volunteer, your school, where you live/work/worship or through relatives and roommates. You may also become eligible by joining the Affinity Plus Foundation with a one-time $25 membership fee.

Xcel Federal Credit Union — 2.50% APY, $500 minimum deposit

Open Xcel Federal Credit Union’s 36 Months Certificate with just $500 for its 2.50% APY. There is no maximum deposit limit, which benefits customers with even higher balances. The penalty for an early withdrawal will equal 180 days of dividends on the amount withdrawn.
Founded in 1964 by Port Authority of NY/NJ employees, Xcel Federal Credit Union opens membership up to employees of select companies or organizations and their family members.

Greenwood Credit Union — 2.50% APY, $1,000 minimum deposit

With just $1,000, you can open a Greenwood Credit Union Certificates of Deposit like its high-yield 36 Month CD. Any early withdrawals from this account will charge a penalty equal to six months dividends that would have been earned on the amount of principal.
Greenwood Credit Union was founded in 1948 and opens its membership to everyone.

Inflation impact on 3-year CD rates

Inflation reduces the value of any savings or investment balance, including CDs. Your earnings have to exceed the inflation rate for there to be a real return on your money. While mid- and long-term CDs can lock in a high rate today, there’s still potential for inflation to lower your earnings.

For a more inflation-proof savings strategy, consider stock- and bond-based investment products. They can come in handy for long-term savings since their earnings have a better chance of exceeding the inflation rate.

Should I pay early withdrawal penalties if 3-year CD rates rise?

In today’s current rate climate, the zero odds of a Fed rate hike in 2019 don’t point to an increase in 3-year CD rates any time soon. That said, an early withdrawal can sometimes be worth paying the penalties, although you’ll want to do the math and check whether the gains are greater than the costs. Calculate the penalty you would end up paying and ensure it’s lower than the returns on the new CD. This early withdrawal penalty calculator from DepositAccounts.com can run the numbers for you and tell you outright whether breaking your CD is worth it or not.