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For savers looking to cash in on a high APY without committing to the longest possible CD term, a 3-year CD can be a good way to increase your savings.
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If you find yourself regularly diving into your savings account, it may be time to change your strategy and consider a different type of account, such as a certificate of deposit (CD). CDs hold you to a specific term, which can range from a few days to 10 years. These accounts usually have a higher APY than other savings, but what you gain in interest, you lose in liquidity.
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How does it work? New account holders make a one-time deposit (although some CDs allow you to make additional deposits later) and then leave the savings alone. The magic of compound interest will do the rest and your initial deposit will grow over time. If you want to withdraw some or all of the cash before maturity, you could be subject to a penalty, usually a month or two in interest payments, sometimes more depending on the account.
Recommends' editors sorted out more than 40 CDs spanning three-year seasons and compiled a list of our top 10 picks. We took into account the minimum deposit required to open an account, annual percentage returns (APYs), compounding frequency, and customer service options. (Read our full methodology here.)
Editors. Note: The minimum deposit requirements, APYs and other numbers in our list are effective as of October 25, 2022 and are subject to change.
Why we chose it: Synchrony Bank is an online-only bank that moves away from the traditional brick-and-mortar online services model as a way to reduce costs and pass those savings on to customers. The 3-year CD account is proof of this and tops our list thanks to its high APY deposit and $0 minimum. Interest on these CDs accrues daily and customers can choose to withdraw at any time during the term. of their CD interest from their account. For assistance, Synchrony customers can contact the bank via chat or a 24/7 automated telephone service. To speak to a real person, representatives are available Monday through Friday between 8am. and 10 a.m. EST, or on weekends from 8 a.m. until 5 p.m. OUTSIDE.
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Why we chose it: Based in Maryland, CFG Bank is open to clients nationwide and gives account holders the opportunity to earn a high APY for a relatively low deposit. Currently, the three-year CD is close to 4%, and the interest on these accounts is accruing daily. Customers can choose to add interest to the account to be posted for higher returns and then withdrawn when needed. An interest check can be posted monthly, or interest can be transferred to a separate account. CFG's customer service team is available to answer any questions about your account via email or by calling them Monday through Friday between 8.30am. and 5 p.m. OUTSIDE.
Why we chose it: Ally Bank is an online-only bank that offers all the benefits of a traditional major bank. The three-year CDs offer a high APY with no minimum deposit and no monthly maintenance fees. Interest on these CDs accrues daily and customer service representatives are available 24/7 via phone, chat or email. Note: Ally customers sometimes experience long wait times depending on when they call - but you check the website for current wait times.
Why we chose it: Bread Savings is an online-only bank, a product of Comenity Capital Bank, that offers CDs and high-yield savings accounts. The three-year CD made our list thanks to its high APY, but this account is more suitable for the saver who already has some savings, as the minimum opening deposit is $1,500. The interest on these accounts is increased daily and there are no monthly maintenance fees. As there are no physical locations, customers will have to do all their banking via the Bread mobile app or online, although they can get some human assistance by calling customer service between 7am on weekdays. and 9 a.m. CST, and 9 a.m. on weekends and most holidays. and 5 p.m. CST.
Penalty: For three-year CDs, the penalty is equal to 30% of what would have been earned if the certificate had been held to maturity, and no more than the total dividends earned.
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Why we chose it: Pentagon Federal Credit Union (PenFed) took the top spot of the two credit unions on our list. While this account offered a high APY, it was higher due to its daily build and excellent customer service. Customers can reach PenFed via email, chat or call Monday through Friday, 7:00 AM. to 11 p.m. EST, 8 a.m. to 11 p.m. on Saturdays, and between 9 a.m. and 5:30 p.m. EST on Sundays. PenFed also offers a mobile app.
Why we chose it: Vio Bank is the online banking division of MidFirst Bank, the largest private bank in the United States. Vio does not offer checking services, so for savers who want to keep all their accounts under one roof, this may not be the best option. However, Vio offers a higher APY, daily interest accrual, and a lower minimum deposit than other CDs on our list. Customers can do all their banking online or via the mobile app, and representatives can be reached via chat, email or phone Monday through Friday between 7am. and 9 a.m. CST, Saturday 8 a.m. to 6 p.m. CST, and Sunday from noon. until 4 p.m. CST.
Penalty: The penalty is equal to 365 days of dividend for accounts of three years or more.
Why we chose it: For savers who prefer a credit union over a bank and a lower minimum deposit, Citadel Credit Union can be your middle ground. It has more than 20 brick-and-mortar branches for East Coast customers, and online customers can bank through Citadel's online and mobile banking platforms. It should be noted that interest on CDs accrues monthly, which is less common than other accounts, and this account has one of the highest withdrawal penalties on our list. For assistance, the customer service representatives can be reached by telephone from Monday to Friday between 8:00 am. and 7 p.m. EST, and Saturdays between 9 a.m. and 3 p.m. OUTSIDE. There are also options for chatting, emailing and video calling.
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Penalty: Three-year CDs will incur a penalty equal to 180 days of simple interest on the dollar amount withdrawn subject to a penalty.
Why we chose it: Barclays is a UK bank, so US customers should only be good with online and mobile banking. The three-year CD is one of three accounts on our list that does not require a minimum opening deposit, which can be a great option for savers looking to test drive a CD. The interest on these accounts is accrued daily, allowing those savings to grow even faster. And for questions or account assistance, customers can call between 8:00 AM. and 8 p.m. ET, seven days a week.
Why we chose it: MYSB Direct, a.k.a. MINE. Safra Bank, with headquarters in New York City and one branch there. The three-year CD had the highest APY on our list at a whopping 4.10%. It ranked lower than other options for two reasons: monthly compounding, compared to most of the CDs on our list that are compounded daily. (Reminder: The higher your composite frequency, the more opportunities your savings have to grow.) MYSB also had a lower customer service score. Account holders can contact a MYSB representative by telephone between 9.30 am. and 4 p.m. EST, Monday through Friday and 24/7 by email.
Why we chose it: You may know Sallie Mae for its student loan products, but this financial institution offers a number of other products, including credit and savings. The Fannie Mae CD has the highest minimum opening deposit on our list, but the downside is that it also offers one of the highest APYs of 4.00%, plus daily interest on these accounts. Customers can also choose to withdraw the interest from their account without penalty. For questions or assistance, please call a Sallie Mae Customer Service representative Monday through Friday from 9:00 AM. until 6 p.m. EST, or via online chat.
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CDs are usually offered by most financial institutions and come in all shapes and sizes. Some CD terms are as short as a few days or as long as 10 years. A three-year CD is exactly what it sounds like: a three-year CD at a fixed APY.
As a customer, you agree to the same premise: you deposit your money and don't touch it until your
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