Best 3-Year CDs June 2024

Here are the best 3-year CDs — with some accounts paying up to 5.00%.

Stack of coins and a dollar bill representing growing wealth.
(Image credit: Getty Images)

By taking advantage of the generous APYs offered on the best CD accounts, you could grow your savings with almost zero risk. CD rates have risen substantially since last year, following the Federal Reserve’s effort to lower inflation through several interest rate hikes. As interest rates rose, many banks began offering even more competitive yields on savings accounts. However, now that the Fed's rate hiking campaign is over, the boon to CD rates is coming to an end.

The Federal Reserve held interest rates steady for the fifth consecutive time at the most-recent policy-setting meeting in March. This pause in rate hikes means the federal funds rate will remain at a target range of 5.25% to 5.5%, the highest it’s been in 23 years. However, rate cuts are projected for later this year. The Federal Reserve maintains its projection that there will be three interest rate cuts in 2024, reducing the federal funds rate to a range of 4.5% to 4.75%.

Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.