Highest CD rates today: August 1, 2022

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Editor’s note

3.5/5

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A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

3.75/5

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A five pointed star

A five pointed star

A five pointed star

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Editor’s note

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

4.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

3.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

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On the First National Bank of America website

If you’re looking for a way to earn more interest on your money, a certificate of deposit (CD) might be a useful tool. With a CD, you will make a one-time deposit and the money will need to stay in the account for a certain period of time to earn interest.

Our guide to the best CDs can be a great resource for learning more about CDs and their various features. But if you prioritize finding a competitive CD fare, this list is for you.

What are the interest rates for CDs today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts.

For CDs, the average interest rate depends on the term you choose. The average interest rate for a 3 month CD is 0.10% APY and the average interest rate for a 60 month CD is 0.57% APY.

We reviewed over a dozen financial institutions to track new rate offerings. Our list includes CDs with interest rates much higher than the national average. Most of the institutions on our list are online banks and credit unions, as they tend to offer high-yield bank accounts.

The most competitive institutions may offer 1-year CDs paying up to 1.75% APY and 5-year CDs paying up to 3.65% APY.

CDs generally have fixed interest rates. This means that you will lock in a rate for a specific period of time. If you need to withdraw money from a CD before it matures, you may have to pay an early withdrawal penalty.

The Federal Reserve has also increased federal funds several times since March, so interest rates on savings are expected to rise steadily throughout 2022.

Best CD Interest Rates

Some of the institutions on our list are also top picks in our best CD guides. If you are looking for a specific CD term, consider also checking out these articles:

That said, if you’re comfortable with a high initial deposit or don’t mind limited-time options, the following three CD options might also work, although they aren’t listed in our top guides.

Annual Percentage Yield (APY)

0.50% to 3.25% APY

Minimum deposit amount

$10,000

Annual Percentage Yield (APY)

0.50% to 3.25% APY

Minimum deposit amount

$10,000

Advantages

  • Competitive rates for certain durations
  • Interest compounded daily

The inconvenients

  • Minimum deposit of $10,000
  • Standard to high early withdrawal penalties

More information

  • Terms ranging from 3 months to 5 years
  • Early withdrawal penalties: 89 days of simple interest for maturities of less than 91 days; 120 days of simple interest for terms of 91 days to less than 12 months; 270 days of simple interest for terms of 12 months to less than 36 months; 365 days of simple interest for terms of 36 months to less than 60 months; 730 days of simple interest for terms of 60 months or longer
  • Interest compounded daily, paid monthly
  • FDIC insured

Although the popular direct deposit certificate isn’t featured in any of our top CD guides, it could still be great if you’re ever planning on opening a CD with more than $10,000. You will want to watch out for CD early withdrawal penalties though, as some conditions have high penalties.

Annual Percentage Yield (APY)

2.55% to 3.65% APY

Minimum deposit amount

$500

Annual Percentage Yield (APY)

2.55% to 3.65% APY

Minimum deposit amount

$500

More information

  • 2 locations near Baltimore, Maryland
  • Free access to over 1,600 M&T Banks ATMs on the East Coast
  • Terms vary from 1 year to 5 years
  • Early withdrawal penalties: 90 days interest for terms of 1 year; 180 days interest for terms longer than 1 year
  • Interest compounded daily and paid monthly
  • FDIC member

You might like CFG Bank CDs if you search for the following terms: CD 12 months, 13 months, 18 months, 36 months or 60 months. You can also open a CD with a low minimum opening deposit.

Annual Percentage Yield (APY)

2.25% to 3.25% APY

Minimum deposit amount

$5,000

Annual Percentage Yield (APY)

2.25% to 3.25% APY

Minimum deposit amount

$5,000

Advantages

  • Competitive APY
  • Low to standard early withdrawal penalties

The inconvenients

  • Minimum deposit of $5,000
  • No term of less than 1 year

More information

  • Terms vary from 1 year to 5 years
  • Early withdrawal penalties: 90 days interest for 1 year terms; 180 days interest for terms longer than 1 year
  • Interest compounded daily
  • FDIC insured

The Citizens Access Online Certificate of Deposit can be useful if you have at least $5,000 for a minimum opening deposit. Online CD durations range from 1 year to 5 years.

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