We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
More online banks are raising interest rates on CDs. First National Bank of America, for example, now pays First National Bank of America Certificate of Deposit for its terms.
Our best CDs guide can be a great resource for learning about CDs and their various features. But if you prioritize finding a competitive CD rate above all else, then this list is for you.
What are the interest rates for CDs today?
The FDIC keeps tabs on national rates for interest-earning 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’ve reviewed over a dozen financial institutions to keep up with the new rate offerings. Our list includes CDs with much higher interest rates than the national average. Most of the institutions on our list are online banks and credit unions since they tend to offer high-yield bank accounts.
The most competitive institutions may offer 1-year CDs paying up to 3.05% APY and 5-year CDs up to 3.65% APY.
CDs usually have fixed interest rates. This means you’ll be locking in a rate for a specific period of time. If you need to take out money from a CD before it matures, you may have to pay an early withdrawal penalty.
The Federal Reserve has also increased the federal funds several times since March, so savings interest rates are expected to steadily increase throughout 2022.
Best CD interest rates
Some of the institutions on our list are also top picks on of our best CD guides. If you’re looking for a specific CD term, consider reviewing these posts, too:
Best 6-month CD guideBest 1-year CD guideBest 2-year CD guideBest 3-year CD guideBest 5-year CD guide
That said, if you’re comfortable with a high initial deposit or don’t mind limited terms options, the following three CD options also might be suitable contenders — even though they aren’t in our best-of guides.
While the Popular Direct Certificate of Deposit didn’t make it into any of our best CD guides, it still could be great if you already intend to open a CD with more than $10,000. You’ll want to pay attention to the CD early withdrawal penalties, though, because some terms have high penalties.
You may like CFG Bank Certificate of Deposit if you’re searching for the following terms: 12-month, 13-month, 18-month, 36-month, or 60-month CDs. You also can open a CD with a low minimum opening deposit.
The Citizens Access Online Certificate of Deposit might be worthwhile if you have at least $5,000 for a minimum opening deposit. Terms for online CDs range from 1 year to 5 years.