The highest CD rates today: August 1, 2022

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Editor’s review

3.5/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Editor’s review

3.75/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Editor’s review

4/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Editor’s review

4/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Editor’s review

4/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Editor’s review

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 review

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 are looking for a way to earn more interest on your money, a Certificate of Deposit (CD) can be a useful tool. With a CD, you make a one-time deposit and the money must remain in the account for a certain amount of time to earn interest.

Our best CD guide can be a great resource to learn more about CDs and their various functions. 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 track of the 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 more than a dozen financial institutions to keep up with the new rate offering. 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 often offer high-yield bank accounts.

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

CDs usually have fixed interest rates. This means that you fix a rate for a certain period. If you need to withdraw money from a CD before it expires, you may have to pay an early withdrawal penalty.

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

Best CD Interest Rates

Some of the settings on our list are also top picks from our best CD guides. If you’re looking for a specific CD term, consider checking out these posts as well:

That said, if you’re comfortable with a high initial deposit or don’t mind having options with limited conditions, the following three CD options might also be suitable candidates – even if they’re not in our list. best-of 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

Pros

  • Competitive rates for certain durations
  • Compound interest daily

cons

  • $10,000 minimum deposit
  • Standard to high fines for early withdrawal

More information

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

While the Popular Direct Certificate of Deposit didn’t make it into our top CD guides, it can still be great if you’re already planning to open a CD with over $10,000. However, you should be aware of the CD early withdrawal penalties as some terms 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 range from 1 year to 5 years
  • Early withdrawal penalties: 90 days interest for 1 year maturities; 180 days interest for maturities longer than 1 year
  • Interest compounded daily and paid monthly
  • Member FDIC

You may like CFG Bank CDs if you search for the following terms: 12-month, 13-month, 18-month, 36-month, or 60-month CDs. 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

Pros

  • Competitive APY
  • Low to standard early withdrawal penalties

cons

  • Minimum deposit of $5,000
  • No terms under 1 year

More information

  • Terms range from 1 year to 5 years
  • Early withdrawal penalties: 90 days interest for 1 year installments; 180 days interest for maturities longer than 1 year
  • Daily compound interest
  • FDIC insured

The Citizens Access Online Certificate of Deposit can be worth it if you have a minimum of $5,000 for a minimum opening deposit. The terms and conditions for online CDs range from 1 year to 5 years.

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