The Highest CD Rates Today: June 20, 2022
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The highest CD rates today: 11 online banks and credit unions with long-term CDs near 3% APY
| Account | Editor's rating | Who might like it | Savings APY |
|
|
A five pointed star 3.75 /5
|
If you can deposit at least $1,000 upfront and you don't think you'll withdraw money before the CD terms ends |
0.75% to 3% APY |
|
|
A five pointed star 4 /5
|
If you don't mind limited term options |
1.22% to 2.82% APY |
|
|
A five pointed star 3.5 /5
|
If you can deposit at least $10,000 upfront and you don't think you'll withdraw money before the CD terms ends |
0.50% to 3% APY |
|
|
A five pointed star 3.5 /5
|
If you can deposit at least $5,000 upfront |
1.76% to 2.96% APY |
|
|
A five pointed star 4 /5
|
If you can deposit at least $1,000 upfront you don't think you'll withdraw money before the CD terms ends |
1.90% to 3.10% APY |
|
|
A five pointed star 4 /5
|
If you or a family member are active duty, retired, or veteran military members |
0.40% to 3.15% APY |
|
|
A five pointed star 3.5 /5
|
If you don't think you'll withdraw money before the CD term ends |
1.26% to 2.86% APY |
|
|
A five pointed star 4 /5
|
If you can deposit at least $1,000 upfront |
0.35% to 3.09% APY |
|
|
A five pointed star 4 /5
|
If you can deposit at least $1,000 upfront and don't think you'll withdraw money before the CD term ends |
1% to 2.85% APY |
|
|
A five pointed star 3.75 /5
|
If you can deposit at least $1,500 upfront |
2% to 2.85% APY |
|
|
A five pointed star 3.75 /5
|
If you can deposit at least $1,000 upfront |
1.50% to 2.80% APY |
More online banks are raising interest rates on CDs. For example, First Internet Bank of Indiana raised its CD rates this week, and now pays 0.35% to 3.09% APY for its terms.
Our best CDs guide can be a useful jumping-off point for learning about CDs. But if your top goal is to find 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 may depend on the term you choose. The average interest rate for a 1-month CD is 0.03% APY, and the average interest rate for a 60-month CD is 0.39% APY.
We've been checking over a dozen financial institutions to keep up with the new rate offerings. Our list includes accounts with much higher interest rates than the national average, since online institutions tend to offer high-yield bank accounts.
The most competitive CDs may offer up to 3% APY right now for a 5-year term. CDs usually have a fixed interest rate. This means you'll usually be locking in a rate for a specific period of time.
The Federal Reserve also has increased the federal funds rate three 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, so if you're looking for a specific CD term, consider reviewing these posts too:
That said, if you're comfortable with a high initial deposit or don't mind limited terms options, the following four CD options also might be suitable contenders — even though they aren't in our best-of guides.
- Competitive rates for certain term lengths
- Compounds interest daily
- $10,000 minimum deposit
- Standard-to-high early withdrawal penalties
- Terms ranging from 3 months to 5 years
- Early withdrawal penalties: 89 days simple interest for terms under 91 days; 120 days simple interest for terms of 91 days to less than 12 months; 270 days simple interest for terms of 12 months to less than 36 months; 365 days simple interest for terms of 36 months to less than 60 months; 730 days simple interest for terms of 60 months or more
- Interest compounded daily, paid monthly
- FDIC insured
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.
- $500 minimum opening deposit
- Competitive APY
- Standard early withdrawal penalties
- Limited term options
- 2 branches 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 of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
- Interest compounded daily and paid monthly
- Member FDIC
You may like CFG Bank CDs if you're searching for the following CD terms: a 12-month, a 13-month CD, an 18-month, a 36-month CD, or a 60-month CD. You also can open a CD with a low minimum opening deposit.
- Competitive APY
- $500 opening deposit
- Limited term options
- High early withdrawal penalties
- Term lengths: 6 months, 1 year, 2 years, 3 years, 5 years
- Early withdrawal penalties: All interest earned for terms under 1 year, 1 year of interest for 1-year terms, 2 years of interest for terms of 2 years or longer
- Interest compounded daily, paid monthly
- FDIC insured
Quontic Bank pays competitive interest rates on CDs and only requires a $500 minimum opening deposit. However, you'll want to be mindful of the CD early withdrawal penalties. Quontic charges high penalties if you need to withdraw money before your term reaches maturity.
- Competitive APY
- Low-to-standard early withdrawal penalties
- Interest compounded monthly, not daily
- $1,000 minimum deposit
- No terms under 1 year or over 5 years
- Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
- Terms ranging from 1 to 5 years
- Early withdrawal penalty is dividends for the number of days the certificate is open. Up to 90 days dividends for terms of 12-17 months; up to 120 days dividends for terms of 18-23 months; up to 180 days interest for terms of 24 months or more; 7 days dividends if you withdraw during the 7-day grace period, even though no interest has accumulated yet
- Interest compounded monthly
- Federally insured by the NCUA
Alliant Credit Union stands out for its competitive interest rates and low early withdrawal penalties, but you'll need to become a member to open an account at the credit union.
Alliant makes it easy for anyone in the US to join. The easiest way is to join Foster Care to Success, and Alliant will cover your $5 joining fee. You may also qualify to become a member if you live in certain parts of Illinois or are an employee, retiree, or member of certain organizations.
Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.
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