The Highest CD Rates Today: up to 4.10% APY on 1-Year CD
source link: https://www.businessinsider.com/personal-finance/highest-cd-rates-today-october-31-2022-10
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The highest CD rates today: Earn up to 4.10% APY on a 1-year CD
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The average rate for a 3-month CD is 0.19% Annual Percentage Yield (APY), and 0.83% APY for a 5-year CD, according to the FDIC.
Online banks and credit unions generally offer higher interest rates on CDs than large brick-and-mortar banks. One of the best online institutions for earning a high interest rate on CDs is Signature Federal Credit Union. Signature Federal Credit Union pays 1.50% to 4.50% APY on CD terms ranging from three months to five years. In comparison, Chase offers 0.01% APY on its fixed-terms CDs (the bank also offers relationship rates of 0.02% APY to 2.02% APY, depending on the CD term).
We've reviewed over a dozen financial institutions to keep up with the newest rate offerings. 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, this list is for you.
Average CD rates vs. highest CD rates
The FDIC keeps tabs on national rates for bank accounts that pay interest, like savings accounts and CDs. For CDs, the average interest rate depends on the term you choose. You can use the table below to see how the most competitive CD rates compare to average CD rates.
| CD Term | Average interest rate (APY) | Most competitive interest rates (APY) |
| 3 months | 0.19% | Up to 2.00% |
| 6 months | 0.42% | Up to 3.56% |
| 1 year | 0.71% | Up to 4.10% |
| 2 years | 0.77% | Up to 4.10% |
| 3 years | 0.77% | Up to 4.50% |
| 4 years | 0.73% | Up to 4.20% |
| 5 years | 0.83% | Up to 4.25% |
Best CD interest rates
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Signature Federal Credit Union Certificate
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Bread Savings High-Yield CD
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Capital One 360 Certificate of Deposit®
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Crescent Bank CD
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CFG Bank Certificate of Deposit
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First National Bank of America Certificate of Deposit
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Term Savings
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Sallie Mae Certificate of Deposit
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First Internet Bank of Indiana Certificate of Deposit
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Synchrony CD
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CIT Bank Term Certificate of Deposits (CD)
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Popular Direct Certificate of Deposit
Some of the institutions on our list are also top picks in our best CD guides. 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, the following two CD options also might be suitable contenders — even though they aren't featured in our best-of guides.
Sallie Mae Certificate of Deposit
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.You might like to open a CD with Sallie Mae if you have at least $2,500 for an initial deposit. Sallie Mae pays higher rates than you'd earn at a brick-and-mortar bank.
If you don't have that much money for a minimum opening deposit, you can find another bank that requires less.
Popular Direct Certificate of Deposit
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Popular Direct CDs stand out because these accounts offer high interest rates on 3-month to 5-year CDs.
You'll need at least $10,000 to open a CD. You'll want to pay attention to the CD early withdrawal penalties, though, because some terms have high penalties.
Top Offers From Our Partners
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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