The Highest CD Rates Today: July 11, 2022

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online banks

are raising interest rates on CDs. First Internet Bank of Indiana, for example, now pays 0.60% to 3.25% APY depending on the term.

Our best CDs guide can be a great resource for learning about CDs. 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 0.08% APY, and the average interest rate for a 60-month CD is 0.48% 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, since online institutions tend to offer high-yield bank accounts.

The most competitive institutions may offer 6-month CDs over 1% APY and 5-year CDs over 3.25% 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

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 three CD options also might be suitable contenders – even though they aren’t in our 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 term lengths
  • Compounds interest daily

Cons

  • $ 10,000 minimum deposit
  • Standard-to-high early withdrawal penalties

More Information

  • 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 did not 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.

Annual Percentage Yield (APY)

1.26% to 2.86% APY

Minimum Deposit Amount

$ 500

Annual Percentage Yield (APY)

1.26% to 2.86% APY

Minimum Deposit Amount

$ 500

Pros

  • Competitive APY
  • $ 500 opening deposit

Cons

  • Limited term options
  • High early withdrawal penalties

More Information

  • 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.

Annual Percentage Yield (APY)

1.70% to 3.37% APY

Minimum Deposit Amount

$ 500

Annual Percentage Yield (APY)

1.70% to 3.37% APY

Minimum Deposit Amount

$ 500

More Information

  • 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 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.

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