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Best CD rates of September 2022

The best certificate of deposits are found at online banks and credit unions.

Compare the 12 best CD rates

Compare leading CDs based on their APYs and minimum opening deposits. Check the Compare box on several products to see how they match up against each other.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Quontic Bank CD
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CD
1.70%
2.50%
3.20%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
0.30%
0.30%
0.50%
$1,000
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Bread Savings CDs
Finder Rating: 3.8 / 5: ★★★★★
Bread Savings CDs
N/A
3.00%
3.65%
$1,500
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
Discover CDs
Finder Rating: 3.8 / 5: ★★★★★
Discover CDs
1.00%
3.00%
3.30%
$2,500
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
First National Bank of America Online CD
Finder Rating: 4.5 / 5: ★★★★★
First National Bank of America Online CD
N/A
3.25%
3.55%
$1,000
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Compare up to 4 providers

This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.

Closer look at the best CD rates

The best CD rates offer the highest APYs across each of their terms, as well as the lowest minimum deposit requuired to open the account. Here’s a look at our picks for the banks with the best CD rates for 2022.

Barclays Online CDs

Finder rating 4.5 / 5 ★★★★★

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on Barclays's secure site
Read review

Quontic Bank CD

Finder rating 5 / 5 ★★★★★

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on Quontic Bank's secure site
Read review

First Internet Bank CDs

Finder rating 4.9 / 5 ★★★★★

Synchrony Bank CDs

Finder rating 5 / 5 ★★★★★

Marcus by Goldman Sachs High-yield CDs

Finder rating 4.5 / 5 ★★★★★

Capital One 360 CD

Finder rating 5 / 5 ★★★★★

First National Bank of America Online CD

Finder rating 4.5 / 5 ★★★★★

TAB Bank CD

Finder rating 4.4 / 5 ★★★★★

Alliant Credit Union CD

Finder rating 4.8 / 5 ★★★★★

Ally High Yield CDs

Finder rating 4 / 5 ★★★★★

Bethpage Federal Credit Union CD

Finder rating 5 / 5 ★★★★★

TIAA Bank Basic CD

Finder rating 4.9 / 5 ★★★★★

American Express CD

Finder rating 4.3 / 5 ★★★★★

Methodology: How our experts choose the best CDs

When choosing the best CDs for 2022, we reviewed more than 65 institutions and factored a variety of CD features for our rankings. We calculated the average of each bank’s 1-, 3- and 5-year terms when comparing APYs, while taking into account product availability, minimum deposits, and term options. The CDs with the greatest average APYs, widest availability, flexible deposits and largest term options were selected for our best of 2022 list.

What’s changed in 2022?

As interest rates have shifted from 2021 to 2022, several banks have fallen from our list, some have adjusted and remain on the list, and several have risen to take on new spots on our list. CIT Bank, Consumers Credit Union, and Prime Alliance Bank for example are a few of the banks that no longer have top performing APYs on their CDs. Newcomers for 2022 include Barclays, Capital One, TAB Bank, TIAA Bank, and Bethpage, all with top performing APYs across their given terms.

Honorable mentions

The following CDs also provide good rates but didn’t quite make our list due to high minimum deposits or balance requirements. If these requirements aren’t an issue to you, these products are well worth a look and may offer just what you need.

Discover CDs

Finder rating 3.8 / 5 ★★★★★

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on Discover's secure site
Read review

Sallie Mae CD

Finder rating 4.6 / 5 ★★★★★

Bread Savings CDs

Finder rating 3.8 / 5 ★★★★★

What are the best CD rates by term?

The best CD rates vary depending on the term you’re looking for. Here’s what you can expect to earn on average, according to the FDIC.

How to find the best CD for me

Compare the following factors when deciding on a certificate of deposit:

  • CD APY rates. The APY payable on your CD balance is critical when deciding which account offers the best deal. A high interest rate means better returns for you. But watch out for special conditions like high minimums for opening an account or unusually large fees if you need access to your money early.
  • Compound interest. How often CD interest is calculated has an effect on the amount of interest you can earn. For example, an account that compounds interest monthly will end up paying more interest over time than one that compounds annually.
  • Where the interest is paid. Next, look at where the interest your account earns is paid when the deposit matures. For example, will you need to have a linked account with the same bank or can you have the money sent to other financial institutions?
  • Minimum balance requirements. Check to see what the minimum and maximum balance limits are for the CD. Many CDs allow you to open the account for anywhere from 1 cent to $500, though the average falls around $1,000. Are they suitable for the amount of money you’re looking to save? Compare accounts that match your requirements.
  • The terms available. Compare how long you’re able to save your money with each account. Terms typically range from six months to five years, so make sure the time period you choose suits your needs.
  • Maturity grace periods. Upon CD maturity, you usually have a grace period to renew your CD or to cash out. These range from 7 to 21 days, wit the average at 10 days.
  • Federal insurance. Most financial institutions exclusively offer CDs that are either backed by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This backing protects amounts up to $250,000 even if the bank fails. Some banks offer uninsured CDs, which have higher APYs but are riskier to own. Unless you’re comfortable with the possibility of losing your money, only open CDs that are federally insured.

How can I use the best CD rates for my CD ladder?

Instead of investing $10,000 in a single CD, you could deposit $2,000 in five CDs with terms ranging from one year to five years. This approach gives you penalty-free access to $2,000 each year, allowing you to take advantage of high APYs while maximizing your liquidity.

5 certificate of deposit alternatives

Given that APYs on CDs have plummeted during the COVID-19 pandemic, many Americans are considering alternative ways to save. Here are a few of the most popular options:

  1. High-yield savings accounts. Many high-yield savings accounts offer better APYs than CDs offer, and they don’t have any required terms or early-withdrawal penalties.
  2. Dividend stocks. By buying stocks that pay dividends, you can receive a regular income stream from your investments on top of whatever value your stocks gain.
  3. Exchange-traded funds (ETFs). ETFs are bundles of investments you can buy and sell like stocks. The best ETFs are relatively cheap and typically have lower fees than mutual funds, and they provide better returns than CDs offer.
  4. Corporate, municipal and government bonds. Bonds are similar to CDs in that they involve little risk and modest returns. It’s generally better to buy bonds when CD rates are low, like they are now.
  5. Peer-to-peer (P2P) lending. If you’ve got money to lend, a peer-to-peer lending platform lets you earn annual returns that typically range from 4.5% to 8%. However, P2P loans are often uninsured, so there’s a higher level of risk than there is with CDs.

Are CDs worth it?

If you know you won’t need your money for a set period of time, yes. CD rates are up, particularly among online banks which don’t have to worry about the overhead costs of running a physical presence. As a result, certificates of deposit offer a higher rate of fixed interest than you’ll find on a savings account. The interest rate is locked in for the entire term, which means you don’t have to worry about any interest rate drops.

But while a fixed interest rate offers security, it also means you’ll miss out on rising interest rates. Even if the bank’s interest rate goes up, the fixed rate on your account stays the same until the deposit matures. You also can’t retrieve money from a CD before the end of the term without paying a penalty.

But if you’re primarily looking to grow your money and know you won’t need it for a set period, CDs are a terrific option.

Historical CD rates

Did you know that average CD rates fluctuate over time? For example, in the early 2010s, CD rates were steadily declining, but in 2014 they began to rise again. The chart below shows the national average over the last several years:

DateNational average for 12-month CDNational average for 60-month CD
January 20200.48%1.71%
January 20190.61%2.00%
January 20180.29%0.89%
January 20170.22%0.78%
January 20160.21%0.80%
January 20150.20%0.78%
January 20140.20%0.75%
January 20130.23%0.84%
January 20120.33%1.22%

Bottom line

A certificate of deposit provides a secure, convenient way to build a sizable savings balance, but it’s important to find the best interest rates to ensure that the money in your account is working as hard as possible. Spending the time to shop around for the best rates and watching for the best time to open a CD can help you save for a more reliable future.

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