The best CD rates of August 2022
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 best CD rates for August 2023
Best rates for a 1-year term
| CD account | APY | Minimum deposit |
| Marcus High-Yield CD | 2.40% APY | $500 |
| Ally High Yield CD | 2.50% APY | $0 |
| Synchrony Bank CD | 2.60% APY | $0 |
| TIAA Basic Certificate of Deposit | 2.30% APY | $1,000 |
| Capital One 360 Certificate of Deposit® | 2.40% APY | $0 |
| Barclays Online CD | 2.50% APY | $0 |
Best rates for a 2-year term
| CD account | APY | Minimum deposit |
| Marcus High-Yield CD | 2.80% APY | $500 |
| TIAA Basic Certificate of Deposit | 2.50% APY | $1,000 |
| Synchrony Bank CD | 3% APY | $0 |
| Crescent Bank CD | 2.70% APY | $1,000 |
| Capital One 360 Certificate of Deposit® | 2.80% APY | $0 |
| Barclays Online CD | 2.90% APY | $0 |
Best rates for a 3-year term
| CD account | APY | Minimum deposit |
| Synchrony Bank CD | 3.10% APY | $0 |
| Ally High Yield CD | 3% APY | $0 |
| Marcus High-Yield CD | 2.90% APY | $500 |
| Crescent Bank CD | 2.95% APY | $1,000 |
| Capital One 360 Certificate of Deposit® | 2.90% APY | $0 |
| Barclays Online CD | 3% APY | $0 |
Best rates for a 4-year term
| CD account | APY | Minimum deposit |
| TIAA Basic CD | 2.75% APY | $1,000 |
| Synchrony Bank CD | 3.10% APY | $0 |
| Marcus High-Yield CD | 3% APY | $500 |
| Crescent Bank CD | 3.05% APY | $1,000 |
| Capital One 360 Certificate of Deposit® | 3% APY | $0 |
| Barclays Online CD | 3.05% APY | $0 |
Best rates for a 5-year term
| CD account | APY | Minimum deposit |
| Synchrony Bank CD | 3.25% APY | $0 |
| Ally High Yield CD | 3% APY | $0 |
| Marcus High-Yield CD | 3.25% APY | $500 |
| Crescent Bank CD | 3.35% APY | $1,000 |
| Capital One 360 Certificate of Deposit® | 3.20% APY | $0 |
| Barclays Online CD | 3.25% APY | $0 |
Best rates for a no-penalty CD
| CD account | APY | Minimum deposit |
| Ally No Penalty CD | 2.25% APY | $0 |
| Marcus by Goldman Sachs No-Penalty CD | 0.35% to 1.75% APY | $500 |
| CIT Bank No-Penalty CD | 2% APY | $1,000 |
| America First Flexible Certificate | 1.20% APY | $500 |
Best rates for no opening deposit
| CD account | APY | Minimum deposit |
| Ally High Yield Certificate of Deposit | 0.75% to 2.90% APY | $0 |
| Capital One 360 Certificate of Deposit® | 1.30% to 3.20% APY | $0 |
| American Express® Certificate of Deposit | 1% to 3% APY as of 8/19/22 | $0 |
| Barclays Online CD | 0.10% to 3.25% APY | $0 |
CD rates at the largest US banks
| Bank | APY | Next steps |
| Citibank | 0.05% to 2.75% APY | Learn more |
| Capital One | 1.50% to 3.20% APY | Learn more |
| PNC Bank | 0.01% to 0.04% APY | Learn more |
| TD Bank | 0.05% APY | Learn more |
| Bank of America | 0.03% APY | Learn more |
| Chase Bank | 0.01% to 0.05% APY | Learn more |
| US Bank | 0.05% to 0.25% APY | Learn more |
| Charles Schwab Bank | 2.42% to 3.20% APY | Learn more |
| Wells Fargo | 0.01% to 0.02% APY | Learn more |
CDs are an ideal option if you’d like to grow your money but don’t want to deal with fluctuations of the stock market.
Since you’re locking in an interest rate, it’s smart to look for the highest one. However, if you don’t have a lot of money to deposit or are unsure of how long you’d like to keep your money in one place, you might also want to pay attention to minimum deposit requirements and penalties for early withdrawals.
A strong CD should be easy to open. It also shouldn’t charge any minimum balance or monthly fees.
Below you’ll find our picks for the best CD rates right now. There’s no CD that will work for everyone, but we combed through offerings at around a dozen national banks as well as popular comparison sites, like Bankrate and NerdWallet, to find the strongest options available right now.
