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The highest CD rates today: Earn up to 3.50% APY on a 2-year CD

More online banks are raising interest rates on CDs. Marcus by Goldman Sachs, for example, now pays 1.50% to 3.25% APY on its terms. 

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.

What are the interest rates for CDs today?

The highest CD rates today: August 8, 2022
  • Popular Direct Certificate of Deposit
  • Bread Savings High-Yield CD
  • CFG Bank Certificate of Deposit
  • TAB Certificate of Deposit
  • First National Bank of America Certificate of Deposit
  • Synchrony CD
  • Citizens Online Certificate of Deposit
  • Pentagon Federal Credit Union Money Market Certificate
  • Crescent Bank CD
  • Marcus by Goldman Sachs High-Yield CD
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Terms


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3 months to 5 years
Editor’s rating
3.5/5

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Minimum deposit


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$10,000

CD APY


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1.15% to 3.40% APY

Terms


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1 year to 5 years
Editor’s rating
3.75/5

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Minimum deposit


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$1,500

CD APY


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3% to 3.65% APY

Terms


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1 year to 5 years
Editor’s rating
4/5

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Minimum deposit


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$500

CD APY


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3.05% to 3.65% APY

Terms


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6 months to 5 years
Editor’s rating
4/5

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Minimum deposit


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$1,000

CD APY


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1.75% to 3.25% APY

Terms


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1 year to 7 years
Editor’s rating
4/5

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Minimum deposit


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$1,000

CD APY


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2.80% to 3.35% APY

Terms


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3 months to 5 years
Editor’s rating
4.5/5

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Minimum deposit


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None

CD APY


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1.00% to 3.25% APY

Terms


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1 year to 5 years
Editor’s rating
3.5/5

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Minimum deposit


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$5,000

CD APY


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2.25% to 3.25% APY

Terms


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6 months to 7 years
Editor’s rating
3.75/5

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Minimum deposit


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$1,000

CD APY


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1.20% to 3.25% APY

Terms


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3 months to 5 years
Editor’s rating
4/5

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Minimum deposit


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$1,000

CD APY


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0.50% to 3.35% APY

Terms


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6 months to 6 years
Editor’s rating
4.25/5

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Minimum deposit


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$500

CD APY


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1.50% to 3.25% APY

Learn More


On Popular Direct’s website


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On Bread Savings’ website


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On CFG Bank’s website


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On TAB Bank’s website


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On First National Bank of America’s website


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On Synchrony’s website


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On Citizens’ website


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On Pentagon Federal Credit Union’s website


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On Crescent Bank’s website


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On Marcus by Goldman Sachs’ website

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 0.12% APY, and the average interest rate for a 60-month CD is 0.64% APY.

We’ve reviewed over a dozen financial institutions to keep up with the newest rate offerings. Our list includes CDs with much higher interest rates than the national average. Most of the institutions on our list are online banks and credit unions since they tend to offer high-yield bank accounts.

The most competitive institutions may offer 2-year CDs paying up to 3.50% APY and 5-year CDs up to 3.65% 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 has also increased the federal funds rate several 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 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 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)


1.15% to 3.40% APY


Minimum Deposit Amount


$10,000

3.5/5

Editor’s Rating
3.5/5

Editor’s Rating

Annual Percentage Yield (APY)


1.15% to 3.40% APY


Minimum Deposit Amount


$10,000


Pros & Cons


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Pros

  • Competitive rates for certain term lengths
  • Compounds interest daily
Cons

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

Details


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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 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.


Annual Percentage Yield (APY)


3.05% to 3.65% APY


Minimum Deposit Amount


$500

4/5

Editor’s Rating
4/5

Editor’s Rating

Annual Percentage Yield (APY)


3.05% to 3.65% APY


Minimum Deposit Amount


$500


Pros & Cons


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Pros

  • $500 minimum opening deposit
  • Competitive APY
  • Standard early withdrawal penalties
Cons

  • Limited term options


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Details


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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 also can open a CD with a low minimum opening deposit.


Annual Percentage Yield (APY)


2.25% to 3.25% APY


Minimum Deposit Amount


$5,000

3.5/5

Editor’s Rating
3.5/5

Editor’s Rating

Annual Percentage Yield (APY)


2.25% to 3.25% APY


Minimum Deposit Amount


$5,000


Pros & Cons


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Pros

  • Competitive APY
  • Low-to-standard early withdrawal penalties
Cons

  • $5,000 minimum deposit
  • No regular terms under 1 year

Details


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More Information

  • Terms range from 1 year to 5 years for regular CD
  • Early withdrawal penalties: 90 days interest for 1-year terms; 180 days interest for terms over 1 year
  • Interest compounded daily
  • FDIC insured

The Citizens Online Certificate of Deposit might be worthwhile if you have at least $5,000 for a minimum opening deposit. Terms for online CDs range from 1 year to 5 years.