Today’s CD Highs: August 22, 2022

More online banks are raising interest rates on CDs. Connexus, for example, now pays 3.01% to 3.46% APY on its terms.

Our best CD guide It can be a great resource to learn about CDs and their various features. But if you prioritize finding a competitive CD price above all else, this list is for you.

What are the interest rates on CDs today?

Highest CD rates

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Editor’s Rating

3.5 / 5

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Editor’s Rating

3.75 / 5

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Editor’s Rating

4/5

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Editor’s Rating

4/5

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Editor’s Rating

4/5

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Editor’s Rating

3.5 / 5

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learn more

On First National Bank of America’s website

More competitive organizations may offer 1-year CDs up to 3.21% APY and 5-year CDs up to 3.65% APY.

We’ve reviewed over a dozen financial institutions to keep up with the latest quotes. Our list includes CDs with interest rates well above the national average. Most of the institutions on our list are online banks and credit unions because they tend to offer high yield CDs.

CDs usually have fixed interest rates. This means that you will maintain a certain price for a specific period of time. If you need to withdraw cash from a CD before it is due, you may have to pay an amount Penalty for early withdrawal.

The Fed has also increased the federal funds rate several times since March, so savings rates are expected to rise steadily throughout 2022.

Average CD Rates vs. Highest CD Rates

The Federal Insurance Corporation Keeps tabs on national rates for interest-earning bank accounts. 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 prices compare to average CD prices.

Best rates on CD

Some of the institutions on our list are also top picks in our top CD guides. If you’re looking for a specific CD term, consider checking out these posts as well:

However, if you’re comfortable with a high initial deposit or don’t mind the limited term options, the following two CD options might also be suitable contenders – although they’re not in our best guides.

Annual Percentage Return (APY)

1.25% to 3.40% APY

Minimum deposit amount

$10,000

Annual Percentage Return (APY)

1.25% to 3.40% APY

Minimum deposit amount

$10,000

Positives

  • Competitive rates for certain periods
  • Daily interest compounds

Negatives

  • $10,000 minimum deposit
  • Penalties for early withdrawal from the standard level to the highest

more information

  • Periods ranging from 3 months to 5 years
  • Early Withdrawal Fines: 89 days simple interest for terms less than 91 days; 120 days simple interest for periods from 91 days to less than 12 months; 270 days simple interest for periods ranging from 12 months to less than 36 months; 365 days simple interest for periods ranging from 36 months to less than 60 months; 730 days simple interest for 60 months or more
  • Compound interest daily, paid monthly
  • FDIC insured

while the Popular Direct Deposit Certificate Not made into any of our best CD guides, it can still be great if you really intend to open a CD for more than $10,000. You’ll want to watch out for early CD withdrawal fines, though, because some conditions have high penalties.

Annual Percentage Return (APY)

2.90% to 3.40% APY

Minimum deposit amount

500 dollars

Annual Percentage Return (APY)

2.90% to 3.40% APY

Minimum deposit amount

500 dollars

more information

  • Two branches near Baltimore, Maryland
  • Free access to over 1,600 M&T Bank ATMs on the East Coast
  • Terms range from 1 to 5 years
  • Early Withdrawal Penalties: 90 days of interest for one year; 180 days of interest for periods longer than 1 year
  • Interest is accrued daily and paid monthly
  • Member of the Federal Insurance Institute

you might like it CFG Bank cylinders If you search 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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