Highest CD Rates Today: August 1, 2022

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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

a five pointed star

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a five pointed star

a five pointed star

a five pointed star

Editor’s Rating

4/5

a five pointed star

a five pointed star

a five pointed star

a five pointed star

a five pointed star

Editor’s Rating

4/5

a five pointed star

a five pointed star

a five pointed star

a five pointed star

a five pointed star

Editor’s Rating

4.5/5

a five pointed star

a five pointed star

a five pointed star

a five pointed star

a five pointed star

Editor’s Rating

3.5/5

a five pointed star

a five pointed star

a five pointed star

a five pointed star

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On the website of the First National Bank of America

If you’re looking for a way to make more interest on your money, a certificate of deposit (CD) can be a useful tool. With a CD, you’ll make a lump sum deposit, and the money will need to stay in the account for a certain amount of time in order to earn interest.

Our best CD 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, then this list is for you.

What are the interest rates for CDs today?

The FDIC monitors national rates for interest-earning bank accounts.

For CDs, the average interest rate depends on the tenure you choose. The average interest rate for 3-month CDs is 0.10% APY, and the average interest rate for 60-month CDs is 0.57% APY.

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

The most competitive institutions may offer 1-year CDs paying up to 1.75% APY and 5-year CDs paying up to 3.65% APY.

CDs usually have fixed interest rates. This means that you will be locking in one rate for a specific period of time. If you need to withdraw money from a CD before it matures, you may have to pay early withdrawal penalty,

The Federal Reserve has also increased federal funds several times since March, so savings interest rates are expected to continue to rise throughout 2022.

Best CD Interest Rates

Some of the institutions on our list even top our best CD guides. If you’re looking for a specific CD term, consider reviewing these posts as well:

That said, if you’re comfortable with a high initial deposit or don’t mind limited-term options, the following three CD options may also be suitable contenders — even if they’re not in our best 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

professionals

  • Competitive rates for a fixed period
  • compound interest daily

Shortcoming

  • $10,000 minimum deposit
  • Standard-than-High Early Withdrawal Penalty

more information

  • Terms from 3 months to 5 years
  • Early Withdrawal Penalty: 89 days simple interest for conditions under 91 days; 120 days simple interest for a period ranging from 91 days to less than 12 months; Simple interest of 270 days for periods ranging from 12 months to less than 36 months; 365 days simple interest for a period from 36 months to less than 60 months; 730 days simple interest for terms of 60 months or more
  • interest compounded daily, monthly payment
  • FDIC Insured

when popular direct certificate of deposit While it didn’t make it into any of our best CD guides, it can still be great if you already intend to shell out a CD with more than $10,000. However, you need to pay attention to the early withdrawal penalty of CDs, as some conditions have higher penalties.

Annual Percentage Yield (APY)

2.55% to 3.65% APY

Minimum Deposit Amount

$500

Annual Percentage Yield (APY)

2.55% to 3.65% APY

Minimum Deposit Amount

$500

more information

  • 2 branches near Baltimore, Maryland
  • Free access to over 1,600 M&T Bank ATMs on the East Coast
  • Terms range from 1 year to 5 years
  • Early Withdrawal Penalty: 90 days of interest for 1-year terms; 180 days interest for a period exceeding 1 year
  • Interest compounded daily and paid monthly
  • Member FDIC

maybe you like cfg bank cd If you are looking for the following terms: 12-month, 13-month, 18-month, 36-month, or 60-month CD. You can also open a CD with a minimum minimum deposit amount.

Annual Percentage Yield (APY)

2.25% to 3.25% APY

Minimum Deposit Amount

$5,000

Annual Percentage Yield (APY)

2.25% to 3.25% APY

Minimum Deposit Amount

$5,000

professionals

  • Competitive APY
  • lower-than-standard early withdrawal penalty

Shortcoming

  • $5,000 minimum deposit
  • No terms of less than 1 year

more information

  • Terms range from 1 year to 5 years
  • Early Withdrawal Penalty: 90 days of interest for 1-year terms; 180 days interest for a period exceeding 1 year
  • daily compound interest
  • FDIC Insured

Citizens access certificate of deposit online This can be worthwhile if you have at least $5,000 for the minimum initial deposit. Online CD terms range from 1 year to 5 years.

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