The highest CD rates today: 5-year CDs reach up to 4.25% APY
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More online banks are raising interest rates on CDs. Bread Savings, for example, now pays
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 most competitive institutions may offer 3-month CDs paying up to 1.75% APY or 5-year CDs paying up to 4.25% 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 CDs.
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.
Average CD rates vs. highest CD rates
The FDIC 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 rates compare to average CD rates.
| CD Term | Average interest rate | Most competitive interest rates |
| 3 months | 0.15% APY | Up to 1.75% APY |
| 6 months | 0.34% APY | Up to 2.75% APY |
| 1 year | 0.60% APY | Up to 3.60% APY |
| 2 years | 0.64% APY | Up to 3.75% APY |
| 3 years | 0.66% APY | Up to 4.00% APY |
| 4 years | 0.63% APY | Up to 4.15% APY |
| 5 years | 0.74% APY | Up to 4.25% APY |
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:
- Best 6-month CD guide
- Best 1-year CD guide
- Best 2-year CD guide
- Best 3-year CD guide
- Best 5-year CD guide
That said, if you're comfortable with a high initial deposit or don't mind limited terms options, the following four CD options also might be suitable contenders — even though they aren't in our best-of guides.
While the
Connexus offers competitive interest rates on its 1-year, 2-year, and 3-year CDs. It might be a good option if you have at least
Alliant Credit Union might be worth considering if you're searching for CD terms between 1 year and 5 years. You'll need a minimum of
Live Oak Bank has CD terms ranging from 6 months to 5 years, but you'll earn an especially high interest rate on its 6-month CD, 1-year CD, 18-month CD, and 2-year CD. Live Oak Bank CDs require a minimum opening deposit of