Highest CD Rates Today: July 11, 2022

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After


online banks

increase interest rates on CDs. First Internet Bank of Indiana, for example, now pays 0.60% to 3.25% APY depending on the term.

Our guide to the best CDs can be a great resource for learning more about CDs. But if you prioritize finding a competitive CD fare, this list is for you.

What are the interest rates for CDs today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts.

For CDs, the average interest rate depends on the term you choose. The average interest rate for a 3 month CD is 0.08% APY and the average interest rate for a 60 month CD is 0.48% APY.

We reviewed over a dozen financial institutions to track new rate offerings. Our list includes CDs with much higher interest rates than the national average, as online institutions tend to offer high-yield bank accounts.

The most competitive institutions may offer 6-month CDs at over 1% APY and 5-year CDs at over 3.25% APY.

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

The


Federal Reserve

also raised the federal funds rate three times since March, so interest rates on savings are expected to rise steadily through 2022.

Best CD Interest Rates

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

That said, if you’re comfortable with a high initial deposit or don’t mind limited-time options, the following three CD options might also work, although they aren’t listed in our top 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

Advantages
  • Competitive rates for certain durations
  • Interest compounded daily
The inconvenients
  • Minimum deposit of $10,000
  • Standard to high early withdrawal penalties
More information
  • Terms ranging from 3 months to 5 years
  • Early withdrawal penalties: 89 days of simple interest for maturities of less than 91 days; 120 days of simple interest for terms of 91 days to less than 12 months; 270 days of simple interest for terms of 12 months to less than 36 months; 365 days of simple interest for terms of 36 months to less than 60 months; 730 days of simple interest for terms of 60 months or longer
  • Interest compounded daily, paid monthly
  • FDIC insured

Although the popular direct deposit certificate isn’t featured in any of our top CD guides, it could still be great if you’re ever planning on opening a CD with more than $10,000. You will want to watch out for CD early withdrawal penalties though, as some conditions have high penalties.

Annual Percentage Yield (APY)

1.26% to 2.86% APY

Minimum deposit amount

$500

Annual Percentage Yield (APY)

1.26% to 2.86% APY

Minimum deposit amount

$500

Advantages
  • Competitive APY
  • $500 opening deposit
The inconvenients
  • Limited Time Options
  • High early withdrawal penalties
More information
  • Term of office: 6 months, 1 year, 2 years, 3 years, 5 years
  • Early withdrawal penalties: All interest earned for terms less than 1 year, 1 year interest for terms 1 year, 2 years interest for terms 2 years or longer
  • Interest compounded daily, paid monthly
  • FDIC insured

Quontic Bank pays competitive interest rates on CDs and only requires a minimum opening deposit of $500. However, you will want to be aware of CD early withdrawal penalties. Quontic charges high penalties if you need to withdraw money before your term is due.

Annual Percentage Yield (APY)

1.70% to 3.37% APY

Minimum deposit amount

$500

Annual Percentage Yield (APY)

1.70% to 3.37% APY

Minimum deposit amount

$500

More information
  • 2 locations near Baltimore, Maryland
  • Free access to over 1,600 M&T Banks ATMs on the East Coast
  • Terms vary from 1 year to 5 years
  • Early withdrawal penalties: 90 days interest for terms of 1 year; 180 days interest for terms longer than 1 year
  • Interest compounded daily and paid monthly
  • FDIC member

You might like CFG Bank CDs if you search for the following terms: CD 12 months, 13 months, 18 months, 36 months or 60 months. You can also open a CD with a low minimum opening deposit.

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