Today’s CD Highs: June 20, 2022
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Online Banks
Raised interest rates on CDs. For example, the First Internet Bank of Indiana raised the bar
CD rates
This week, it is now paying 0.35% to 3.09% APY for its terms.
Our best CD guide can be a useful starting point for getting to know CDs. But if your number one goal is to find a competitive CD price above all else, then this list is for you.
What are the interest rates on CDs today?
The FDIC keeps tabs on national rates for interest-bearing bank accounts.
For CDs, the average interest rate may depend on the term you choose. The average interest rate for a 1-month tablet is 0.03% APY, and the average interest rate for a 60-month tablet is 0.39% APY.
We have screened more than a dozen financial institutions to keep up with the new quotes. Our list includes accounts with much higher interest rates than the national average, as online institutions tend to offer higher-yielding bank accounts.
Most competitive CDs may offer up to 3% APY now for 5 years. CDs usually have a fixed interest rate. This means that you will usually keep a price for a set amount of time.
The
Federal Reserve
The federal funds rate has also tripled since March, so savings rates are expected to rise steadily throughout 2022.
Best rates on CD
Some of the organizations on our list are also top picks for our top CD guides, so 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 four CD options might also be suitable contenders – although they’re not in our best guides.
Annual Percentage Return (APY)
0.50% to 3% APY
Minimum deposit amount
$10,000
- Competitive rates for certain periods
- Compound with daily interest
- $10,000 minimum deposit
- Early withdrawal penalties from the standard to the highest
- 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 terms ranging from 12 months to less than 36 months; 365 days simple interest for periods from 36 months to less than 60 months; 730 days simple interest for 60 months or more
- Compound interest daily, paid monthly
- FDIC insured
Although the Popular Direct Deposit Certificate didn’t make it into any of our best CD guides, it can be great if you really intend to open a CD with more than $10,000. You’ll want to watch out for early CD withdrawal penalties even though some conditions have high penalties.
Annual Percentage Return (APY)
1.22% to 2.82% APY
Minimum deposit amount
500 dollars
- 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 Corporation
You may want to get CFG CDs if you are looking for the following CD terms: 12-month CD, 13-month CD, 18-month CD, 36-month CD, or 60-month CD. You can also open a CD with a low minimum opening deposit.
Annual Percentage Return (APY)
1.26% to 2.86% APY
Minimum deposit amount
500 dollars
- Competitive APY
- Opening deposit of $500
- Limited time options
- Early withdrawal penalties are high
- Class lengths: 6 months, 1 year, 2 years, 3 years, 5 years
- Early Withdrawal Penalties: All interest earned for terms of less than one year, or one year of interest for one year, or two years of interest for two years or more
- Compound interest daily, paid monthly
- FDIC insured
Quontic Bank pays competitive interest rates on CDs and only requires a minimum deposit of $500. However, you’ll want to be mindful of early CD withdrawal penalties. Quontic charges high fines if you need to withdraw funds before your term reaches maturity.
Annual Percentage Return (APY)
1.50% to 2.80% APY
Minimum deposit amount
1000 dollars
- Several ways to become a member; The easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
- Periods ranging from 1 to 5 years
- The penalty for early withdrawal is dividends for the number of days the certificate is open. 90-day dividends for 12-17 month periods; 120-day dividend for periods of 18 to 23 months; Interest up to 180 days for 24 months or more; 7-day dividend if you withdraw within the 7-day grace period, although interest has not accrued yet
- Interest accrues monthly
- Federally insured by the NCUA
Alliant Credit Union has competitive interest rates and low early withdrawal penalties, but you’ll need to become a member to open an account with the credit union.
Alliant makes it easy for anyone in the United States to join. The easiest way is to join Foster Care to Success, and Alliant will cover the $5 joining fee. You may also qualify to become a member if you live in certain parts of Illinois or are employed, retired, or a member of certain organizations.
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