Today’s CD Highs: July 11, 2022
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Online Banks
Raised interest rates on CDs. For example, First Internet Bank of Indiana now pays 0.60% to 3.25% APY depending on the term.
Our best CD guide can be a great resource for learning about CDs. 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?
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 tablet is 0.08% APY, and the average interest rate for a 60-month tablet is 0.48% APY.
We’ve reviewed over a dozen financial institutions to keep up with the new quotes. Our list includes CDs with interest rates well above the national average, as online institutions tend to offer high-return bank accounts.
More competitive organizations may offer 6-month CDs over 1% APY and 5-year CDs over 3.25% APY.
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 early withdrawal penalty.
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 three CD options might also be suitable contenders – although they’re not in our best guides.
Annual Percentage Return (APY)
0.50% to 3.25% APY
Minimum deposit amount
$10,000
- Competitive rates for certain periods
- Daily interest compounds
- $10,000 minimum deposit
- Penalties for early withdrawal from the standard level 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 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 didn’t make it into any of our best CD guides, it could 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, though, because some conditions have high penalties.
Annual Percentage Return (APY)
1.26% to 2.86% APY
Minimum deposit amount
500 dollars
- Competitive APY
- Opening deposit of $500
- Limited time options
- High penalties for early withdrawal
- 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 penalties if you need to withdraw funds before your term reaches maturity.
Annual Percentage Return (APY)
1.70% to 3.37% 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 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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