Best CD Rates: 3 Month To 5 Year Terms (Nationwide), October 2022

We’ve researched thousands of the top banks in the nation and have compiled a guide to help everyone find the best CD rates.

Certificates of Deposit are going to give you the best return on your savings when investing with banks or credit unions. Online Banks are going to be the best option for most.

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What You Need To Know About CDs

What is a Certificate of Deposit? They are basically deposit accounts where you earn a fixed interest rate over your chosen term length. The significant difference with CDs compared with Checking accounts or Savings accounts is that you cannot access your money without penalty, until the term is over.

Why Choose CDs Over Checking/Savings Accounts? The bottom line is, CDs will give you higher interest rates than traditional Checking and Savings accounts. Some banks and credit unions have high-yield Checking and Savings accounts though, don’t they? Yes, but these Rewards Checking accounts usually have Direct Deposit and minimum transactions requirements to keep up with. And for even the best Savings accounts, the interest rates are only competitive up to 12 month term CDs. For terms greater than 12 months, CDs typically take the lead.

Are CD Accounts Insured? Yes, up to $250,000 per account (Member FDIC insured for banks and NCUA insured for credit unions)

Special Requirements For CDs. The beauty of CDs are that they are low maintenance. You choose a term length, deposit at least the minimum required, and let your interest accrue. You MUST keep up with when your CD matures (or expires), because most banks will automatically renew the CD at the end of the term. Be sure to set up a calendar reminder, because you’ll only have a short window of time to cancel after the term is over.

Biggest Disadvantage Of CDs. The biggest disadvantage to CDs is you don’t have access to your money. While you can access your money before your term ends, this will incur penalty fees. Since the best rates are for CD terms greater than a year, you’ll have to tread carefully if you’re not 100% sure you can afford to set the money away.

“CD Laddering” Tactic

There is one neat strategy you can employ with CDs called “CD Laddering” when you’re unsure about putting away a big chunk of your savings for the long term. It involves setting up multiple CDs with differing term lengths. Doing this will allow you more access to your funds.

Here’s how it all works:

Here’s a typical scenario where CD Laddering can come in handy. Let’s say you’ve got $10,000 you’d like to invest in a CD. While looking for the best CD rates, you find that a 5-year CD earns double the interest of a 1-year CD. However, you’re unsure you can put away that entire $10,000 for a long 5 years.

With CD Laddering, rather than putting the entire $10,000 into one 5-year CD, you put $2,000 into 5 different CDs (i.e. 1,2,3,4,5-year CDs). What happens in this scenario is each of the CDs will earn a different amount of interest, with the 5-year CD likely earning the most. Additionally, each CD will expire with every passing year. Once the 1-year CD expires, you can decide to either withdraw the money if you need it, or re-invest it into a new 5-year CD. With each passing year, you’ll be able to make this decision with each expiring CD. Once 5 years have passed, assuming you’ve re-invested all the expired CDs, all of your CDs are then essentially 5-year CDs that are earning that higher interest.

Since you’ll have access to a part of your cash with each passing year without penalty, many people like taking this approach. This was just one example, you can vary the CD terms and amounts of deposits according to your own particular needs.

*To go even further with this strategy, consider mixing CD terms from different banks that will yield you the highest combination of rates.

Here Are The Best CD Rates Available Nationwide

Online banks give the best rates, are easy to open online, and are available nationwide.

*APY = Annual Percentage Yield

*Disclaimer: Our team updates these rates regularly, but there can be periods of delay. Always confirm current rates directly with the bank.

BEST NATIONWIDE 3 MONTH CD RATES

Synchrony Bank 3 Month CD: 1.75% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Synchrony Bank offers page.

Popular Direct 3 Month CD: 1.75% APY

• Available nationwide
• Minimum for APY: $10,000
• Maximum for APY: –

*See our Popular Direct offers page.

INSBANK Online 90 Day CD: 1.05% APY

• Available nationwide
• Minimum for APY: $2,500
• Maximum for APY: –

*See our INSBANK offers page.

BEST NATIONWIDE 6 MONTH CD RATES

Synchrony Bank 6 Month CD: 2.65% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Synchrony Bank offers page.

Live Oak Bank 6 Month CD: 2.50% APY

• Available nationwide
• Minimum for APY: $500
• Maximum for APY: –

*See our Live Oak offers page.

Popular Direct 6 Month CD: 2.45% APY

• Available nationwide
• Minimum for APY: $10,000
• Maximum for APY: –

*See our Popular Direct offers page.

BEST NATIONWIDE 12 MONTH CD RATES

Barclays 12 Month Online CD: 3.05% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Barclays Bank offers page.

American Express National Bank 12 Month CD: 2.85% APY

• Available nationwide
• Minimum for APY: $1
• Maximum for APY: –

*See our American Express National Bank offers page.

Nationwide By Axos Bank 12 Month CD: 2.80% APY

• Earn 2.80% APY (Annual Percentage Yield)
• Grow your money and reach your savings goals with competitive interest rates, guaranteed returns, and no market risk.
• FDIC Insured up to $250,000
• 12 Month Term
• Only $500 minimum deposit required to start

*See our Nationwide By Axos Bank offers page.

BEST NATIONWIDE 18 MONTH CD RATES

Popular Direct 18 Month CD: 3.25% APY

• Available nationwide
• Minimum for APY: $10,000
• Maximum for APY: –

*See our Popular Direct offers page.

Barclays 18 Month Online CD: 3.10% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Barclays Bank offers page.

Nationwide By Axos Bank 18 Month CD: 2.85% APY

• Earn 2.85% APY (Annual Percentage Yield)
• Grow your money and reach your savings goals with competitive interest rates, guaranteed returns, and no market risk.
• FDIC Insured up to $250,000
• 18 Month Term
• Only $500 minimum deposit required to start

*See our Nationwide By Axos Bank offers page.

BEST NATIONWIDE 24 MONTH CD RATES

Synchrony Bank 24 Month CD: 3.40% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Synchrony Bank offers page.

Sallie Mae Bank 24 Month CD: 3.25% APY

• Available nationwide
• Minimum for APY: $2,500
• Maximum for APY: –

*See our Sallie Mae Bank offers page.

Barclays 24 Month Online CD: 3.15% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Barclays Bank offers page.

BEST NATIONWIDE 36 MONTH CD RATES

Synchrony Bank 36 Month CD: 3.50% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Synchrony Bank offers page.

Capital One 36 Month 360 CD: 3.40% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Capital One 360 offers page.

Sallie Mae Bank 36 Month CD: 3.30% APY

• Available nationwide
• Minimum for APY: $2,500
• Maximum for APY: –

*See our Sallie Mae Bank offers page.

BEST NATIONWIDE 48 MONTH CD RATES

Synchrony Bank 48 Month CD: 3.50% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Synchrony Bank offers page.

Popular Direct 48 Month CD: 3.45% APY

• Available nationwide
• Minimum for APY: $10,000
• Maximum for APY: –

*See our Popular Direct offers page.

Barclays 48 Month Online CD: 3.25% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Barclays Bank offers page.

BEST NATIONWIDE 60 MONTH CD RATES

Synchrony Bank 60 Month CD: 3.61% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Synchrony Bank offers page.

Popular Direct 60 Month CD: 3.55% APY

• Available nationwide
• Minimum for APY: $10,000
• Maximum for APY: –

*See our Popular Direct offers page.

Barclays 60 Month Online CD: 3.50% APY

• Available nationwide
• Minimum for APY: –
• Maximum for APY: –

*See our Barclays Bank offers page.

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