The highest CD rates today: 11 online banks and credit unions with long-term CDs near 3% APY

More online banks are raising interest rates on CDs. For example, First Internet Bank of Indiana raised its CD rates this week, and now pays First Internet Bank of Indiana Certificate of Deposit for its terms.

Our best CDs guide can be a useful jumping-off point for learning about CDs. But if your top goal is to find a competitive CD rate above all else, then this list is for you.

What are the interest rates for CDs today?

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

For CDs, the average interest rate may depend on the term you choose. The average interest rate for a 1-month CD is 0.03% APY, and the average interest rate for a 60-month CD is 0.39% APY.

We’ve been checking over a dozen financial institutions to keep up with the new rate offerings. Our list includes accounts with much higher interest rates than the national average, since online institutions tend to offer high-yield bank accounts.

The most competitive CDs may offer up to 3% APY right now for a 5-year term. CDs usually have a fixed interest rate. This means you’ll usually be locking in a rate for a specific period of time.

The Federal Reserve also has increased the federal funds rate three times since March, so savings interest rates are expected to steadily increase throughout 2022.

Best CD interest rates

Some of the institutions on our list are also top picks on of our best CD guides, so 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 …read more

Source:: Businessinsider

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