CD rates continue to seem unappealing to many consumers, with yields close to 1% APY for even the longest terms. However, NerdWallet’s December Savings Rate Index revealed that the options are not much better for other savings options – with a national average savings account yield of just 0.15%. At these levels, a short-term CD could easily outpace a typical savings account.
Reference Table:
| Length of Term (months) | Average Promo APY | Average Reg. APY |
|---|---|---|
| 3 | 0.36% | 0.17% |
| 6 | 0.39% | 0.28% |
| 12 | 0.55% | 0.41% |
| 18 | 0.57% | 0.48% |
| 24 | 0.65% | 0.63% |
| 30 | 0.94% | 0.65% |
| 36 | 0.84% | 0.83% |
| 48 | 0.92% | 1.00% |
| 60 | 1.31% | 1.23% |
This week, we saw little change in the average CD yields for any term length, but you can still shop around for an account that beats the average.
CD rates that beat the average
Short-term CDs
| Institution | State | Term | APY | Notes |
|---|---|---|---|---|
| Citizens State Bank | TX | 6 months | 1.00% | Min $1,000 |
| Utah Central CU | UT | 6 months | 1.00% | Min $10,000 |
| Everyones FCU | NM | 6 months | 0.95% | Min $10,000 |
1-2 year CDs
| Institution | State | Term | APY | Notes |
|---|---|---|---|---|
| Arrowhead Central CU | CA | 12 months | 2.01% | SPEC: Min $1,000, Max $2,500 |
| Local Federal CU | TX | 2 years | 1.75% | Min $500 |
| Jefferson Financial CU | LA | 2 years | 1.50% | Min $10,000 |
3+ year CDs
| Institution | State | Term | APY | Notes |
|---|---|---|---|---|
| Charles Street Community FCU | IN | 5 years | 2.58% | Min $500 |
| Security 1st CU | TX | 5 years | 2.38% | Min $10,000 |
| One Source FCU | TX | 5 years | 2.27% | Min $1,000 |
Banking image via shutterstock
Unsure where to keep your savings?
Use our tool to find the best CD rates.
Use our tool to find the best CD rates.
