Current CD Rates: February 2023

CD rates — both high yield and national averages — are on the rise. See rates by CD term below.
Spencer Tierney
By Spencer Tierney 
Edited by Sara Clarke

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The best CD rates have surpassed 4% annual percentage yields for one-year through five-year terms. This milestone hasn’t happened in quite a few years.

Online-only banks and credit unions continue to raise interest rates on certificates of deposit, especially since the Federal Reserve raised the federal funds rate seven times in 2022. (See more details about the September, November and December rate increases.)

National average CD rates have also gone up, though still remain far lower than CDs at online institutions. The gradual rise of online high-yield CD rates started in July 2021, after a relatively low-rate environment in 2020 and 2021.

High-yield CD rates today can be several times the national average of 1.21% APY for five-year terms and the national average of 1.28% APY for one-year terms.

Unlike regular savings accounts, most CDs have fixed rates, so you can lock in a higher rate while it lasts. (See more details about historical CD rates as you consider what to expect in the near future.)

Here's a look at current CD rates at some online banks and credit unions.

» Want to compare more CDs? Check out our best CD rates

Current promotional CD rates

The following promotional CD rates stand out based on NerdWallet’s data analysis in January 2023. Expiration dates for a promo are shown when available.

In general, promotional rates tend to be for irregular CD terms and are featured on banking websites as a “promotional rate” or “CD special.” (For more details, see how promotional CD rates work.)

Name

CD rate (or certificate rate)

Ally Bank: 13-month CD.

4.60% APY (available through 2/8/23).

Connexus Credit Union: 15-month Certificate.

4.85% APY.

PenFed Credit Union: 15-month Certificate.

4.65% APY.

Service Credit Union: 15-month Certificate.

4.10% APY.

U.S. Bank: 25-month CD.

Up to 4.30% APY. (Varies by location.)

Current online CD rates by term

Here’s a sample of five high-yield CD rates per term at various banks and credit unions.

CURRENT CD RATES: 3-month

Popular Direct.

4.10% APY.

Citibank.

3.25% APY.

Synchrony Bank.

2.25% APY.

TIAA Bank.

2.00% APY.

Ally Bank.

2.00% APY.

CURRENT CD RATES: 6-month

Popular Direct.

4.50% APY.

Live Oak Bank.

4.35% APY.

Bask Bank.

4.30% APY.

CIT Bank.

4.15% APY.

Vio Bank.

4.25% APY.

CURRENT CD RATES: 1-year

Alliant Credit Union.

4.60% APY.

PenFed Credit Union.

4.60% APY.

Live Oak Bank.

4.60% APY.

Connexus Credit Union.

4.51% APY.

Bread Savings.

4.50% APY.

CURRENT CD RATES: 3-year

Bread Savings.

4.50% APY.

Sallie Mae Bank.

4.40% APY.

Ally Bank.

4.35% APY.

Capital One.

4.30% APY.

Synchrony Bank.

4.30% APY.

CURRENT CD RATES: 5-year

Popular Direct.

4.55% APY.

Bread Savings.

4.25% APY.

Quontic Bank.

4.45% APY.

Discover Bank.

4.30% APY.

Capital One.

4.10% APY.

CIT Bank CD

CIT Bank logo
APY

4.60%

Term

1.5 years

Marcus by Goldman Sachs logo
Learn More

Member FDIC

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs logo
APY

4.40%

Term

1 year

Current CD Rates: Compare high-yield to national average rates

Although rates aren't as high as in recent years, they're still head and shoulders above national averages. The average rate for a one-year CD is 1.28% APY, and the average rate for a five-year CD is 1.21% APY. Let's compare national averages with an online example.

3-MONTH CD RATE

Online bank

2.25% APY.

National average

0.57% APY.

6-MONTH CD RATE

Online bank

3.90% APY.

National average

0.81% APY.

1-YEAR CD RATE

Online bank

4.30% APY.

National average

1.28% APY.

3-YEAR CD RATE

Online bank

4.30% APY.

National average

1.16% APY.

5-YEAR CD RATE

Online bank

4.30% APY.

National average

1.21% APY.

Online bank used for comparison is Synchrony Bank. "National average" refers to the Federal Deposit Insurance Corp. national averages.

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» Want to see a wider pool of high rates? See our list of the best high-interest accounts

How do CDs work?

Learn more about the journey of choosing, opening and closing CDs.

For choosing CDs:

For understanding CD rates:

For opening CDs:

For closing CDs:

See CD rates by term and type

Compare the best rates on certificates of deposit for various CD terms and types:

See CD rates by bank

If you want to see CD rates at specific banks, here’s a quick list of both traditional and online banks’ CDs (and one brokerage’s offering):

» Want to take a quiz? See what bank is best for you below (or read full quiz instructions here)

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