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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.)
» Learn more: How a Fed rate increase affects CDs
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.)
CD rate (or certificate rate)
Ally Bank: 13-month CD.
4.60% APY (available through 2/8/23).
Connexus Credit Union: 15-month Certificate.
PenFed Credit Union: 15-month Certificate.
Service Credit Union: 15-month Certificate.
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
» See more best 3-month CD rates
CURRENT CD RATES: 6-month
Live Oak Bank.
» See more best 6-month CD rates
CURRENT CD RATES: 1-year
Alliant Credit Union.
PenFed Credit Union.
Live Oak Bank.
Connexus Credit Union.
» See more best 1-year CD rates
CURRENT CD RATES: 3-year
Sallie Mae Bank.
» See more best 3-year CD rates
CURRENT CD RATES: 5-year
» See more best 5-year CD rates
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
6-MONTH CD RATE
1-YEAR CD RATE
3-YEAR CD RATE
5-YEAR CD RATE
Online bank used for comparison is Synchrony Bank. "National average" refers to the Federal Deposit Insurance Corp. national averages.
» 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)