Current CD Rates: May 2022

High-yield CD rates have started to rise, while national averages remain mostly flat. See rates by CD term below.
May 3, 2022
current-cd-rates

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Online banks and credit unions continue to raise interest rates on certificates of deposit, especially since the Fed raised its rate on March 16 by 0.25%. A Fed rate increase tends to encourage banks to raise rates.

The gradual rise of online CD rates started in July 2021, while national average rates have mainly had slight upticks or remained flat. This comes after a steady sequence of rate drops in 2020 and a relatively frozen low-rate environment for the first half of 2021.

Among high-yield CDs, five-year CD rates are showing the biggest increases, with a few above 1.50% annual percentage yield.

What hasn't changed is that you can find high-yield CDs with today's rates at least double the national average of 0.39% for five-year terms and triple the national average of 0.21% 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 CD RATES: 3-month

TIAA Bank

0.35% APY

Discover Bank

0.30% APY

Ally Bank

0.30% APY

Popular Direct

0.50% APY

Synchrony Bank

0.50% APY

CURRENT CD RATES: 6-month

Quontic Bank

0.95% APY

Consumers Credit Union

0.50% APY

TIAA Bank

0.65% APY

Pentagon Federal Credit Union

0.65% APY

Sallie Mae Bank

0.30% APY

CURRENT CD RATES: 1-year

Live Oak Bank

1.75% APY

Bread Savings

1.00% APY

Connexus Credit Union

2.26% APY

Ally Bank

1.25% APY

Quontic Bank

1.25% APY

CURRENT CD RATES: 3-year

Pentagon Federal Credit Union

2.25% APY

Popular Direct

2.40% APY

Synchrony

2.30% APY

TIAA Bank

1.90% APY

Ally Bank

2.00% APY

CURRENT CD RATES: 5-year

Quontic Bank

2.30% APY

Bread Savings

1.40% APY

Popular Direct

2.80% APY

Marcus by Goldman Sachs

2.55% APY

Alliant Credit Union

2.25% APY

Marcus by Goldman Sachs logo
Learn More

Member FDIC

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs logo
APY

1.30%

Term

1 year

Capital One logo
Learn More

Member FDIC

Capital One 360 CD

Capital One logo
APY

1.30%

Term

1 year

Marcus by Goldman Sachs logo
Learn More

Member FDIC

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs logo
APY

2.00%

Term

2 years

Capital One logo
Learn More

Member FDIC

Capital One 360 CD

Capital One logo
APY

2.00%

Term

2 years

Synchrony Bank logo
Learn More

Member FDIC

Synchrony Bank 16-Month CD

Synchrony Bank logo
APY

2.00%

Term

16 months

Capital One logo
Learn More

Member FDIC

Capital One 360 CD

Capital One logo
APY

2.25%

Term

5 years

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 0.21% APY, and the average rate for a five-year CD is 0.39% APY. Let's compare national averages with an online example.

3-MONTH CD RATE

Online bank

0.35% APY

All banks

0.06% APY

6-MONTH CD RATE

Online bank

0.65% APY

All banks

0.12% APY

1-YEAR CD RATE

Online bank

1.30% APY

All banks

0.21% APY

3-YEAR CD RATE

Online bank

2.20% APY

All banks

0.31% APY

5-YEAR CD RATE

Online bank

2.55% APY

All banks

0.39% APY

Online banks used for comparison are TIAA Bank for the three- and six-month terms and Marcus by Goldman Sachs for the other terms. "All banks" refers to the Federal Deposit Insurance Corporation 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 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):

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