Current CD Rates: May 2022

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.

» Learn more: How a Fed rate increase affects CDs

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: 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.

» 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:

• Are CDs worth it?

• CDs vs. regular savings accounts

• CDs vs. bonds

For opening CDs:

• Opening a CD account in 5 steps

• What is a CD ladder?

• How to invest in CDs: 3 strategies

For closing CDs:

• When your CD matures: What to know

• CD early withdrawal penalty by bank

• How to avoid a CD early withdrawal penalty

See CD rates by term and type

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

• Best CD rates overall

• Best 3-month CD rates

• Best 6-month CD rates

• Best 1-year CD rates

• Best 3-year CD rates

• Best 5-year CD rates

• Best no-penalty CD rates

• Best IRA CD rates

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):