Current CD Rates: February 2023

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.)

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: 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.

» 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. money market accounts.

• CDs vs. bonds.

For understanding CD rates:

• CD calculator.

• Current CD rates.

• Historical CD rates.

• Fed rate increase: What it means for CDs.

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):

• Ally Bank CD rates.

• Bank of America CD rates.

• Capital One CD rates.

• Chase CD rates.

• Discover Bank CD rates.

• Fidelity CD rates.

• Marcus CD rates.

• Synchrony CD rates.

• Wells Fargo CD rates.

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