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11 Best CD Rates for January 2023

Jan 23, 2023

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The best CD rates provide a stable way to grow fixed sums of savings faster than other CDs or savings accounts.

Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Online banks and credit unions tend to have the best yields on certificates of deposit. You can find rates far higher than the national averages of 1.28% for one-year terms and 1.21% for five-year terms. The Federal Reserve has raised its rate multiple times in 2022, leading banks to raise their rates too. For more on rate changes, see our analysis of current CD rates.

If you don’t need immediate access to some of your money, high-yield CDs can be a way to build your savings. They have some of the highest interest rates available for federally insured bank accounts, and the rate is guaranteed for the duration of the CD term.

Here’s a look at some of the highest CD rates on the market.

🤓Nerdy Tip

The Federal Reserve raised rates seven times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.

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Best CD Rates

Our pick for

CD Rates

NerdWallet rating 

5.0

/5
Marcus by Goldman Sachs High-Yield CD
Learn more

at Marcus by Goldman Sachs, Member FDIC

Minimum deposit

$500

Member FDIC

1-year APY

4.40%

3-year APY

4.00%

5-year APY

3.80%

NerdWallet rating 

5.0

/5
Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Minimum deposit

$2,500

Member FDIC

1-year APY

4.15%

3-year APY

4.35%

5-year APY

4.40%

NerdWallet rating 

5.0

/5
Barclays Online CD
Learn more

at Barclays, Member FDIC

Minimum deposit

$0

Member FDIC

1-year APY

4.25%

3-year APY

4.30%

5-year APY

4.30%

NerdWallet rating 

5.0

/5
Capital One 360 CD

Minimum deposit

$0

Member FDIC

1-year APY

4.15%

3-year APY

4.30%

5-year APY

4.10%

NerdWallet rating 

5.0

/5
BMO Harris Bank CD

Minimum deposit

$1,000

Member FDIC

1-year APY

4.50%

3-year APY

4.50%

5-year APY

4.50%

NerdWallet rating 

5.0

/5
Alliant Credit Union Certificate
Learn more

at Alliant Credit Union, Federally insured by NCUA

Minimum deposit

$1,000

Federally insured by NCUA

1-year APY

4.60%

3-year APY

4.60%

5-year APY

4.25%

Want to compare more options? Here are our other top picks:

APYs shown are as of January 23, 2023.

» Curious about other savings options? Check out NerdWallet’s best high-yield online savings accounts

CD definition

A certificate of deposit is a bank account that requires you to lock funds away for a fixed period of months or years in exchange for a fixed interest rate that can be higher than other bank accounts. See more about what CDs are.

Best CD rates for January 2023

  • Marcus by Goldman Sachs: 3.75% - 3.70% APY, 6 months - 6 years, $500 minimum to open.

  • Discover Bank: 1.50% - 4.40% APY, 3 months - 10 years, $2,500 minimum to open.

  • Barclays: 4.25% - 4.30% APY, 1 - 5 years, no minimum to open.

  • Popular Direct: 4.10% - 4.55% APY, 3 months - 5 years, $10,000 minimum to open.

  • Capital One: 3.30% - 4.10% APY, 6 months - 5 years, no minimum to open.

  • Sallie Mae Bank: 3.75% - 4.25% APY, 6 months - 5 years, $2,500 minimum to open.

  • Synchrony Bank: 2.25% - 4.30% APY, 3 months - 5 years, $2,000 minimum to open.

  • Ally Bank: 2.00% - 4.35% APY, 3 months - 5 years, no minimum to open.

  • BMO Harris (high rates not available in all states): 0.05% - 4.50% APY, 3 months - 5 years, $1,000 minimum to open.

  • Alliant Credit Union: 4.60% - 4.25% APY, 1 - 5 years, $1,000 minimum to open.

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):

What is a no-penalty CD?

A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, but you might need the money sooner than you expect.

Best no-penalty CD rates

If you withdraw money from a CD before the term ends, you generally pay a penalty of at least several months' worth of interest earned. But some providers have CDs without this early withdrawal penalty, though rates are slightly lower than other CD rates. Here are some:

  • CIT Bank: 4.10% APY, 11 months, $1,000 minimum to open.

  • Synchrony Bank: 3.50% APY, 11 months, no minimum to open.

  • Marcus by Goldman Sachs: 3.85% APY, 13 months, $500 minimum to open.

  • Ally Bank: 3.85% APY, 11 months, no minimum to open.

» See more details on our list of the best no-penalty CD rates.

What happens if I withdraw from a CD early?

Most CDs have an early withdrawal penalty that tends to range from several months' to a year's worth of interest earned, depending on the CD term length and the bank's policy. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee. Learn more about different types of CDs.

Last updated on January 23, 2023

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People often identify opening a savings account as their next money move.

Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

3.30%

With $0 min. balance for APY

Bonus

$100

Requirements to qualify

at Marcus by Goldman Sachs, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

LendingClub High-Yield Savings

4.5

NerdWallet rating 
LendingClub High-Yield Savings

APY

4.00%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

Methodology

On a monthly basis, we compare rates at over 30 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyzed our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best CD Rates for January 2023

Frequently asked questions