BEST OF

12 Best CD Rates for December 2022

Dec 1, 2022

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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 0.90% for one-year terms and 0.98% 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 interest rates multiple times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.

Best CD Rates

Marcus by Goldman Sachs High-Yield CD
Learn more

at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

Minimum deposit

$500

Member FDIC

1-year APY

4.00%

3-year APY

4.00%

5-year APY

3.80%
Learn more

at Marcus by Goldman Sachs, Member FDIC


3-year APY

4.00%

5-year APY

3.80%

Why we like it

Overview: Marcus is the Goldman Sachs branch launched in 2016 that handles online banking products, including an extensive line-up of CDs with terms from six months to six years. Rates include its one-year CD with 4.00% APY (annual percentage yield) as of 11/08/2022. The minimum is lower than many banks, though some have no minimum. Marcus CD rates from the one-year term onward tend to be better. The bank also has two specialty types of CDs: a 20-month bump-rate CD and three no-penalty CD terms, which include seven months, 11 months and 13 months. Live customer service by phone is available every day.

Fees: No monthly or opening fees. If you withdraw early from a standard Marcus CD, the penalty is the following: three months’ worth of interest earned for CD terms less than a year, nine months of interest for CD terms of one to five years and one year’s worth of interest for the six-year CD.

Other products: Its savings account’s rate is similarly impressive. The bank doesn't, however, offer mobile apps, ATMs, branches or checking accounts, so it’s best for letting the interest on your money grow.

List of Marcus CD rates:

6-month CD: 3.25% APY

9-month CD: 3.30% APY

1-year CD: 4.00% APY

18-month CD: 4.15% APY

2-year CD: 4.25% APY

3-year CD: 4.00% APY

4-year CD: 4.00% APY

5-year CD: 3.80% APY

6-year CD: 3.70% APY

Read Full Review
Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

5.0

NerdWallet rating 
Discover Bank CD

Minimum deposit

$2,500

Member FDIC

1-year APY

4.00%

3-year APY

4.15%

5-year APY

4.25%
Learn more

at Discover Bank, Member FDIC


3-year APY

4.15%

5-year APY

4.25%

Why we like it

Overview: The credit card issuer and online bank Discover offers a wide range of CDs. CD terms start at three months and extend to 10 years, though there tend to be better rates on terms from one to five years. The minimum to open is $2,500, which is somewhat high.

Fees: The penalty for withdrawing early from a Discover CD depends on the CD’s term, starting with three months of interest for terms of less than one year. The biggest penalty is two years of interest for terms of seven to 10 years. Like most CDs, there are no monthly or opening fees.

Other products: Discover also boasts CDs for individual retirement accounts (or IRA CDs), an online savings account and a cashback checking account. There are also highly rated mobile apps and 24/7 live customer service.

Full list of Discover CD rates:

3-month CD: 1.50% APY

6-month CD: 2.75% APY

9-month CD: 2.85% APY

1-year CD: 4.00% APY

18-month CD: 4.05% APY

2-year CD: 4.10% APY

30-month CD: 4.10% APY

3-year CD: 4.15% APY

4-year CD: 4.20% APY

5-year CD: 4.25% APY

7-year CD: 4.25% APY

10-year CD: 4.25% APY

Read Full Review
Barclays Online CD
Learn more

at Barclays, Member FDIC

Barclays Online CD

5.0

NerdWallet rating 
Barclays Online CD

Minimum deposit

$0

Member FDIC

1-year APY

4.00%

3-year APY

4.15%

5-year APY

4.25%
Learn more

at Barclays, Member FDIC


3-year APY

4.15%

5-year APY

4.25%

Why we like it

Overview: Barclays, an online-only U.S. branch of a London-based company by the same name, has CD rates with the rare perk of no opening minimum. Terms include one-year to five-year CDs. Customer service is available every day for 12 hours.

Fees: No monthly or opening fees. The early withdrawal penalties are three months of interest for two-year CDs and shorter, and six months of interest for CDs with terms longer than two years.

Other products: Barclays also has a high-yield savings account with no minimum deposit and a bare-bones mobile app. The bank lacks checking, an ATM network and advanced budgeting tools.

Full list of Barclays CD rates:

1-year CD: 4.00% APY

18-month CD: 4.05% APY

2-year CD: 4.10% APY

3-year CD: 4.15% APY

4-year CD: 4.20% APY

5-year CD: 4.25% APY

Read Full Review
Capital One 360 CD
Learn more

at Capital One, Member FDIC

Capital One 360 CD

5.0

NerdWallet rating 
Capital One 360 CD

Minimum deposit

$0

Member FDIC

1-year APY

4.00%

3-year APY

4.15%

5-year APY

4.25%
Learn more

at Capital One, Member FDIC


3-year APY

4.15%

5-year APY

4.25%

Why we like it

Overview: Capital One, one of the biggest U.S. credit card issuers, is also an online bank with strong savings tools and CD options. Terms go from six months to five years, and there’s no minimum to open. Capital One has a handful of cafes in major cities nationwide that function like branches, and its phone support for online customers is available every day.

Fees: No monthly or opening fees. The early withdrawal penalty for 1-year CDs and shorter terms is three months of interest and the penalty for longer terms is six months. These are lower penalties than at some banks.

Other products: Capital One boasts a strong selection of online accounts, including checking, savings and money market accounts. Its mobile apps have been ranked among the highest in customer satisfaction by J.D. Power.

List of all Capital One CD rates:

6-month CD: 2.70% APY

9-month CD: 2.70% APY

1-year CD: 4.00% APY

18-month CD: 4.05% APY

2-year CD: 4.10% APY

30-month CD: 4.10% APY

3-year CD: 4.15% APY

4-year CD: 4.20% APY

5-year CD: 4.25% APY

Read Full Review

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

APYs shown are as of December 1, 2022.

» 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 December 2022

  • Marcus by Goldman Sachs: 3.25% - 3.70% APY, 6 months - 6 years, $500 minimum to open.

  • Discover Bank: 1.50% - 4.25% APY, 3 months - 10 years, $2,500 minimum to open.

  • Barclays: 4.00% - 4.25% APY, 1 - 5 years, no minimum to open.

  • Popular Direct: 3.05% - 4.50% APY, 3 months - 5 years, $10,000 minimum to open.

  • Capital One: 2.70% - 4.25% APY, 6 months - 5 years, no minimum to open.

  • Sallie Mae Bank: 3.50% - 4.55% 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: 1.50% - 4.10% APY, 3 months - 5 years, no minimum to open.

  • Bread Savings: 1.00% - 1.40% APY, 1 - 5 years, $1,500 minimum to open.

  • LendingClub Bank: 4.00% - 4.10% APY, 1 years - 5 years, $2,500 minimum to open.

  • Quontic Bank: 3.25% - 4.45% APY, 6 months - 5 years, $500 minimum to open.

  • TAB Bank: 3.35% - 4.00% APY, 6 months - 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: 3.65% APY, 11 months, $1,000 minimum to open.

  • Synchrony Bank: 3.00% APY, 11 months, no minimum to open.

  • Marcus by Goldman Sachs: 3.05% APY, 13 months, $500 minimum to open.

  • Ally Bank: 3.30% 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 December 1, 2022

You may also like these

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

3.00%

With $0 min. balance for APY

at Marcus by Goldman Sachs, Member FDIC

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

3.60%

With $0 min. balance for APY

at CIT Bank, Member FDIC

Citizens Online Savings Account

4.5

NerdWallet rating 
Citizens Online Savings Account

APY

3.00%

With $0.01 min. balance for APY

at Citizens, 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, 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, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal 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.

Frequently asked questions