Best CD Rates of 2022

Marcus by Goldman Sachs offers competitive CD interest rates with terms ranging from six months to six years. 

CD rates range from 0.50% to 2.55% APY. The $500 minimum deposit requirement is lower than some other banks and credit unions. 

The company offers two types of certificates of deposit: a high-yield CD and a no-penalty CD. Term lengths for no-penalty CDs range from seven months to 13 months with 0.35% to 0.75% APY. 

Unlike traditional CDs, no-penalty CDs let you withdraw money at any time without paying a fee or losing interest. 

Early withdrawal penalties from a standard high-yield CD are as follows: Loss of three months worth of interest on CDs with a maturity date of less than a year, nine months of interest for CD terms of one to five years and a year’s worth of interest for six-year CDs. 

Marcus by Goldman Sachs is also well-known for its high-yield savings accounts, which consistently offer above-average interest rates. 

Discover, best known as a credit card company, boasts a strong selection of financial products — including CDs. 

Discover Bank CDs are available in 12 term lengths, from three months to 10 years and with APYs ranging from 0.30% to 2.50%. 

Numerous CD terms makes it easy for consumers to explore CD laddering options. A CD ladder involves opening multiple CDs with staggered maturity dates. Doing so lets you earn interest while providing easier access to your money. 

Another perk: Discover offers CDs for individual retirement accounts (IRA CDs). 

We’re not in love with Discover’s $2,500 minimum deposit requirement, which is higher than other online banks and credit unions on this list. 

The early withdrawal penalty for Discover CDs ranges from three months of interest for term lengths of one year or less all the way up to two years of interest for CD terms of seven to 10 years. 

Like all CDs on this list, there are no monthly fees or opening fees. 

Aside from CDs and credit cards, Discover also offers an online savings account and checking account.

Ally Bank, a popular online financial institution, offers a wide variety of online CD types and term lengths. Like many of their financial services, there’s no minimum deposit requirement to open a bank CD. 

In addition to its standard high-yield CDs, Ally offers two bump-up CDs, or what the company calls Raise Your Rate CDs. 

The APY is a little lower, but you can request one to two rate increases if Ally raises the rate for new CDs with the same term and balance tier as your CD. 

That could be appealing as the Federal Reserve increases interest rates throughout 2022. 

Ally also offers a no-penalty CD with an 11-month term and a 0.70% annual percentage yield. You can withdraw your full balance and interest any time beginning six days after you fund your account. 

Ally is a full-service bank that boasts many financial products including an online savings account, checking account, investment account and more.

Synchrony Bank is a financial institution with nine different online CD term lengths ranging from three months to five years. It offers competitive rates on certificates of deposit, from 0.50% to 2.6% APY. 

There is no minimum deposit requirement, and the company also offers IRA CDs. 

Another perk: You get the option of withdrawing the interest earned before the CD’s maturity date without penalty. 

Synchrony Bank offers a 15-day rate guarantee on any certificate of deposit, which is longer than the standard 10-day guarantee offered by most banks and credit unions. 

During this time, you can claim the highest available fixed interest rate if the published rate increases. 

Early withdrawal penalties are as follows: Loss of three months of interest for bank CD term lengths of one year or less, six months of interest for CDs with one- to four-year terms, and one year worth of interest for five-year CDs. 

Synchrony offers other useful tools for savers, including a money market account and a high-yield savings account. However, it doesn’t offer a checking account.

Capital One’s $0 minimum deposit requirement and competitive rates on online CDs makes the company an attractive option, especially for customers who already bank with Capital One. 

The company offers nine bank CD term lengths, from three months to five years. APYs range from 0.60% to 2.25%. 

Early withdrawal penalties are lower than some other online banks and credit unions: Three months of interest for terms of one year or less and six months worth of interest for longer terms. 

Aside from CDs and credit cards, Capital One offers checking accounts and savings accounts.

Pentagon Federal Credit Union — PenFed for short — once exclusively served people affiliated with the military. In 2019, the credit union opened its services up to the general public. 

PenFed’s money market certificates — the credit union equivalent of CDs — have terms ranging from six months to seven years with annual percentage yields from 0.65% to 3%. 

The credit union really stands out for its 3% APY on a seven-year CD — the highest rate of any bank or credit union on this list. 

PenFed’s $1,000 minimum deposit requirement is pretty standard for money market certificates with high APYs.

Just to be clear on some credit union jargon: a money market certificate isn’t the same as a money market account. Yields earned on credit union accounts are called dividends instead of interest. 

Early withdrawal penalties can be steep. The early withdrawal penalty for its 6-month and 3-year certificates equals 90 days of dividends earned. 

For all other certificate term dates, the early withdrawal penalty means losing one year of dividends or 30% of total dividends that would have been earned if the certificate reached its maturity date. 

Aside from CDs, Pentagon Federal Credit Union offers a checking account that earns dividends as well as high-yield savings accounts.

Bread Savings offers competitive online CD rates ranging from 1.75% to 2.55% APY and terms from one to five years. 

It offers fewer term lengths than many of its competitors and its $1,500 minimum opening deposit is higher than most banks or credit unions on this list. 

Early withdrawal penalties are as follows: Loss of six months of interest for one- to three-year CDs and one year of interest for four- and five-year CDs.

Interest for Bread Savings CDs is compounded daily and credited on a monthly basis.

Like most banks and credit unions on our list, this company offers a 10-day grace period once its term matures. During this grace period, you can cash out your certificate of deposit, renew it or change your term.

Bread Savings also offers a high-yield savings account.

Quontic Bank offers everything you’d expect from a highly-rated online bank: competitive CD rates, innovative online tools and a user-friendly mobile app. 

Quontic Bank really shines for its six-month CD rates: 0.95% APY as of May 25, 2022 — above average compared to other banks and credit unions. 

In total, the company offers five different bank CD term lengths, from six months to five years. 

Once a bank CD matures, Quontic gives you a 10-day grace period to withdraw funds. Otherwise, the online CD automatically renews. Early withdrawal penalties vary by CD term. 

Quontic Bank offers a range of other financial products, including online savings accounts, checking accounts and money market accounts.