Best CD Rates for 2022 – The Online Banks with the Best Rates

Daniel Penzing
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How to Find the Best CD Rates


Doubling the amount of your investment is very unlikely. Most financial experts consider a 1% return to be the most one can expect on a CD. Even though this is an extremely low-risk investment, it doesn’t mean that you can’t find one that gives a higher interest rate.

Finding the best CD rates online for the next 2 years of your life is easy. Decide on an interest rate that you think you can realistically achieve. Check online to see if banks, credit unions or brokerage companies offer it.

If you want to gain interest, a bump in the rate would be nice, but you should not focus on it too much. The main way to find the best CD rates online is to compare the rates amongst the banks. You may be able to save up to a half point, or a point, but don’t bet your investments on it. Do some research so you know how high the interest rate can go. After you have found some rates that are close to your goal, check the fees involved. These fees will end up lowering the interest rate you receive.

If you want a conservative, low-risk investment for a long period of time, choose a term between 20 and 30 years. If you would like to make a higher-risk investment but only for a few months, choose a CD with a term of 6-12 months.

Here's a look at the top CD interest rates from the best bank CD rates. Our CD rate tables track CD rates for a variety of terms from the nation's leading banks. We add the banks and credit unions as we are able to gather the data. We have a CD rate table for the three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.

While certificates of deposit offer relatively low returns these days, they're still better than keeping your money in a savings account or money market account. CD interest rates might be relatively low, but the safe, federally insured bank CD rates are better than most alternatives.

While online banks typically offer better CD rates than brick-and-mortar banks, CD rates online are usually only slightly higher than rates from the brick-and-mortar institutions. Any of the online banks listed here from our rate tables would be a good choice. Just be sure to check whether a bank is insured by the FDIC ( Federal Deposit Insurance Corp). Some banks are insured by the U.S.

Treasury via the National Credit Union Administration (NCUA).

Has monitored the best CD rates and continues to update its database of the highest CD interest rates daily. Here’s what to expect in the future:

Check With Local Credit Unions

Depending on what you are looking for, you may be able to find better rates from a local credit union. Many credit unions operate out of a local branch with a focus on serving the community. As a result, credit unions have more flexibility than online banks when it comes to rates.

Local branches also provide another benefit – face-to-face service. Checking CD rates in person is a great way to get a feel for a bank. If you like the way a bank operates or if you’re concerned about its ability to keep your interest income protected, it’s important to check out the bank in person before you sign up.

If you are interested in getting CD rates from multiple banks, make sure to check out how your financial institution manages its funds. Banks keep your money in pooled accounts. However, some online banks keep some of their customers’ funds in larger individual accounts.

Ask Your Broker

If you've owned certificates of deposit (CDs) across different accounts, you may have realized that the interest your earned on a certificate was not uniform. I mean, hey, it is not your fault you opened different CDs in your broker's office, following his or her advice. You loved the idea of earning a higher rate of return.

If you have multiple CDs from different banks and are looking to diversify your investments, you may have gold bonds, corporate or personal notes, ETFs or mutual funds as your other investment vehicles. But why should you look for the best CD rates in this situation?

Perhaps you are done with shopping and want to consider a different strategy. This approach tends to minimize risks and maximize returns. It will also give you the opportunity to do further research on the banks with the highest CD interest rates. Well, it can be a challenge but it can also be rewarding.

Today, you need to be careful when dealing with a broker when choosing a CD. These guys will have more than one bank and product that they will send you to.

It is actually a conflict of interest to suggest the best CD yields to you. Sometimes, they earn a small fee to refer you to someone.

As long you are dealing with a gold bonding bank, you will be fine. They will probably charge you a small fee to handle your CD.

Pay Attention to Advertised Rates

Now that you know there are CD rate promotions going on right now, it’s tempting to focus only on advertised rates so you can land the best deal. After all, you need to be sure that you’re not missing the perfect opportunity.

However, you also need to pay attention to the interest rates on promotional CDs so you can determine if promotional CDs are right for you. After all, main street bankers may decide these special rates go on for longer than you intended to hold onto the CD. If you don’t have the mindset to keep your money in one of these CDs until the promotional rate expires, the CDs may not be the best fit for you.

What if you have the patience to keep your money in a promotional CD until the end of the term? The problem is that alternatives such as online savings accounts have interest rates that are higher than the advertised rates on promotional CDs. So if you want to earn higher interest on your money, you need to know where to look for the promotional offers, but you also know where to go for your savings.

Watch Out for Callable CDs and Non-Bank CDs

Callable CDs are just like the CDs you’ve been used to, only there’s an additional clause. The clause allows the bank to call the CD back before it expires. The features vary between the banks, but paying a penalty is often a key feature. Here’s the problem: Since the penalty was never triggered, interest rates were never paid. Now, even if you accept the penalty and take the money, the interest rate you’ll be paid will be extremely low.

The point is, make sure that any CDs you are considering for the long-term will not be called for any reason by the bank. In most cases you will receive a warning of the impending selling of a CD, but that doesn’t always happen.

Look for Specials From Your Own Bank

One of the best places to look is with the bank that you already have your checking account with. A lot of people don’t bother because they don’t think the rates are going to be special.

However, if a bank has a good interest rate on other products, such as savings, they’re probably going to also have good rates on CD rates. This is especially true if they have a CD special.

Additionally, it’s just convenient because you’re already doing business with them. You probably already know the phone number so you can get in touch with them and let them know you’re interested. You probably even have a branch or ATM near you. You should take advantage of this and see if they have any specials.

The only downside is they probably won’t have the best rates out there, but if there’s not much of a difference and you’re doing business with them anyway, it can be worth it.

Registering with an online bank is an easy way to get better rates and more interest on your CD investments …just input your data and click the “Invest Now” button.