Here Are the Top CD Rates of May 2023

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CDs are an ideal option if you’d like to grow your money but don’t want to deal with fluctuations of the stock market. 

We update our guide daily to find the best rates for CD terms ranging from 3 months to 5 years. If you are interested in no-penalty CDs or if you don’t have a lot of money to deposit, we’ve also included picks for these circumstances as well.

Best CD Rates of May 2023

Our top picks for CDs are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare the Best CD Rates

Experts’ Advice on Choosing the Best CD

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money. You can read their insights at the bottom of this post.

Here’s what they had to say about CDs. (Some text may be lightly edited for clarity.)

What makes a CD good or not good?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“You always want to look at how much money you need to start up. And then if you can continuously add money in. Also, check not just what the interest rate is, but how often they pay out interest, whether it’s monthly or quarterly.”

How should someone choose a CD term length?

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective.”

Mykail James, CFEI:

“I believe in having a plan for whatever the funds are. If it’s supposed to be a house fund, and you want to wait for another two years to buy a house, that’s what you should be thinking of when you want to have this money.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner at SaverLife:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don’t need access to some of your money, since they have a fixed interest rate for a specific term.”

Methodology: How Did We Choose the Best CDs?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high Annual Percentage Yield (APY), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

We reviewed CD offerings from around a dozen national banks using our CD rates methodology. All banks included on our list are insured by the FDIC and do not impose monthly maintenance fees on CDs.

In the event two banks offered the same APY on a CD product, we considered minimum deposit requirements and penalties for early withdrawals.

CD Frequently Asked Questions

Best CD Rates by Term

Below you’ll find our picks for the best CD rates right now. There’s no CD that will work for everyone, but we combed through offerings at around a dozen national banks to find the strongest options available right now.

Best 4-year CD Rates

Best Rates for No Opening Deposit

Best Rates for Other CD Terms

CD Rates at the Largest US Banks

About the Best CD Issuers

Alliant Certificate

Why it stands out: Alliant Credit Union is a strong choice if you would rather be part of a credit union than a bank. Alliant certificates offer competitive interest rates, particularly for 3-month, 18-month, 4-year, and 5-year terms.

Term options: Certificate terms range from 3 months to 5 years.

Penalties: The early withdrawal penalties are as follows:

• 90 days of interest for terms of 17 months or less
• 120 days of interest for terms between 18 months and 23 months
• 180 days of interest for terms 2 years and over

Keep an eye out for: Credit unions require you to become a member to open accounts. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.

Bask Bank CD

Why it stands out: Bask Bank is good option if you’d like to earn a competitive interest rate on a high-yield savings account or CD.

Term options: Terms range from 6 months to 2 years.

Penalties: The early withdrawal penalties are as follows:

• 90 days of interest for terms 1 year or less
• 180 days of interest for terms greater than 1 year

What to look out for: Bask Bank has limited CD terms. If you’re looking to open a CD with a term over 2 years, you might prefer another institution. 

BrioDirect High-Yield CD

Why it stands out: BrioDirect CDs have a $500 minimum opening deposit. The 12-month CD also notably pays 5.25% APY. 

Term options: CD terms range from 30 days to 5 years. 

Penalties: BrioDirect charges standard penalties for early withdrawals of your principal balance, as follows:

• For CD terms of 30 days or less, the penalty is 1 month of interest
• For CD terms between 3 months and 1 year, the penalty is 3 months of interest
• For CD terms of 18 months or more but less than 5 years, the penalty is 9 months of interest
• For CD terms of 5 years or more, the penalty is 1 year of interest.

Keep an eye out for: BrioDirect currently isn’t offering savings, checking, or money market accounts. You’ll have to look elsewhere for these types of accounts.

CFG Bank CD

Why it stands out: CFG Bank pays higher interest rates on 1-year, 18-month, 3-year, and 5-year CDs than what you would earn at many brick-and-mortar or online banks.

Term options: Terms range from 1 year to 5 years.

Penalties: CFG Bank charges standard-to-low penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms of 1 year
• 180 days of interest for terms longer than 1 year

Keep an eye out for: There are only a few terms to choose from. CFG Bank only has 1-year, 18-month, 3-year, and 5-year CDs.

First Internet Bank of Indiana CD

Why it stands out: First Internet Bank of Indiana pays high interest rates, and it has a variety of terms to choose from.

Term options: Terms range from 3 months to 5 years.

Penalties: First Internet Bank of Indiana charges standard-to-high penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms of 3 months
• 180 days of interest for terms between 6 months and 18 months
• 360 days of interest for terms between 24 months and 60 months

Keep an eye out for: First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference.

The early withdrawal penalties may also be steep compared to other financial institutions. 

Signature Federal Credit Union Certificate

Why it stands out: Signature Federal Credit Union is another solid choice if you prioritize banking with a credit union. The Signature Federal Credit Union Certificate has a $500 minimum opening deposit. The 6-month term has the highest rate right now.

Term options: Terms range from 3 months to 5 years.

Penalties: Signature Federal Credit Union charges standard penalties for early withdrawals of your principal balance, as follows:

• 45 days of interest for a 3-month term
• 90 days of interest for a 6-month term
• 135 day of interest for a 9-month term
• 180 days of interest for terms of 12 months and 4 years
• 365 days of interest for a 5-year term

Keep an eye out for: Credit unions require membership to open an account. The easiest way to become a member of Signature FCU is to enroll in the American Consumer Council. Then you’ll just need to open a savings account.

Quorum Federal Credit Union Term Savings

Why it stands out: Quorum Federal Credit Union has a high interest rate on term accounts (which is another name for a certificate). The 3-year term offers the most competitive interest rates. 

Term options: Terms range from 3 months to 5 years.

Penalties: At Quorum Federal Credit Union the early withdrawal penalty is as follows:

• For terms between 2 months and 11 months, 1% of the amount withdrawn
• For terms between 12 months and 24 months, 2% of the amount withdrawn
• For terms over 25 months, 3% of the amount withdrawn

Keep an eye out for: You must become a member to open a bank account at Quorum. To become a member, you or a family member have to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

Bread Savings High-Yield CD

Why it stands out: Bread Savings CDs stand out for their competitive interest rates on 2-year, 3-year, and 4-year terms.

Term options: Terms range from 1 year to 5 years.

Penalties: Bread Savings charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms under 12 months
• 180 days of  interest for terms between 12 months and 36 months
• 365 days of interest for terms between 48 months and 60 months

Keep an eye out for: The minimum opening deposit for Bread Savings CDs is $1,500. Other banks have lower minimum opening deposits.

TIAA Basic CD

Why it stands out: TIAA offers fixed-rate CDs with terms ranging from three months to five years. Its 3-month term offers a particularly competitive interest rate. 

Term options: Terms range from 3 months to 5 years.

Penalties: TIAA charges standard penalties for early withdrawals of your principal balance, as follows:

• 22 days of interest for a 3-month CD
• 45 days of interest for a 6-month CD
• 68 days of interest for a 9-month CD
• 91 days of interest for a 1-year CD
• 136 days of interest for an 18-month CD
• 182 days of interest for a 2-year CD
• 228 days of interest for a 30 month CD
• 273 days of interest for a 3-year CD
• 1 year of interest for a 4-year CD
• 456 days of interest for a 5-year CD

Keep an eye out for: The sore spot for a TIAA Basic CD is the early withdrawal penalty. Its penalty for withdrawing funds before the CD matures can be harsh, particularly for longer-term CDs. 

Chase CD

Why it stands out:  You can earn a competitive interest rate on a 3-month Chase CD if you qualify for a relationship rate. To get a relationship rate, you must have a linked Chase personal checking account. You’ll earn the highest interest rate on account balances over $100,000. 

Term options: Terms range from 1 month to 10 years.

Penalties: Chase charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for CD terms less than 6 months
• 180 days of interest for terms between 6 months and 23 months
• 365 days of interest for 24 months or more

Keep an eye out for: If you don’t have a Chase checking account, you’ll likely prefer another financial institution. The standard rate for Chase CDs is 0.01% APY. 

America First Credit Union Certificate

Why it stands out:  America First Credit Union has a high interest rate on a variety of certificates.

America First Credit Union has a unique flexible certificate that might be worth considering if you’re worried about early withdrawal penalties. The America First Flexible Certificate Account lets you continue depositing money into your CD after you’ve opened it, up to $10,000 per month. Many banks make you take out all your funds if you need to make an early withdrawal, but America First lets you make partial withdrawals.

Term options: Terms for regular CDs range from 3 months to 5 years. The America First Flexible CD is only available in a 12-month term.

Penalties: If you get an America First Flexible Certificate Account, you are permitted to make one free withdrawal per quarter.

The following early withdrawal penalty may apply to all America First certificate accounts:

• For terms of 1 year or less, the penalty is 60 days of interest
• For terms over 1 year, the penalty is 180 days of interest

Keep an eye out for: Like most credit unions, America First compounds your interest monthly rather than daily, which will limit how much you earn over time.

CIT Bank Term CD

Why it stands out: CIT Bank has regular CDs, jumbo CDs, and one no-penalty CD. CIT Bank Term CD rates vary depending on the term you choose. The 6-month term pays a higher interest rate than the average CD.

Vio Bank CD

Why it stands out: Vio Bank stands out because it pays a competitive interest rate on its 6-month term. You also might like this online bank if you want to open a fixed-interest bank account with a minimum of $500. Usually, you need at least $1,000 to open a CD.

Term options: Terms range from 6 months to 10 years.

Penalties: Here are the early withdrawal penalties for Vio Bank CDs:

• All the interest earned on the amount withdrawn for terms between 7 days and 31 days
• 1% of the amount withdrawn, plus a $25 fee for terms between 32 days and a year
• 3% of the amount withdrawn, plus a $25 fee for any term above a year

Keep an eye out for: Vio Bank has high early withdrawal penalties. Also, keep in mind Vio Bank doesn’t have a checking account. If you plan on opening a checking account with the same financial institution, you might prefer one of our other top picks.

Limelight Bank Online CD

Why it stands out: Limelight Bank is an online division of Capital Community Bank (CCBank) that offers CDs. It pays a competitive interest rate on its 1-year CD.

Term options: Terms for online CDs range from 6 months to 3 years.

Penalties: Limelight Bank has standard early withdrawal penalty terms, as follows:

• For terms between 6 months and 18 months, the early withdrawal penalty is 90 days of interest
• For a 36-month term, the penalty is 180 days of interest

Keep an eye out for: Limelight Bank only has CDs. If you’d like to open a checking or savings account at the same bank, you may prefer another financial institution.

You should also note that Limelight Bank uses the same mobile app as CCBank. 

Barclays Online CD

Why it stands out: Barclays is one of the few banks that doesn’t have a required minimum deposit for CDs. Its early withdrawal penalties are also lower than what you’ll pay with many institutions.

Term options: Term lengths range from 3 months to 5 years.

Penalties: Barclays has standard early withdrawal penalty terms, as follows:

• 90 days interest penalty for a term of 24 months or less
• 180 days interest penalty for a term over 24 months

Keep an eye out for: The Barclays app has good ratings in the Google Play store, but not in the Apple store.

Sallie Mae CD

Why it stands out: Sallie has high CD rates. Its 18-month and 2-year terms, in particular, offer the highest interest rate out of all of its terms.

Term options: Terms range from 6 months to 5 years.

Penalties: Sallie Mae charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for a 1-year term or shorter
• 180 days of interest for a term over a year

Keep an eye out for: You’ll need a minimum of $2,500 to open a Sallie Mae CD. Other financial institutions may allow you to open CDs with less money upfront. 

First National Bank of America CD

Why it stands out: First National Bank of America lets you open CDs online from anywhere in the US. The bank offers high CD rates for 4-year and 5-year terms.

Term options: Terms range from 1 year to 7 years.

Penalties: First National Bank of America charges high penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms under 1 year
• 180 days of interest for terms between 1 year and 23 months
• 360 days of interest for terms between 2 years and 47 months
• 540 days of interest for terms of 48 months or more

Keep an eye out for: First National Bank of America has steep early withdrawal penalties for most terms. You might prefer one of the other options on our list if you are worried about taking out money before your term ends.

Northern Bank Direct CD

Why it stands out: Northern Bank Direct has the most competitive interest rate on our list. You can earn 5.50% APY on a 15-month certificate.

Term options: Terms range from 6 months to 5 years. 

Penalties: Northern Bank Direct charges high penalties for early withdrawals of your principal balance, as follows:

• 12 months of interest for terms of 12 months to 35 months
• 24 months of interest for terms of 36 months to 47 months
• 36 months of interest for terms of 48 months or longer

Keep an eye out for: Northern Bank Direct is the online platform of Northern Bank. It offers CDs and a money market account, but not traditional checking or savings account. You can open regular checking and savings accounts at a branch. However, branches are only located in Massachusetts.

Rising Bank CD

Why it stands out: Rising Bank offers a high interest rate on a 15-month term.

Term options: Terms range from 6 months to 3 years. 

Penalties: The following early withdrawal penalties may apply to Rising Bank CDs:

• 90 days of interest for a term between 6 months and 1 year
• 180 days of interest for terms 15 months or longer

Keep an eye out for: At Rising Bank, interest is compounded and deposited every three months, while other institutions may compound monthly or even daily. Depending on how much you deposit into a CD, this may or may not make a significant difference.

Premier Members Credit Union Share Certificate

Why it stands out: Premier Members Credit Union may be a solid option if you prefer credit unions over banks and meet the eligibility requirements to become a member. The credit union is offering a limited-time 10-month share certificate that pays 5.25% APY. Once the 10-month certificate matures, it will automatically renew to a 6-month regular share certificate.

Term options: Terms range from 91 days to 5 years.

Penalties: Premier Members Credit Union charges standard-to-low penalties for withdrawals of your principal balance, as follows:

• 90 days of interest for terms of 1 year or less
• 180 days of interest for terms over a year

Keep an eye out for: Become a member of the credit union by joining Impact on Education, a charity of the Boulder Valley School District. You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.

Consumers Credit Union CD

Why it stands out: Consumers Credit Union lets you open certificates with as little as $250. The 10-month term offers the most competitive interest rates. You can earn 5.00% APY with at least $250, 5.15% APY with balances of $100,000 to $249,999.99, and 5.25% APY on balances of $250,000 or more. 

Term options: Terms range from 6 months to 5 years.

Penalties: Consumers Credit Union charges standard-to-low penalties for withdrawals of your principal balance, as follows:

• 60 days of interest for terms of 1 year or less
• 120 days of interest for terms over a year

Keep an eye out for: To become a member, you’ll have to pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Great Lakes Credit Union 8 Month CD, powered by SaveBetter

Why it stands out: Through SaveBetter, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from over 20 banks and credit unions. Currently, the Great Lakes Credit Union 8 Month Certificate offers the highest CD rate on SaveBetter. However, the platform has several CDs from different credit unions that offer above 5.00% APY.

Term options: SaveBetter offers a variety of CDs from different financial institutions. Terms may vary from 1 month to 5 years.

Penalties: The early withdrawal penalty for the Great Lakes Credit Union 8 Month Certificate is 90 days of simple interest.

Keep an eye out for:  You might prefer one of our other top picks if you would rather open CD directly with a bank.

Synchrony CD

Why it stands out: Synchrony offers a variety of term length options, including 13-month, 14-month, and 15-month CDs. 

Term options: Terms range from 3 months to 5 years.

Penalties: Synchrony’s early withdrawal penalty rules are pretty standard, as follows:

• 90 days interest penalty for a term of 12 months or less
• 180 days interest penalty for a term over 12 months but under 48 months
• 365 days interest for a term of 48 months or more

Penalties: You’ll want to consider whether you have a preference on how you’ll withdraw money from a CD. When you’re ready to cash out your CD, you must call Synchrony. Some other banks will let you cash out your CD through online banking.

Ally High Yield CD

Why it stands out: Ally has more options for CDs than any other online bank, including a no-penalty CD and a variable-rate CD.

Term options: Ally offers a total of 11 different CD term lengths ranging from 3 months to 5 years.

Penalties: Ally charges standard penalties for early withdrawals of your principal balance, as follows:

• 60 days interest penalty for a CD term of 24 months or less
• 90 days interest penalty for a CD term of 25 months to 36 months
• 120 days interest penalty for a CD term of 37 months to 48 months
• 150 days interest penalty for a CD term of 49 months or more

Keep an eye out for: Ally offers three types of CDs: High Yield CDs, Raise Your Rate CDs, and No Penalty CDs.

Unlike regular High Yield CDs, Raise Your Rate accounts offer 2-year and 4-year terms. APYs on these accounts start lower than High Yield CDs rates, but you can increase your APR once over 2 years or twice over 4 years.

No Penalty CDs do not penalize you for early withdrawal, but the only term available is 11 months.

American Express® CD

Why it stands out: American Express doesn’t have a minimum opening deposit requirement. Most banks and credit unions require at least $1,000 for an initial deposit on a CD.

Term options: American Express has CD terms ranging from 6 months to 5 years.

Penalties: The early withdrawal penalties are as follows:

• 90 days interest penalty for a term under 12 months
• 270 days interest penalty for a term between 12 and 47 months
• 365 days interest penalty for a term between 48 and 59 months
• 540 days interest penalty for a term of 60 months or more

Keep an eye out for: American Express’ fees for withdrawing funds before the CD maturity date are higher than most. If you’re worried about early withdrawal penalties, you may want to consider one of the other options from our list.

Marcus No-Penalty CD

Why it stands out: Marcus by Goldman Sachs offers a variety of no-penalty CDs. Its 13-month term offers a competitive interest rate. 

Term options: No-Penalty CDs come with 7-month, 11-month, and 13-month options.

Keep an eye out for: The 7-month and 11-month terms offer significantly lower interest rates than the 13-month term. If you’re searching for a no-penalty CD under a year, you can find other banks with more competitive interest rates.

Alternative CD Options

We looked at the following CDs as well. While these ultimately weren’t selected as our top picks, you might find some of these options appealing depending on your preferences.

• Air Force Federal Credit Union Certificate Account: Air Force Federal Credit Union has a variety of CDs, but its rates have recently dropped and are lower than our top picks.
• Capital One 360 CD: Capital One 360 lets you open a CD with $0, but its rates have recently dropped and are lower than our top picks.
• Connexus Credit Union Share Certificate: Connexus share certificates require a minimum of $5,000. Our top picks also pay higher interest rates right now.
• Pentagon Federal Credit Union Money Market Certificate: PenFed offers solid interest rates on CDs, but our top picks have even more competitive CD rates right now.
• Pure Point Financial CD: Pure Point’s rates are solid, but its $10,000 minimum deposit could be a major drawback for more modest savers.
• USAA Bank CD: USAA Bank offers a wide range of CD options for military members and families, but rates are mediocre and you’ll need at least $1,000 to open an account.
• NBKC CD : NBKC pays good rates. But unlike most CDs, NBKC CDs pay variable rates, so rates can go up or down after you’ve opened the account.
• Bethpage Federal Credit Union Certificate Account: Bethpage CDs have a low minimum opening deposit but our top picks offer more competitive interest rates.
• Charles Schwab Bank CD: Charles Schwab has brokered CDs, meaning Charles Schwab doesn’t actually own the CD. Instead, Charles Schwab acts as the middleman for you and the bank that owns the CD. Depending on how you bank, you may prefer open a CD directly with the financial institution.