The highest CD rates today: Earn up to 3.50% APY on a 5-year CD

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Over the past few months, online banks have been increasing their rates on CDs. CFG Bank, for example, now pays CFG Bank Certificate of Deposit, depending on the term.

Our best CDs guide can be a great resource for learning about CDs and their various features. But if you prioritize finding a competitive CD rate above all else, then this list is for you.

What are the interest rates for CDs today?

The FDIC keeps tabs on national rates for interest-earning bank accounts. 

For CDs, the average interest rate depends on the term you choose. The average interest rate for a 3-month CD is 0.10% APY, and the average interest rate for a 60-month CD is 0.57% APY.

We've reviewed over a dozen financial institutions to keep up with the new rate offerings. Our list includes CDs with much higher interest rates than the national average. Most of the institutions on our list are online banks and credit unions since they tend to offer high-yield bank accounts.

The most competitive institutions may offer 6-month CDs paying up to 2% APY and 5-year CDs up to 3.50% APY.

CDs usually have fixed interest rates. This means you'll be locking in a rate for a specific period of time. If you need to take out money from a CD before it matures, you may have to pay an early withdrawal penalty. 

The Federal Reserve also has increased the federal funds rate three times since March, so savings interest rates are expected to steadily increase throughout 2022.

Best CD interest rates

Some of the institutions on our list are also top picks on of our best CD guides. If you're looking for a specific CD term, consider reviewing these posts, too:

• Best 6-month CD guide
• Best 1-year CD guide
• Best 2-year CD guide
• Best 3-year CD guide
• Best 5-year CD guide

That said, if you're comfortable with a high initial deposit or don't mind limited terms options, the following three CD options also might be suitable contenders — even though they aren't in our best-of guides.

While the Popular Direct Certificate of Deposit didn't make it into any of our best CD guides, it still could be great if you already intend to open a CD with more than $10,000. You'll want to pay attention to the CD early withdrawal penalties, though, because some terms have high penalties.

You may like CFG Bank Certificate of Deposit if you're searching for the following terms: 12-month, 13-month, 18-month, 36-month, or 60-month CDs. You also can open a CD with a low minimum opening deposit.