The 20 Best CD Accounts of 2022

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A bank-issued certificate of deposit, or CD, allows you to earn guaranteed interest on the money you put in, making it a safe investment. Typically, the interest rates will be higher when you deposit a greater amount in the account and when you keep your funds there for a longer period of time. But some CDs do offer relatively low minimum deposits and high interest rates, even over a shorter timeframe.

GOBankingRates’ Top Picks: Best Checking Accounts of 2022
And More: Best Savings Accounts of 2022

To determine the institutions with the Best CD Accounts of 2022, GOBankingRates analyzed the following factors:

  • Total assets
  • Number of branch locations
  • Minimum deposit to open an account
  • 12-month CD APY
  • 60-month CD APY
  • Average mobile app rating

See which banking institution’s CD accounts are the best for growing your money this year.

Our Best CD Account

    Quontic Bank

    Why it stands out: The Quontic Bank CD Account offers a great annual percentage yield of 1.11% for a 60-month CD, plus a solid annual yield percentage of 0.60% for a 12-month CD.

    Pros:

    • 1.11% 60-month APY
    • 0.60% 12-month APY
    • $500 minimum balance

    Cons:

    • Online-only bank
    What to look for: This account comes with a $500 minimum deposit and really shines when it comes to APY. The 60-month APY is 1.11% and the 12-month APY is 0.60%. Plus, with an optimized online experience, you can open your account in three minutes or less. READ OUR FULL REVIEW
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    More of the Best CD Accounts 2022

      First Internet Bank

      Why it stands out: The First Internet Bank CD Account offers annual percentage yields of 0.95% for a 60-month CD and 0.60% for a 12-month CD, both of which are among the best.

      Pros:

      • 0.95% 60-month APY
      • 0.60% 12-month APY

      Cons:

      • $1,000 minimum balance
      • Online-only bank

      What to look for: You'll have a $1,000 minimum deposit with this account, but no fees. The 60-month APY is 0.95% and the 12-month APY is 0.60%. You'll also have a highly-rated app to work with if you enjoy mobile banking.

      READ OUR FULL REVIEW

      Comenity Bank

      Why it stands out: The Comenity Bank CD Account offers an annual percentage yield of 0.65% for a 12-month CD, the best on our list.

      Pros:

      • 0.85% 60-month APY
      • 0.65% 12-month APY

      Cons:

      • $1,500 minimum balance
      • Online-only bank

      What to look for: This account has a $1,500 minimum deposit, but comes with strong APY rates. A 60-month CD has an APY of 0.85%, while a 12-month CD has an APY of 0.65%, with interest compounded daily.

      READ OUR FULL REVIEW

          Synchrony Bank

          Why it stands out: The Synchrony Bank CD Account offers an annual percentage yield of 0.55% for a 12-month CD, and has a $0.01 minimum deposit. Synchrony Bank also has a 15-day Best Rate Guarantee in case rates improve in the first 15 days after you fund.

          Pros:

          • $0.01 minimum deposit
          • 0.55% 12-month APY
          • 15-day Best Rate Guarantee

          Cons:

          • 0.85% 12-month APY is not as good as leaders in the category
          • Online-only bank

          What to look for: You'll have a $0.01 minimum deposit on this account. The 60-month APY is 0.85% and the 12-month APY is 0.55%. Synchrony also offers a highly-rated app that you can use for mobile banking and a 15-day Best Rate Guarantee when you fund your CD.

          READ OUR FULL REVIEW
          More from Your Money

          Ally Bank

          Why it stands out: The Ally Bank CD Account offers an annual percentage yield of 0.55% for a 12-month CD, and has a $0.01 minimum deposit. Ally Bank also has options for CD Accounts without early withdrawal penalties.

          Pros:

          • $0.01 minimum deposit
          • 0.55% 12-month APY
          • Options for accounts without early withdrawal penalties

          Cons:

          • 0.80% 12-month APY is not as good as leaders in the category
          • Online-only bank

          What to look for: You'll have a $0.01 minimum deposit with this account. The 60-month APY is 0.80% and the 12-month APY is 0.55%. There are also options for no-penalty CDs.

          READ OUR FULL REVIEW

          TIAA Bank

          Why it stands out: The TIAA Bank CD Account offers annual percentage yields of 0.85% for a 60-month CD and 0.55% for a 12-month CD. Both of these are strong options for CD accounts.

          Pros:

          • 0.85% 60-month APY
          • 0.55% 12-month APY

          Cons:

          • $1,000 minimum balance
          • Online-only bank

          What to look for: This account has a $1,000 minimum deposit with no monthly account fees. The 60-month APY is 0.85% and the 12-month APY is 0.55%. There are also options to potentially lock in rate bumps if rates improve.

          READ OUR FULL REVIEW
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          Marcus by Goldman Sachs

          Why it stands out: The Marcus by Goldman Sachs CD Account offers annual percentage yields of 0.8% for a 60-month CD and 0.55% for a 12-month CD. Marcus by Goldman Sachs also offers a 10-day CD Rate Guarantee in case rates improve in the first 10 days after you fund.

          Pros:

          • 10-day Best Rate Guarantee
          • 0.55% 12-month APY

          Cons:

          • $500 minimum balance
          • Online-only bank

          What to look for: You'll have a $500 minimum deposit with this account. The 60-month APY is 0.80% and the 12-month APY is 0.55%. There's also a 10-day CD Rate Guarantee if rates improve after you fund.

          READ OUR FULL REVIEW

            Discover Bank

            Why it stands out: The Discover Bank CD Account offers annual percentage yields of 0.80% for a 60-month CD and 0.50% for a 12-month CD. There are also no fees associated with these accounts.

            Pros:

            • 0.80% 60-month APY
            • 0.50% 12-month APY

            Cons:

            • $2,500 minimum balance
            • Online-only bank

            What to look for: This account has a $2,500 minimum deposit, but no fees. The 60-month APY is 0.80% and the 12-month APY is 0.50%. For your mobile banking needs, Discover does have an app with strong reviews.

            READ OUR FULL REVIEW
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            TAB Bank

            Why it stands out: The TAB Bank CD Account offers annual percentage yields of 0.75% for a 60-month CD and 0.50% for a 12-month CD, which keep this bank competitive among the CD accounts.

            Pros:

            • 0.75% 60-month APY
            • 0.50% 12-month APY

            Cons:

            • $1,000 minimum balance
            • Online-only bank

            What to look for: You'll have a $1,000 minimum deposit with this account, but no fees. The 60-month APY is 0.75% and the 12-month APY is 0.50%.

            READ OUR FULL REVIEW

            Sallie Mae Bank

            Why it stands out: The Sallie Mae Bank CD Account offers an annual percentage yield of 0.60% for a 12-month CD, which is among the best.

            Pros:

            • 0.60% 12-month APY
            • No monthly fees

            Cons:

            • $2,500 minimum balance
            • Online-only bank

            What to look for: This CD account requires a $2,500 minimum deposit and comes with a 60-month APY of 0.45% and a 12-month APY of 0.60%. There are no monthly fees with this account. Plus, an automatic renewal option is available.

            READ OUR FULL REVIEW

            Capital One

            Why it stands out: The Capital One CD Account offers annual percentage yields of 0.80% for a 60-month CD and 0.20% for a 12-month CD. Capital One also offers branch locations if you want to bank in person for these CDs.

            Pros:

            • 0.80% 60-month APY
            • Physical bank locations

            Cons:

            • $1,000 minimum balance
            • 0.20% 12-month APY is not as good as leaders in the category

            What to look for: You'll have a $1,000 minimum deposit with this account. The 60-month APY is 0.80% and the 12-month APY is 0.20%. With Capital One, you'll also get access to an app with great reviews if you enjoy mobile banking.

            READ OUR FULL REVIEW
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              incredible bank logo

              IncredibleBank

              Why it stands out: The IncredibleBank CD Account offers annual percentage yields of 0.75% for a 60-month CD and 0.15% for a 12-month CD. It also has good reviews on its app for your mobile banking needs.

              Pros:

              • 0.75% 60-month APY
              • Options for types of CD

              Cons:

              • 0.15% 12-month APY is not as good as leaders in the category
              • Online-only bank

              What to look for: This account has a $1,000 minimum deposit. The 60-month APY is 0.75% and the 12-month APY is 0.15%. IncredibleBank also has a highly-rated app that you can use with mobile banking, a big perk if that's your preferred banking method.

              READ OUR FULL REVIEW

              CIT Bank

              Why it stands out: The CIT Bank CD Account offers annual percentage yields of 0.50% for a 60-month CD and 0.30% for a 12-month CD. CIT also offers a no-penalty 11-month CD account.

              Pros:

              • 0.50% 60-month APY
              • 11-month no-penalty CD account

              Cons:

              • $1,000 minimum balance
              • Online-only bank

              What to look for: You'll have a $1,000 minimum deposit with this account. The 60-month APY is 0.50% and the 12-month APY is 0.30%. There are also different types of CD accounts available, including no-penalty accounts.

              READ OUR FULL REVIEW
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                JPMorgan Chase Bank

                Why it stands out: With JPMorgan Chase, you'll have access to thousands of branch locations for your financial needs. The JPMorgan Chase Bank CD Account offers annual percentage yields of 0.02% for a 60-month CD and 0.02% for a 12-month CD.

                Pros:

                • Physical bank locations
                • Extra convenience if you're a Chase customer and want all of your accounts in one place

                Cons:

                • $1,000 minimum balance
                • 12-month and 60-month APY are not as good as leaders in the category

                 What to look for: You'll have a $1,000 minimum deposit with this account. The 60-month APY is 0.02% and the 12-month APY is 0.02%. You'll also have access to thousands of physical branch locations.

                READ OUR FULL REVIEW

                American Express

                Why it stands out: The American Express CD Account offers annual percentage yields of 0.55% for a 60-month CD and 0.20% for a 12-month CD, plus a minimum deposit of $0.01.

                Pros:

                • 0.55% 60-month APY
                • $0.01 minimum deposit

                Cons:

                • 12-month APY is not as good as leaders in the category
                • Online-only bank

                What to look for: You'll only need a minimum deposit of $0.01 for this account. The 60-month APY is 0.55% and the 12-month APY is 0.20%. There are no monthly fees.

                READ OUR FULL REVIEW

                Amboy Direct

                Why it stands out: The Amboy Direct CD Account offers an annual percentage yield of 0.50% for a 12-month CD. You can continue to add funds to your CD for the first six months after opening.

                Pros:

                • 0.50% 12-month APY
                • You can continue to add funds for the first six months

                Cons:

                • Only option is 12 months
                • Online-only bank

                What to look for: You'll have a $100 minimum deposit with this account. The 12-month APY is 0.50%. You can also continue to add funds to your CD account for the first six months.

                READ OUR FULL REVIEW

                iGObanking.com

                Why it stands out: The iGObanking.com CD Account offers an annual percentage yield of 0.55% for a 12-month CD and CD accounts up to 48 months.

                Pros:

                • 0.55% 12-month APY
                • CD accounts up to 48 months

                Cons:

                • No 60-month CD option
                • Online-only bank

                What to look for: This account has a $1,000 minimum deposit. The 12-month APY is 0.55% and CD accounts are available for up to 48-month terms.

                READ OUR FULL REVIEW

                Bank of America

                Why it stands out: The Bank of America CD Account offers annual percentage yields of 0.03% for a 60-month CD and 0.03% for a 12-month CD. With being a bigger bank, you might also consider doing more of your banking in one place here.

                Pros:

                • Physical bank locations
                • Extra convenience if you're a Bank of America customer and want all of your accounts in one place

                Cons:

                • $1,000 minimum balance
                • 12-month and 60-month APY are not as good as leaders in the category

                What to look for: You'll have a $1,000 minimum deposit with this account. The 60-month APY is 0.03% and the 12-month APY is 0.03%. You have the convenience of thousands of physical bank locations.

                READ OUR FULL REVIEW

                Investors Bank

                Why it stands out: The Investors Bank CD Account offers annual percentage yields of 0.50% for a 60-month CD and 0.20% for a 12-month CD.

                Pros:

                • 0.50% 60-month APY
                • Physical bank locations

                Cons:

                • $500 minimum balance
                • 12-month APY is not as good as leaders in the category

                What to look for: You'll have a $500 minimum deposit with this account. The 60-month APY is 0.50% and the 12-month APY is 0.20%.

                READ OUR FULL REVIEW

                  Texas Capital Bank

                  Why it stands out: The Texas Capital Bank CD Account offers annual percentage yields of 0.25% for a 60-month CD and 0.35% for a 12-month CD.

                  Pros:

                  • 0.35% 12-month APY
                  • Physical bank locations

                  Cons:

                  • $1,000 minimum balance
                  • 60-month APY is not as good as leaders in the category

                  What to look for: You'll have a $1,000 minimum deposit with this account, but no fees. The 60-month APY is 0.25% and the 12-month APY is 0.35%.

                  READ OUR FULL REVIEW

                  How To Choose a CD

                  When selecting a CD, you should take into account your timeline for needing the money, the rate you receive and the fees you pay. In today’s competitive financial environment, you should be able to find CDs that charge no fees. However, you’ll also want to match up the maturity of your CD with the time when you need the money. If you pull your money out early and trigger an early redemption penalty, you’re likely to lose a significant amount of your earned interest.

                  FAQs About CDs

                  CDs are commonly used but often not fully understood. Here are the answers to some of the most frequently asked questions regarding CDs.

                  What Is a CD?

                  A certificate of deposit, or CD, is an interest-bearing investment that is FDIC-insured and returns your original invested principal at maturity. CDs are considered among the safest of investments and usually pay a premium over regular savings accounts.

                  What CD Term Length Should I Select?

                  You should generally match your CD maturities with your financial needs. For example, if you’re putting a down payment on a house in 18 months, you’d want a CD maturity of 18 months or less. If you’re constructing a ladder, you might want to spread your money out over CDs that mature in consecutive years, say every year for one to 10 years. As each CD matures, you’ll buy a new 10-year CD to keep your ladder intact.

                  Can You Lose Money in CDs?

                  Generally speaking, you can’t lose money in CDs. Bank-issued CDs maintain their value until they mature. You can, however, lose money in broker-sold CDs, which fluctuate in value on a daily basis in response to moves in interest rates, just like bonds. If interest rates rise after you buy a broker-sold CD, the price of your investment will likely go down. If you hold your CD until maturity, you will be paid off at par value. Remember that the FDIC insurance nearly all CDs carry only insures holders against the default of the underlying financial institution; it doesn’t protect you from market losses.

                  Are CDs a Good Investment?

                  CDs are a good investment if they match your investment objectives and risk tolerance. For some investors, they may be too conservative, as they rarely pay rates that match the returns available from other investments. However, for short-term, conservative investors, CDs can often fit the bill perfectly, as they’re insured and often pay higher rates than savings accounts.

                  Do CDs Pay Monthly?

                  Many CDs do pay monthly, but longer-term CDs often pay at maturity or semiannually.

                  More From GOBankingRates

                  Dawn Allcot and John Csiszar contributed to the reporting for this article.

                  Methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate; and (5) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 2 times, and factors (4) and (5) were weighted 4 times. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.

                  About the Author

                  Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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