Best CD Rates – Find & Compare CD Rates for January 2022

Find the best CD Rates here! Those who are looking for the highest interest rates may want to consider opening a Certificate of Deposit (CD) account. Certificate of Deposit accounts often pay a much higher interest rate than a standard savings account. Unfortunately, enjoying higher interest rates does come with a cost.

Many CD accounts restrict access to your funds during the CD terms, often between 3 months to 5 years. If you take your money out before the end of the CD term (also known as the maturity date), you’ll often pay a penalty, perhaps even forfeiting a part of the interest you’ve earned. Though, this depends on the bank’s policy.

The best thing about a CD account is that they are low maintenance. Just store your money into an account, and your rate is generally locked in for the period of time you choose. Then, watch your interest grow.

You must keep up with when your CD matures because most banks will automatically renew the CD at the end of the term. Make sure to create a reminder. You’ll only have a short period of time to cancel your account after the term is over.

If you’re worried about the safety of keeping your money in an account for too long, don’t worry. CD accounts are insured, up to $250,000 per account. For banks, they’re FDIC insured and for credit unions, they’re NCUA insured.

Choosing a Term Length

Banks offer a variety of CD term lengths for you to choose from. They can go from as short as 30 days to as long as 10 years. However, most banks offer standard term lengths from 6 months to 5 years. Choosing the appropriate amount of time to store your money is up to you to decide.

First, you must determine what minimum balance requirement you’re able to meet. Banks generally have a minimum balance required to earn the listed Annual Percentage Yield (APY). For example, if you plan on depositing $500, you’ll qualify for every CD account that has no minimum balance requirement to those with a $500 requirement.

Then, choose your CD term. Usually, the longer your CD term is, the higher rates you’ll earn because banks like it when you keep your money with them. Though, this isn’t always the case. Some banks offer special rates for a limited time. For example, you may earn a better rate with a 12-month term as opposed to a 5-year term.

No matter what term length you choose, make sure you won’t need access to for the entire CD term to take advantage of the best CD rates. Otherwise, if you withdraw your funds early, you’ll incur an early withdrawal fee.

Finding the Best CD Accounts

Not all banks will offer you the best CD rates for your money. In fact, many traditional brick-and-mortar banks and popular name-brand banks will offer you the worst rates. With all the overhead costs they have to pay for, it’s difficult for them to offer customers competitive rates. Therefore, you can generally find the best rates from Credit Unions and Online Banks.

Below, we have compiled you a list of the best national and state/local CD rates for 6-month, 9-month, 1 year, 18-month, 2-year, 3-year, 4-year, and 5-year CD accounts! Our exclusive list has the most up-to-date and best national CD rates you will find on the web!

CIT Bank is offering a competitive rate of up to 0.50% APY. To sign up with CIT Bank, you are only required to be at least 18 years old and be a U.S. citizen. In addition, be sure to have a check or bank account number to electronically transfer money into your new CD account. With a wide range of CD lengths, you get to choose which account fits you the best! If you are interested, then head over and sign up for a CD account to start earning! Sign Up Now--- CIT Bank CD Review

Discover Bank CD: Provides you a choices with the length of your CDs ranging from 3 months to 10 years. With 3 months you get to enjoy a 0.20% APY and if you choose the 10 year term you can enjoy 1.00% APY. Discover Bank provides you the best service and keeps you in mind, so sign up today for their Certificate of Deposit account! Apply Now---Discover Bank CD Review

Editor’s Note: Rates are subject to change. Feel free to leave us a comment if you see any rates changed in any of the links below.

Looking for a specific term? See below for our list of the best CD rates in the following terms:

• Best 6-Month CD Rates
• Best 9-Month CD Rates
• Best 1-Year CD Rates
• Best 18-Month CD Rates
• Best 2-Year CD Rates
• Best 3-Year CD Rates
• Best 4-Year CD Rates
• Best 5-Year CD Rates

Best CD Accounts
Account		Minimum	APY
	CIT Bank 12-Month CD Account	$1,000	0.30%	Open Account
	Discover Bank 12-Month CD Account	$2,500	0.55%	Open Account

Best 6-Month CD Rates – Nationwide

Best 9-Month CD Rates – Nationwide

Best 1-Year CD Rates – Nationwide

Best 18-Month CD Rates – Nationwide

Best 2-Year CD Rates – Nationwide

Best 3-Year CD Rates – Nationwide

Best 4-Year CD Rates – Nationwide

Best 5-Year CD Rates – Nationwide

Other Bank Promotions You May Enjoy

Looking for other accounts banks offer? Check out our list of the best bank bonuses we’ve compiled, here on BankCheckingSavings. You can also find some of our helpful guides listed on there if you need any additional information.

Plus, if you’re interested in applying for a credit card, see our list of the best credit card promotions and their respective reviews to find the best one that suits your needs!