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Best 4-year CD rates – July 2022

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The top four-year CDs have something in common: They offer savers a higher yield than savings accounts and money market accounts. Combine that with a guaranteed rate of return and safety (when you choose a federally insured account) and these investments are worth considering.

Finding the best four-year CD rates requires some research. Start by comparing deals offered by online financial institutions. The best four-year CDs pay more than six times the national average of 0.43 percent annual percentage yield (APY), according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top widely available four-year CD pays 3.30 percent APY, which may be a good way to invest for a long-term financial obligation, like starting a business.

An account that doesn’t require you to fork over too much money upfront is ideal. Look for offers that don’t force you to jump through extra hoops — such as opening a new checking account — before you can open a CD.

Bankrate’s guide to choosing the right CD rate

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Methodology for Bankrate’s Best CD Rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield, the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund (NCUSIF).

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

Best 4-year CD rates for July 2022

Note: Annual percentage yields (APYs) shown are as of June 29, 2022, and may vary by region for some products.

*Rate not available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

**Rate not available in Florida or Texas.

These are the top widely available four-year CD rates. Evaluate the offers, then calculate how much interest you would earn when your CD matures.

Best 4-year CD rates for July 2022

Bread Savings: 3.30% APY; $1,500 minimum deposit

Bread Savings, formerly Comenity Direct, is an online bank that offers high-yield savings products and five terms of CDs ranging from one year to five years.

Bread Savings is part of Comenity Capital Bank, which is a unit of Bread Financial.

Popular Direct: 3.05% APY; $10,000 minimum deposit

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 120-year-old financial services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.

First Internet Bank of Indiana: 2.84% APY; $1,000 minimum deposit

First Internet Bank of Indiana opened in February 1999 and was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. Its products are available in all 50 U.S. states.

First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.

Bethpage Federal Credit Union: 2.60% APY; $50 minimum deposit

Bethpage Federal Credit Union was founded in 1941 for employees of airplane-maker Grumman. It is located in Bethpage, New York, and has more than 430,000 members.

Bethpage offers nine terms of CDs, ranging from three months to five years. It also offers a 39-month bump-up CD, along with checking and savings accounts, loans and other financial products.

Pentagon Federal Credit Union: 2.60% APY; $1,000 minimum deposit

Pentagon Federal Credit Union was established in 1935. It has more than 2 million members and is based in McLean, Virginia.

PenFed has nine terms of CDs, ranging from six months to seven years.

BMO Harris: 2.55% APY; $1,000 minimum deposit

BMO Harris offers 15 terms of CDs ranging from three months to five years, with a minimum opening deposit of $1,000.

Based in Chicago, the bank operates more than 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. The competitive rates offered on CDs with terms six months and longer are unavailable to residents of states where BMO has branches.

TAB Bank: 2.55% APY; $1,000 minimum deposit

Transportation Alliance Bank was established in Ogden, Utah, in 1998. It started as a banking service operating inside truck stops before expanding its financial services with a range of personal and business products.

TAB Bank offers several checking and savings account options, a money market account and eight terms of CDs, ranging from six months to five years.

TIAA Bank: 2.55% APY; $1,000 minimum deposit

TIAA Bank is a division of TIAA FSB and has 10 branches, all in Florida.

TIAA offers CD terms ranging from three months to five years. It also offers a Bump Rate CD, which permits a one-time increase should TIAA raise its rates. For customers with large deposits who need expanded FDIC insurance coverage, TIAA offers a service that allows it to insure more than FDIC limits by spreading money around to a network of banks.

Barclays: 2.50% APY; $0 minimum deposit

Barclays is a global bank that was founded in London more than 300 years ago. It introduced the first ATM to the world in 1967. Barclays has no minimum balance requirements to open an online CD. It offers nine CD terms ranging from three months to 60 months.

Capital One: 2.50% APY; $0 minimum deposit

Capital One, based in McLean, Virginia, is an online bank that also has branches.

Capital One offers nine competitive terms of regular CDs. Capital One’s CDs and 360 Performance Savings account don’t have minimum balance requirements.

Synchrony Bank: 2.50% APY; $0 minimum deposit

Synchrony Bank offers competitive yields across 14 CD terms. Synchrony promises that CDs funded within 15 days of opening will pay a higher yield if rates increase during that period.

The bank also offers a money market account and a savings account. Both offer a competitive APY and have no minimum balance requirement.

Marcus by Goldman Sachs: 2.50% APY; $500 minimum deposit

Marcus is a unit of Goldman Sachs Bank USA that offers a variety of CDs, three no-penalty CD terms and a savings account. If Marcus receives your CD deposit within 10 days of opening the account and the CD rate increases during that time, you’ll receive the higher rate.

The online bank has a wide variety of CDs, including nine regular term CDs and three no-penalty CDs.

Live Oak Bank: 2.50% APY; $2,500 minimum deposit

Live Oak Bank offers seven terms of CDs, ranging from six months to five years. A $2,500 minimum deposit is needed to open a CD. In addition to CDs, a savings account is also offered.

Live Oak Bank, an online bank, was founded in 2008 and is based in Wilmington, North Carolina.

Alliant Credit Union: 2.40% APY; $1,000 minimum deposit

Alliant Credit Union was founded in 1935 as United Airlines Employees’ Credit Union. It has about 600,000 members nationwide.

Alliant offers competitive APYs with low minimum balance requirements for CDs. Alliant also has traditional individual retirement account (IRA) CDs, Roth IRA CDs and SEP IRA CDs.

Amerant Bank: 2.40% APY; $10,000 minimum deposit

Amerant Bank operates 17 branches in Florida and seven in Texas. CDs can be opened online by residents in every state, but rates offered in Florida and Texas are much less competitive than those offered in the other 48 states.

Citizens Access: 2.35% APY; $5,000 minimum deposit

Citizens Access is the online division of Citizens Bank. It launched in July 2018 with a savings account and CDs. The bank offers five CD terms and an 11-month no-penalty CD. Yields are competitive. Its CDs and savings accounts all require a $5,000 minimum deposit.

Discover Bank: 2.30% APY; $2,500 minimum deposit

Discover Bank offers a wide selection of banking products, including 12 CD terms, a money market account, savings account and checking account. Discover Bank’s products tend to offer competitive APYs.

Vio Bank: 2.00% APY; $500 minimum deposit

Vio Bank offers 10 terms of CDs that range from six months to 10 years. It also offers a high- yield online savings account and a money market account with competitive yields.

Established in 2018, Vio Bank is the national online division of Oklahoma City-based MidFirst Bank.

Who is a 4-year CD good for?

A four-year CD offers a fixed rate of return and can be a solid option for consumers who value safety and don’t want surprises, unlike money invested in stocks, which is subject to market volatility and possible loss of principal. Your CD is protected if it’s with an FDIC-insured bank or an NCUA credit union, which are both backed by the full faith and credit of the U.S. government. But there are limits to the amount of insurance. Each depositor at an FDIC bank is insured up to $250,000 per insured bank, per account category. The standard share insurance amount at an NCUA credit union is $250,000 per share owner, per insured credit union, for each ownership category.

Why get a 4-year CD?

Consider a four-year CD if you have money that you’re looking to grow for at least four years. If you withdraw your money from the CD before the CD matures, you’ll likely incur an early withdrawal penalty.

A four-year CD could be a good choice for those looking for a higher APY than they might otherwise earn in a savings account or money market account, particularly in an environment in which APYs are stagnant or decreasing.

4-year CD yields offered by popular banks for July 2022

American Express National Bank: 1.20% APY; $0 minimum deposit

American Express National Bank is perhaps best known for credit cards, but it also offers deposit products that include seven terms of CDs, ranging from six months to five years. No minimum balance is required, and yields are competitive for some CD terms.

Citibank: 1.01% APY; $500 minimum deposit

Citibank is one of the largest banks in the U.S. It offers fixed rate CDs, a step up CD and a no penalty CD.

Citi CD minimum deposits vary based on your location, but the minimum deposit is $500 in most states.

Citi also has a savings account with a competitive yield. But that account, the Citi Accelerate Savings, is only available in certain markets.

CIT Bank: 0.50% APY; $1,000 minimum deposit

CIT Bank, an online bank, is a division of First Citizens Bank. CIT Bank offers seven terms of CDs ranging from six months to five years, as well as jumbo CDs and a no-penalty CD with an 11-month term. In addition to CDs, CIT Bank offers savings and money market accounts.

Pros and cons of a 4-year CD

Pros of a 4-year CD

  • You’ll earn a fixed APY.
  • If your account is insured by the FDIC or the NCUSIF — and you’re within the previously mentioned insurance guidelines — your money will be backed by the full faith and credit of the U.S. government.
  • If APYs end up decreasing, you’d be locked in for the next few years.
  • A four-year CD could help you diversify some of your savings/investments.

Cons of a 4-year CD

  • If rates start increasing, the funds in a four-year CD may return less interest than you might otherwise be able to earn.
  • If you need to make an early withdrawal, you’re subject to a penalty.
  • A four-year CD might not keep up with inflation over time, causing your money to lose purchasing power.

Factor in flexibility

A typical CD has an early withdrawal penalty. If your investment strategy calls for putting your money into a four-year CD, consider looking for one with a manageable fee, especially if you think you may close your account before it matures. Another option is to look for institutions giving savers a one-time rate increase over the course of their terms.

The best 4-year CD rates for July 2022

Institution APY Minimum deposit for APY
Bread Savings 3.30% $1,500
Popular Direct 3.05% $10,000
First Internet Bank of Indiana 2.84% $1,000
Bethpage Federal Credit Union 2.60% $50
Pentagon Federal Credit Union 2.60% $1,000
BMO Harris 2.55% $1,000
TAB Bank 2.55% $1,000
TIAA Bank 2.55% $1,000
Barclays 2.50% $0
Capital One 2.50% $0
Synchrony 2.50% $0
Marcus by Goldman Sachs 2.50% $500
Live Oak Bank 2.50% $2,500
Alliant Credit Union 2.40% $1,000
Amerant Bank 2.40% $10,000
Citizens Access 2.35% $5,000
Discover Bank 2.30% $2,500
Vio Bank 2.00% $500

Learn more about other CD terms:

Written by
Matthew Goldberg
Consumer banking reporter
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Edited by
Senior wealth editor
Reviewed by
Professor of finance, Creighton University