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CDs

Current CD rates — July 2022

Man using a banking app on phone
Westend61/Getty Images
Written by
Matthew Goldberg
  • /
  • 2 min read
Edited by
Brian Beers
Reviewed by
Greg McBride, CFA
  • /
  • 2 min read
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A certificate of deposit (CD) is a time deposit account. A bank agrees to pay interest at a certain rate if savers deposit their cash for a set term, or period of time.

Find current CD rates and recent interest rate trends from Bankrate below. Here are the current average rates for the week of June 29:

  • 1-year CD rate: 0.39%
  • 5-year CD rate: 0.60%
  • 1-year jumbo CD rate: 0.42%
  • 5-year jumbo CD rate: 0.63%
  • Money market account rate: 0.09%

The national average rate for one-year and five-year CDs started to increase in February, driven in part by rising Treasury yields and expectations of Federal Reserve rate increases in 2022.

The Fed raised rates in March, May and June. These are the first rate increases since 2018 as inflation continues to rage.

Latest CD rates: 3-month trend

Date 1-year CD 5-year CD 1-year jumbo 5-year jumbo Money market account
06/29/2022 0.39% 0.60% 0.42% 0.63% 0.09%
06/22/2022 0.37% 0.59% 0.39% 0.62% 0.09%
06/15/2022 0.33% 0.56% 0.36% 0.58% 0.08%
06/08/2022 0.28% 0.48% 0.30% 0.51% 0.08%
06/01/2022 0.27% 0.48% 0.30% 0.49% 0.08%
05/25/2022 0.26% 0.47% 0.29% 0.48% 0.08%
05/18/2022 0.24% 0.43% 0.26% 0.44% 0.08%
05/11/2022 0.24% 0.41% 0.26% 0.42% 0.08%
05/04/2022 0.23% 0.39% 0.24% 0.40% 0.07%
04/27/2022 0.22% 0.39% 0.24% 0.40% 0.07%
04/20/2022 0.22% 0.39% 0.24% 0.40% 0.07%
04/13/2022 0.22% 0.39% 0.24% 0.39% 0.07%
04/06/2022 0.22% 0.39% 0.24% 0.39% 0.07%
03/30/2022 0.20% 0.36% 0.21% 0.37% 0.07%
03/23/2022 0.19% 0.36% 0.21% 0.37% 0.07%
03/16/2022 0.19% 0.36% 0.21% 0.37% 0.07%

There’s no need to stick with low rates. Here are some of the best CD rates by term from popular banks:

Compare current CD rates by term for July 2022

Current CD rates: 6-month

  • Quontic Bank: 1.26% APY
  • Limelight Bank: 1.25% APY
  • Live Oak Bank: 1.10% APY
  • Popular Direct: 1.10% APY
  • Marcus by Goldman Sachs: 1.05% APY
  • First Internet Bank of Indiana: 0.90% APY
  • Capital One: 0.75% APY

See additional best 6-month CD rates.

Current CD rates: 1-year

  • Bread Savings (formerly Comenity Direct): 2.50% APY
  • Popular Direct: 2.10% APY
  • Limelight Bank: 2.05% APY
  • Quontic Bank: 2.01% APY
  • Live Oak Bank: 2.00% APY
  • First Internet Bank of Indiana: 1.92% APY
  • Barclays: 1.90% APY
  • Marcus by Goldman Sachs: 1.90% APY
  • American Express National Bank: 1.75% APY
  • Capital One: 1.75% APY
  • Pentagon Federal Credit Union: 1.75% APY

See additional best 1-year CD rates.

Current CD rates: 3-year

  • Bread Savings (formerly Comenity Direct): 3.25% APY
  • Popular Direct: 3.02% APY
  • Quontic Bank: 2.81% APY
  • Limelight Bank: 2.75% APY
  • Pentagon Federal Credit Union: 2.60% APY
  • First Internet Bank of Indiana: 2.58% APY
  • Barclays: 2.50% APY
  • Capital One: 2.50% APY
  • Marcus by Goldman Sachs: 2.50% APY
  • Live Oak Bank: 2.30% APY

See additional best 3-year CD rates.

Current CD rates: 5-year

  • Pentagon Federal Credit Union: 3.50% APY
  • Bread Savings (formerly Comenity Direct): 3.35% APY
  • Popular Direct: 3.25% APY
  • First Internet Bank of Indiana: 3.09% APY
  • Barclays: 2.90% APY
  • Capital One: 2.90% APY
  • Discover Bank: 2.90% APY
  • Marcus by Goldman Sachs: 2.90% APY
  • Quontic Bank: 2.86% APY
  • Live Oak Bank: 2.75% APY

See additional best 5-year CD rates.

Note: Annual percentage yields (APYs) shown are as of June 30, 2022, and apply to balances of $25,000. APYs for some products may vary by region.

Current CD rates FAQs

What are today’s CD rates?

According to Bankrate’s most recent national survey of banks and thrifts, the average rate is 0.39 percent for a one-year CD, 0.42 percent for a one-year jumbo CD, 0.60 percent for a five-year CD and 0.63 percent for a five-year jumbo CD.

The Federal Reserve and CD rates

The Federal Reserve’s decisions on interest rates can affect CD rates.

Once the central bank makes a decision to change the rate, competitive banks will generally move CD yields in the same direction. Broader macroeconomic conditions also influence CD rates.

For instance, the Fed indicated that rate increases were likely in 2022, and since February, average rates for one-year and five-year CDs have increased.

How are CD interest rates determined?

CD rates are determined by several factors. The decisions made by the Federal Reserve on the federal funds rate will likely influence CD rates. 

Competition among banks and credit unions will also influence the payout on their CDs, as well as whether or not the financial institution needs deposits. In general, online banks tend to pay higher rates than banks with branches.

Changes in Treasury yields and economic conditions also influence CD rates.

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
Brian Beers
Senior wealth editor
Reviewed by
Greg McBride, CFA
Chief financial analyst

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