Current CD Rates For December 2022

Current CD rates — December 2022

2 minute read Published December 08, 2022

Written by

Matthew Goldberg

Edited by

Nell McPherson

Reviewed by

Greg McBride, CFA

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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 Dec. 7:

1-year CD rate: 1.23%
5-year CD rate: 1.08%
1-year jumbo CD rate: 1.28%
5-year jumbo CD rate: 1.11%
Money market account rate: 0.25%

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, June, July, September and November. These are the first rate increases since 2018, and inflation remains high.

Latest CD rates: 3-month trend

Date	1-year CD	5-year CD	1-year jumbo	5-year jumbo	Money market account
12/07/2022	1.23%	1.08%	1.28%	1.11%	0.25%
11/30/2022	1.20%	1.06%	1.24%	1.09%	0.25%
11/22/2022	1.18%	1.06%	1.22%	1.09%	0.25%
11/16/2022	1.15%	1.04%	1.19%	1.07%	0.19%
11/9/2022	1.12%	1.02%	1.16%	1.05%	0.17%
11/2/2022	1.10%	1.02%	1.14%	1.05%	0.17%
10/26/2022	1.05%	1.00%	1.09%	1.03%	0.16%
10/19/2022	1.03%	0.99%	1.07%	1.02%	0.16%
10/12/2022	0.97%	0.93%	1.00%	0.95%	0.15%
10/05/2022	0.96%	0.91%	1.00%	0.94%	0.15%
09/28/2022	0.82%	0.87%	0.86%	0.90%	0.14%
09/21/2022	0.78%	0.84%	0.82%	0.87%	0.13%
09/14/2022	0.76%	0.83%	0.81%	0.85%	0.13%
09/07/2022	0.65%	0.74%	0.69%	0.77%	0.13%

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 November 2022

Current CD rates: 6-month

Popular Direct: 4.25% APY
First Internet Bank of Indiana: 4.07% APY
Bask Bank: 4.00% APY
Bank5 Connect: 3.80% APY
Synchrony Bank: 3.50% APY
Sallie Mae Bank: 3.50% APY

See additional best 6-month CD rates.

Current CD rates: 1-year

First Internet Bank of Indiana: 4.59% APY
Bread Savings (formerly Comenity Direct): 4.50% APY
Sallie Mae Bank: 4.25% APY
Synchrony Bank: 4.15% APY
Bask Bank: 4.10% APY

See additional best 1-year CD rates.

Current CD rates: 3-year

Sallie Mae Bank: 4.50% APY
First Internet Bank of Indiana: 4.44% APY
Synchrony Bank: 4.30% APY
Capital One: 4.15% APY
LendingClub Bank: 4.10% APY

See additional best 3-year CD rates.

Current CD rates: 5-year

Bread Savings (formerly Comenity Direct): 4.75% APY
Sallie Mae Bank: 4.55% APY
Popular Direct: 4.50% APY
First Internet Bank of Indiana: 4.39% APY
Synchrony Bank: 4.30% APY

See additional best 5-year CD rates.

Note: Annual percentage yields (APYs) shown are as of Dec. 8, 2022, and apply to balances of $25,000. APYs for some products may vary by region.

Current CD rates FAQs

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.

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.