The highest CD rates today: Earn up to 3.21% APY on a 1-year CD

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

A certificate of deposit may be worth exploring if you'd like to earn a little extra money on your savings and you don't need to access funds any time soon.

Our best CDs guide can be a great resource for learning about CDs and their various features. But if you prioritize finding a competitive CD rate above all else, this list is for you.

What are the interest rates for CDs today?

The most competitive institutions may offer 3-month CDs paying up to 1.50% APY or 5-year CDs up to 3.65% APY.

We've reviewed over a dozen financial institutions to keep up with the newest rate offerings. Our list includes CDs with much higher interest rates than the national average. Most of the institutions on our list are online banks and credit unions since they tend to offer high-yield CDs.

CDs usually have fixed interest rates. This means you'll be locking in a rate for a specific period of time. If you need to take out money from a CD before it matures, you may have to pay an early withdrawal penalty. 

The Federal Reserve has also increased the federal funds rate several times since March, so savings interest rates are expected to steadily increase throughout 2022.

Average CD rates vs. highest CD rates

The FDIC keeps tabs on national rates for interest-earning bank accounts. For CDs, the average interest rate depends on the term you choose. You can use the table below to see how the most competitive CD rates compare to average CD rates.

Best CD interest rates

Some of the institutions on our list are also top picks in our best CD guides. If you're looking for a specific CD term, consider reviewing these posts, too:

• Best 6-month CD guide
• Best 1-year CD guide
• Best 2-year CD guide
• Best 3-year CD guide
• Best 5-year CD guide

That said, if you're comfortable with a high initial deposit or don't mind limited terms options, the following three CD options also might be suitable contenders — even though they aren't in our best-of guides.

While the Popular Direct Certificate of Deposit didn't make it into any of our best CD guides, it still could be great if you already intend to open a CD with more than Popular Direct Certificate of Deposit. You'll want to pay attention to the CD early withdrawal penalties, though, because some terms have high penalties.

You may like CFG Bank Certificate of Deposit if you're searching for the following terms: 12-month, 13-month, 18-month, 36-month, or 60-month CDs. You also can open a CD with a low minimum opening deposit.

Connexus offers competitive interest rates on its 1-year, 2-year, and 3-year CDs. It might be a good option if you have at least Connexus Credit Union Share Certificate for an initial deposit.