The Best CD Rates of March 2023

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

CDs are an ideal option if you’d like to grow your money but don’t want to deal with fluctuations of the stock market. 

Since you’re locking in an interest rate, it’s smart to look for the highest one. However, if you don’t have a lot of money to deposit you might also want to pay attention to minimum deposit requirements.

Best CD Rates of March 2023

• CFG Bank 1 Year CD – Product Name Only: CFG Bank 1 Year CD – APY APY
• Air Force Federal Credit Union 18 Month Certificate Account – Product Name Only: Air Force Federal Credit Union 18 Month Certificate Account – APY APY
• Crescent Bank 2 Year CD – Product Name Only: Crescent Bank 2 Year CD – APY APY
• Quorum Federal Credit Union 3 Year Term Savings – Product Name Only: Quorum Federal Credit Union 3 Year Term Savings – APY APY
• First Internet Bank of Indiana 4 Year CD – Product Name Only: First Internet Bank of Indiana 4 Year CD – APY APY
• CFG Bank 5 Year CD – Product Name Only: CFG Bank 5 Year CD – APY APY

Our top picks for CDs are protected by FDIC or NCUA insurance. Although Silicon Valley Bank and Signature Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare the Best CD Rates

Experts’ Advice on Choosing the Best CD

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money. You can read their insights at the bottom of this post.

Here’s what they had to say about CDs. (Some text may be lightly edited for clarity.)

What makes a CD good or not good?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“You always want to look at how much money you need to start up. And then if you can continuously add money in. Also, check not just what the interest rate is, but how often they pay out interest, whether it’s monthly or quarterly.”

How should someone choose a CD term length?

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective.”

Mykail James, CFEI:

“I believe in having a plan for whatever the funds are. If it’s supposed to be a house fund, and you want to wait for another two years to buy a house, that’s what you should be thinking of when you want to have this money.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner at SaverLife:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don’t need access to some of your money, since they have a fixed interest rate for a specific term.”

Methodology: How Did We Choose the Best CDs?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high Annual Percentage Yield (APY), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

We reviewed CD offerings from around a dozen national banks. All banks included on our list are insured by the FDIC and do not impose monthly maintenance fees on CDs.

In the event two banks offered the same APY on a CD product, we considered minimum deposit requirements and penalties for early withdrawals.

CD Frequently Asked Questions

Who has the highest-paying CD right now? 

The highest-paying CDs on our list are available at Air Force Federal Credit Union and Quorum Federal Credit Union. Air Force FCU has an 18-month CD that pays 5.25% APY when you deposit $100,000 or more. Quorum Federal Credit Union has a 3-year CD that also pays 5.25% APY with balances of $100,000 or more. 

What is a CD?

A CD is basically a time-sensitive savings account that holds your money at a fixed interest rate for a specified period of time. You can open one at almost any bank or credit union.

If you don’t need immediate access to your savings, a CD can guarantee a return on your money since you lock in a fixed annual percentage yield (APY) for the term of the CD. During that period, you typically won’t be able to add additional money or access your original balance without paying a penalty.

You will, however, earn interest on the amount and have the option to collect those payments monthly or reinvest them into your CD. Most banks offer varying rates for different terms and deposit amounts — typically, the longer the term, the higher the rate.

At the CD’s maturity date, you’ll typically have a 10 to 14-day grace period in which you can withdraw your money and close the account or renew the term.

Are CDs safe?

CDs are safer than investing your money in the stock market but may be less liquid than a savings account. CDs are a good place to store and grow money that you will need at a predetermined future date. While your money doesn’t have the potential to earn as much as it would in the stock market, there is no risk.

Like savings accounts, CDs are insured by the FDIC or NCUA for up to $250,000.

Are CDs a good investment?

Timing matters. CDs can be a good investment if interest rates are currently high and/or expected to fall. The biggest benefit of a CD is your ability to lock in a fixed interest rate. If interest rates fall during the term of your CD, the APY on your CD will not be affected. Conversely, if rates are expected to rise, then it may not be a good time to put money in a CD.

Can you lose money in CDs?

You cannot lose money in a CD if you leave it untouched for the full term length. It is like a locked savings account and the only way you can lose money is if you make an early withdrawal for which you are penalized.

Are CD rates going up?

Interest rates on CDs follow the federal funds rate, which is determined by the Federal Reserve. Thus far, the Federal Reserve has raised interest rates several times since 2022.

Best CD Rates by Term

Below you’ll find our picks for the best CD rates right now. There’s no CD that will work for everyone, but we combed through offerings at around a dozen national banks to find the strongest options available right now.

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 No-penalty CD Rates

Best Rates for No Opening Deposit

Best Rates for Other CD Terms

CD Rates at the Largest US Banks

About the Best CD Issuers

Air Force Federal Credit Union Certificate Account – Product Name Only

Why it stands out: You might like Air Force Federal Credit Union if you prefer credit unions over banks. However, you’ll need to meet one of the requirements for membership to open a CD.

The credit union’s most competitive CD is its 18-month term, but you’ll only be able to deposit new money. New money means any funds that haven’t already been deposited into an Air Force Federal Credit Union account.

Term options: Terms range from 6 months to 7 years.

Penalties: Your early withdrawal penalties will depend on the amount of money you deposit and the term. You’ll have to contact the credit union for more information on early withdrawal penalties for specific terms.

Keep an eye out for: You’ll be eligible to bank with Air Force Federal Credit Union if you or a family member: live, work, or go to school in select areas in Texas or Mississippi; are an active duty member or veteran of the US Armed Forces or National Guard living in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi; or you make a $10 donation to the Dream Education Foundation or $25 to the Airman Heritage Foundation.

CFG Bank CD – Product Name Only

Why it stands out: CFG Bank pays higher interest rates on 1-year, 18-month, 3-year, and 5-year CDs than what you would earn at many brick-and-mortar or online banks.

Term options: Terms range from 1 year to 5 years.

Penalties: CFG Bank charges standard-to-low penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms of 1 year
• 180 days of interest for terms longer than 1 year

Keep an eye out for: There are only a few terms to choose from. CFG Bank only has 1-year, 18-month, 3-year, and 5-year CDs.

Crescent Bank CD – Product Name Only

Why it stands out: Crescent Bank has competitive interest rates for a variety of online CDs. It also has standard early withdrawal penalties for most terms. 

Term options: Terms range from 12 months to 5 years.

Penalties: Crescent Bank charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days interest for a 1-year CD term
• 180 days interest for all other CD terms

Keep an eye out for: To deposit money into an online Crescent Bank CD, you’ll need to mail the bank a check or transfer money from a bank account at another financial institution. 

Also, keep in mind that other financial institutions may allow you to open a CD with less money upfront.

Quorum Federal Credit Union Term Savings – Product Name Only

Why it stands out: Quorum Federal Credit Union has a high interest rate on term accounts (which is another name for a certificate). 

The 3-year and 11-month terms offer the most competitive interest rates. The 11-month term only allows you deposit new money. New money means that the fund haven’t been deposited into another Quorum Federal Credit Union bank account.

Term options: Terms range from 3 months to 5 years.

Penalties: At Quorum Federal Credit Union the early withdrawal penalty is as follows:

• For terms between 2 months and 11 months, 1% of the amount withdrawn
• For terms between 12 months and 24 months, 2% of the amount withdrawn
• For terms over 25 months, 3% of the amount withdrawn

Keep an eye out for: You must become a member to open a bank account at Quorum. To become a member, you or a family member have to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

First Internet Bank of Indiana CD – Product Name Only

Why it stands out: First Internet Bank of Indiana pays high interest rates, and it has a variety of terms to choose from.

Term options: Terms range from 3 months to 5 years.

Penalties: First Internet Bank of Indiana charges standard-to-high penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms of 3 months
• 180 days of interest for terms between 6 months and 18 months
• 360 days of interest for terms between 24 months and 60 months

Keep an eye out for: First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference.

The early withdrawal penalties may also be steep compared to other financial institutions. 

Barclays Online CD – Product Name Only

Why it stands out: Barclays is one of the few banks that doesn’t have a required minimum deposit for CDs. Its early withdrawal penalties are also lower than what you’ll pay with many institutions.

Term options: Term lengths range from 3 months to 5 years.

Penalties: Barclays has standard early withdrawal penalty terms, as follows:

• 90 days interest penalty for a term of 24 months or less
• 180 days interest penalty for a term over 24 months

Keep an eye out for: The Barclays app has good ratings in the Google Play store, but not in the Apple store.

Ally High Yield CD – Product Name Only

Why it stands out: Ally has more options for CDs than any other online bank, including a no-penalty CD and a variable-rate CD.

Most notably, the Ally 18 Month High Yield CD – Product Name Only pays Ally 18 Month High Yield CD – APY APY.

Term options: Ally offers a total of 11 different CD term lengths ranging from 3 months to 5 years.

Penalties: Ally charges standard penalties for early withdrawals of your principal balance, as follows:

• 60 days interest penalty for a CD term of 24 months or less
• 90 days interest penalty for a CD term of 25 months to 36 months
• 120 days interest penalty for a CD term of 37 months to 48 months
• 150 days interest penalty for a CD term of 49 months or more

Keep an eye out for: Ally offers three types of CDs: High Yield CDs, Raise Your Rate CDs, and No Penalty CDs.

Unlike regular High Yield CDs, Raise Your Rate accounts offer 2-year and 4-year terms. APYs on these accounts start lower than High Yield CDs rates, but you can increase your APR once over 2 years or twice over 4 years.

No Penalty CDs do not penalize you for early withdrawal, but the only term available is 11 months.

Alliant Certificate – Product Name Only

Why it stands out: Alliant Credit Union is a strong choice if you would rather be part of a credit union than a bank. Alliant certificates offer competitive interest rates, particularly for 3-year and 4-year terms.

Term options: Certificate terms range from 3 months to 5 years.

Penalties: The early withdrawal penalties are as follows:

• 90 days of interest for terms of 17 months or less
• 120 days of interest for terms between 18 months and 23 months
• 180 days of interest for terms 2 years and over

Keep an eye out for: Credit unions require you to become a member to open accounts. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.

Bread Savings High-Yield CD – Product Name Only

Why it stands out: Bread Savings CDs stand out for their competitive interest rates on 1-year, 2-year, 3-year, and 4-year terms.

Term options: Terms range from 1 year to 5 years.

Penalties: Bread Savings charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms under 12 months
• 180 days of  interest for terms between 12 months and 36 months
• 365 days of interest for terms between 48 months and 60 months

Keep an eye out for: The minimum opening deposit for Bread Savings CDs is Bread Savings High-Yield CD. Other banks have lower minimum opening deposits.

Bethpage Federal Credit Union Certificate Account – Product Name Only

Why it stands out: Bethpage Credit Union has high CD rates for 1-year and 2-year terms. It also has a low minimum opening deposit requirement.

Term options: Terms range from 3 months to 5 years.

Penalties: Bethpage charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for a 1-year term or shorter
• 180 days of interest for a term over 1 year

Keep an eye out for: Credit unions require membership to open accounts. To join Bethpage FCU, you just need to open a Bethpage Federal Credit Union Savings Account with Bethpage Federal Credit Union Savings Account.

Rising Bank CD – Product Name Only

Why it stands out: Rising Bank has a 15-month CD with a high interest rate. 

Term options: Terms range from 6 months to 3 years.

Penalties: Rising Bank charges standard penalties for early withdrawals of your principal balance, as follows:

• 90 days of interest for terms 1 year or less
• 180 days of interest for terms over 1 year

Keep an eye out for: Rising Bank doesn’t offer CDs over 3 years. Rising Bank also compounds interest every 3 months instead of monthly or daily. Depending on how much you deposit into a CD, this may or may not make a significant difference.

Synchrony CD – Product Name Only

Why it stands out: Synchrony offers a variety of term length options, including 13-month, 14-month, and 15-month CDs. 

Term options: Terms range from 3 months to 5 years.

Penalties: Synchrony’s early withdrawal penalty rules are pretty standard, as follows:

• 90 days interest penalty for a term of 12 months or less
• 180 days interest penalty for a term over 12 months but under 48 months
• 365 days interest for a term of 48 months or more

Keep an eye out for: You’ll want to consider whether you have a preference on how you’ll withdraw money from a CD. When you’re ready to cash out your CD, you must call Synchrony. Some other banks will let you cash out your CD through online banking.

Capital One 360 CD – Product Name Only

Why it stands out: Capital One offers competitive rates, and unlike most banks, you don’t need any money for an initial deposit.

Term options: Capital One offers CD term lengths ranging from 6 months to 5 years.

Penalties: The penalties for early withdrawals are as follows: 

• 3 months interest penalty for a CD term of 1 year or less
• 6 months interest penalty for a CD term greater than 1 year

Keep an eye out for: Capital One is a good choice for people who don’t want to place an initial deposit, but you can find slightly higher rates elsewhere.

American Express® CD – Product Name Only

Why it stands out: American Express doesn’t have a minimum opening deposit requirement. Most banks and credit unions require at least $1,000 for an initial deposit on a CD.

Term options: American Express has CD terms ranging from 6 months to 5 years.

Penalties: The early withdrawal penalties are as follows:

• 90 days interest penalty for a term under 12 months
• 270 days interest penalty for a term between 12 and 47 months
• 365 days interest penalty for a term between 48 and 59 months
• 540 days interest penalty for a term of 60 months or more

Keep an eye out for: American Express’ fees for withdrawing funds before the CD maturity date are higher than most. If you’re worried about early withdrawal penalties, you may want to consider one of the other options from our list.

Marcus No-Penalty CD – Product Name Only

Why it stands out: Marcus by Goldman Sachs offers a variety of no-penalty CDs. Its 13-month term offers a competitive interest rate. 

Term options: No-Penalty CDs come with 7-month, 11-month, and 13-month options.

Keep an eye out for: The 7-month and 11-month terms offer significantly lower interest rates than the 13-month term. If you’re searching for a no-penalty CD under a year, you can find other banks with more competitive interest rates.

CIT Bank No Penalty 11-Month CD – Product Name Only

Why it stands out: CIT Bank pays a competitive rate on its no-penalty CD (a CD that doesn’t charge any early withdrawal penalties).

Term options: CIT Bank has an 11-month no-penalty CD.

What to look out for: You’ll need a minimum of CIT Bank No Penalty 11-Month CD – Minimum Deposit to open an account. Other banks have lower minimum opening requirements.

America First Credit Union Flexible Certificate – Product Name Only

Why it stands out: America First Credit Union gives you more flexibility with deposits and withdrawals than most banks. Unlike other institutions, America First lets you continue depositing money into your CD after you’ve opened it, up to $10,000 per month. Many banks make you take out all your funds if you need to make an early withdrawal, but America First lets you make partial withdrawals.

Term options: 12 months

What to look out for: Like most credit unions, America First compounds your interest monthly rather than daily, which will limit how much you earn over time.

Other CDs That Didn’t Make the Cut and Why

We looked at the following CDs as well. These CDs ultimately weren’t chosen among our top picks because they may have lower rates than our winners, higher minimum opening deposits, or more substantial early withdrawal penalties. You might find some of these options appealing though, depending on your preferences.

• Connexus Credit Union Share Certificate – Product Name Only: Connexus share certificates require a minimum of Connexus Credit Union Share Certificate – Minimum Deposit. Our top picks also pay higher interest rates right now.
• Pentagon Federal Credit Union Money Market Certificate – Product Name Only: PenFed offers solid interest rates on CDs, but our top picks have even more competitive CD rates right now.
• TIAA Basic Certificate of Deposit: TIAA offers solid CD rates, but our top picks pay higher interest rates or have more lenient early withdrawal penalties.
• HSBC Direct Certificate of Deposit(Member FDIC): HSBC’s CD rates were relatively high, but they’ve recently dropped.
• Pure Point Financial Certificate of Deposit(Member FDIC): PurePoint’s rates are solid, but its Pure Point Financial Certificate of Deposit minimum deposit could be a major drawback for more modest savers.
• Chase Certificate of Deposit (CD)(Member FDIC): While Chase has some truly excellent rewards credit cards, the rates on its CDs do not compete with any of the banks on our list.
• USAA Bank CD (Member FDIC) : USAA Bank offers a wide range of CD options for military members and families, but rates are mediocre and you’ll need at least USAA Bank Certificate of Deposit (CD) to open an account.
• NBKC CD (Member FDIC): NBKC pays good rates. But unlike most CDs, NBKC CDs pay variable rates, so rates can go up or down after you’ve opened the account.
• Sallie Mae CD (Member FDIC): Sallie Mae pays competitive rates on short terms, but you’ll need Sallie Mae Certificate of Deposit to open a CD.
• Charles Schwab Bank Certificate of Deposit: Charles Schwab has brokered CDs, meaning Charles Schwab doesn’t actually own the CD. Instead, Charles Schwab acts as the middleman for you and the bank that owns the CD. Depending on how your bank, you may prefer open a CD directly with the financial institution.