Best CD Rates of December 2022

Cynthia Bowman
Tempura / Getty Images
Tempura / Getty Images

If you’re looking for a stable way to grow funds and can commit your savings for a fixed period of time, a certificate of deposit is a good option. The Federal Reserve has consistently raised interest rates over the last year, providing the best rates in the last 15 years. The following list of best CD rates gives you a head start of which banks to compare before you decide.

  1. North American Savings Bank: APY

  2. Popular Direct: APY

  3. Sallie Mae Bank: APY

  4. Synchrony Bank: APY

  5. BMO Harris: APY

  6. Capital One: APY

  7. Quontic: APY

  8. Bask Bank: APY

1. North American Savings Bank

  • APY: APY

  • Term: 13 months

  • Account minimum to open: $5,000

NASB only offers three CD terms of 7, 13 and 24 months. A minimum of $5,000 is required to open a CD and earn between and APY. Although NASB is based in Missouri, you can open a CD online.

North American Savings Bank currently pays one of the highest APY rates on its CDs, for its 13-month term.

2. Popular Direct

  • APY: APY

  • Term: 12 months

  • Account minimum to open: $10,000

Popular Direct Bank has the highest rate for a 12-month CD at . However, you’ll need to deposit at least $10,000 to get started. Eight terms between three and 60 months pay at least APY.

3. Sallie Mae Bank

  • APY: APY

  • Term: 60 months

  • Account minimum to open: $2,500

Sallie Mae Bank offers excellent rates on CDs. Plus, an automatic renewal option makes it simple to continue growing your funds. Eleven terms between six and 60 months start at APY. As with most CDs, the longer the term you choose, the higher the rate you could earn.

4. Synchrony Bank

  • APY: APY

  • Term: 15 months

  • Account minimum to open: $0

Synchrony Bank offers some of the most creative certificates of deposit. If you don’t have a large lump sum to get started, you could still lock in a competitive interest rate of APY for 15 months with Synchrony Bank’s traditional CD.

Besides the offer, Synchrony also has a no-penalty CD for 11 months, with a rate of APY and a Bump-Up CD for 24 months at APY. The Bump-Up CD could be a good option if you’re looking at a longer term because it gives you the option to “bump up” the rate to a higher APY once during the term.

5. BMO Harris

  • APY: APY

  • Term: 59 months

  • Account minimum to open: $5,000

BMO Harris Bank offers five CD terms of 13, 25, 35, 45 and 59 months. Rates start at . CDs for smaller balances of $1,000 are also available. However, rates are considerably lower at 0.05% to 0.25%, making BMO Bank a good option only if you have at least $5,000 ready to invest.

6. Capital One

  • APY: APY

  • Term: Sixty months

  • Account minimum to open: $1,000

Capital One Bank is one of the best online banks for no-fee banking and competitive interest rates. A total of nine CD terms are available between six and 60 months. The 60-month term offers the highest rate, although the 24-month term, offering is another favorable option from Capital One Bank.

7. Quontic

  • APY: APY

  • Term: 60 months

  • Account minimum to open: $500

Quontic is a national digital bank offering a variety of online accounts. The bank’s five CDs with terms between six and sixty months yield between and APY. What makes Quontic’s CDs worth checking out are the low minimum opening amounts of $500.

8. Bask Bank

  • APY: APY

  • Term: 12 months

  • Account minimum to open: $1,000

Bask Bank offers quality high-yield savings accounts. Four shorter terms of six to 24 months are available, with the twelve-month option being the highest yielding. Notably, the six-month term is also worth exploring, with a rate of APY.

Takeaway

CDs are a good way to guarantee a fixed return. However, you’ll need to leave the funds in the account for the term you agreed to or you could risk losing the earnings as a penalty. Be sure you can commit to the term or consider CD ladder investing for maximum returns.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 20, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

This article originally appeared on GOBankingRates.com: Best CD Rates of December 2022

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