The 20 Best CD Accounts of 2022
A bank-issued certificate of deposit, or CD, allows you to earn guaranteed interest on the money you put in, making it a safe investment. Typically, the interest rates will be higher when you deposit a greater amount in the account and when you keep your funds there for a longer period of time. But some CDs do offer relatively low minimum deposits and high interest rates, even over a shorter timeframe.
GOBankingRates’ Top Picks: Best Checking Accounts of 2022
And More: Best Savings Accounts of 2022
To determine the institutions with the Best CD Accounts of 2022, GOBankingRates analyzed factors including the minimum deposit to open an account, 12-month CD APY and 60-month CD APY.
See which banking institution’s CD accounts are the best for growing your money this year.
Best CD Accounts of 2022
These accounts offer high interest rates, allowing your money to grow.
Quontic Bank: Best CD Account
Why it stands out: The Quontic Bank CD Account offers a great annual percentage yield of 1.11% for a 60-month CD, plus a solid annual yield percentage of 0.60% for a 12-month CD.
Pros:
1.11% 60-month APY
0.60% 12-month APY
Cons:
Online-only bank
What to look for: This account comes with a $500 minimum deposit and really shines when it comes to APY. The 60-month APY is 1.11% and the 12-month APY is 0.60%. Plus, with an optimized online experience, you can open your account in three minutes or less.
Read our full review on this CD account.
First Internet Bank
Why it stands out: The First Internet Bank CD Account offers annual percentage yields of 0.95% for a 60-month CD and 0.60% for a 12-month CD, both of which are among the best.
Pros:
0.95% 60-month APY
0.60% 12-month APY
Cons:
$1,000 minimum balance
Online-only bank
What to look for: You’ll have a $1,000 minimum deposit with this account, but no fees. The 60-month APY is 0.95% and the 12-month APY is 0.60%. You’ll also have a highly-rated app to work with if you enjoy mobile banking.
Read our full review on this CD account.
Comenity Bank
Why it stands out: The Comenity Bank CD Account offers an annual percentage yield of 0.65% for a 12-month CD, the best on our list.
Pros:
0.85% 60-month APY
0.65% 12-month APY
Cons:
$1,500 minimum balance
Online-only bank
What to look for: This account has a $1,500 minimum deposit, but comes with strong APY rates. A 60-month CD has an APY of 0.85%, while a 12-month CD has an APY of 0.65%, with interest compounded daily.
Read our full review on this CD account.
Synchrony Bank
Why it stands out: The Synchrony Bank CD Account offers an annual percentage yield of 0.55% for a 12-month CD, and has a $0.01 minimum deposit. Synchrony Bank also has a 15-day Best Rate Guarantee in case rates improve in the first 15 days after you fund.
Pros:
$0.01 minimum deposit
0.55% 12-month APY
15-day Best Rate Guarantee
Cons:
0.85% 12-month APY is not as good as leaders in the category
Online-only bank
What to look for: You’ll have a $0.01 minimum deposit on this account. The 60-month APY is 0.85% and the 12-month APY is 0.55%. Synchrony also offers a highly-rated app that you can use for mobile banking and a 15-day Best Rate Guarantee when you fund your CD.
Read our full review on this CD account.
Ally Bank
Why it stands out: The Ally Bank CD Account offers an annual percentage yield of 0.55% for a 12-month CD, and has a $0.01 minimum deposit. Ally Bank also has options for CD Accounts without early withdrawal penalties.
Pros:
$0.01 minimum deposit
0.55% 12-month APY
Options for accounts without early withdrawal penalties
Cons:
0.80% 12-month APY is not as good as leaders in the category
Online-only bank
What to look for: You’ll have a $0.01 minimum deposit with this account. The 60-month APY is 0.80% and the 12-month APY is 0.55%. There are also options for no-penalty CDs.
Read our full review on this CD account.
TIAA Bank
Why it stands out: The TIAA Bank CD Account offers annual percentage yields of 0.85% for a 60-month CD and 0.55% for a 12-month CD. Both of these are strong options for CD accounts.
Pros:
0.85% 60-month APY
0.55% 12-month APY
Cons:
$1,000 minimum balance
Online-only bank
What to look for: This account has a $1,000 minimum deposit with no monthly account fees. The 60-month APY is 0.85% and the 12-month APY is 0.55%. There are also options to potentially lock in rate bumps if rates improve.
Read our full review on this CD account.
Marcus by Goldman Sachs
Why it stands out: The Marcus by Goldman Sachs CD Account offers annual percentage yields of 0.80% for a 60-month CD and 0.55% for a 12-month CD. Marcus by Goldman Sachs also offers a 10-day CD Rate Guarantee in case rates improve in the first 10 days after you fund.
Pros:
10-day Best Rate Guarantee
0.55% 12-month APY
Cons:
$500 minimum balance
Online-only bank
What to look for: You’ll have a $500 minimum deposit with this account. The 60-month APY is 0.80% and the 12-month APY is 0.55%. There’s also a 10-day CD Rate Guarantee if rates improve after you fund.
Read our full review on this CD account.
Discover Bank
Why it stands out: The Discover Bank CD Account offers annual percentage yields of 0.80% for a 60-month CD and 0.50% for a 12-month CD. There are also no fees associated with these accounts.
Pros:
0.80% 60-month APY
0.50% 12-month APY
Cons:
$2,500 minimum balance
Online-only bank
What to look for: This account has a $2,500 minimum deposit, but no fees. The 60-month APY is 0.80% and the 12-month APY is 0.50%. For your mobile banking needs, Discover does have an app with strong reviews.
Read our full review on this CD account.
TAB Bank
Why it stands out: The TAB Bank CD Account offers annual percentage yields of 0.75% for a 60-month CD and 0.50% for a 12-month CD, which keep this bank competitive among the CD accounts.
Pros:
0.75% 60-month APY
0.50% 12-month APY
Cons:
$1,000 minimum balance
Online-only bank
What to look for: You’ll have a $1,000 minimum deposit with this account, but no fees. The 60-month APY is 0.75% and the 12-month APY is 0.50%.
Read our full review on this CD account.
Sallie Mae Bank
Why it stands out: The Sallie Mae Bank CD Account offers an annual percentage yield of 0.60% for a 12-month CD, which is among the best.
Pros:
0.60% 12-month APY
No monthly fees
Cons:
$2,500 minimum balance
Online-only bank
What to look for: This CD account requires a $2,500 minimum deposit and comes with a 60-month APY of 0.45% and a 12-month APY of 0.60%. There are no monthly fees with this account. Plus, an automatic renewal option is available.
Read our full review on this CD account.
Capital One
Why it stands out: The Capital One CD Account offers annual percentage yields of 0.80% for a 60-month CD and 0.20% for a 12-month CD. Capital One also offers branch locations if you want to bank in person for these CDs.
Pros:
0.80% 60-month APY
Physical bank locations
Cons:
$1,000 minimum balance
0.20% 12-month APY is not as good as leaders in the category
What to look for: You’ll have a $1,000 minimum deposit with this account. The 60-month APY is 0.80% and the 12-month APY is 0.20%. With Capital One, you’ll also get access to an app with great reviews if you enjoy mobile banking.
Read our full review on this CD account.
IncredibleBank
Why it stands out: The IncredibleBank CD Account offers annual percentage yields of 0.75% for a 60-month CD and 0.15% for a 12-month CD. It also has good reviews on its app for your mobile banking needs.
Pros:
0.75% 60-month APY
Options for types of CD
Cons:
0.15% 12-month APY is not as good as leaders in the category
Online-only bank
What to look for: This account has a $1,000 minimum deposit. The 60-month APY is 0.75% and the 12-month APY is 0.15%. IncredibleBank also has a highly-rated app that you can use with mobile banking, a big perk if that’s your preferred banking method.
Read our full review on this CD account.
CIT Bank
Why it stands out: The CIT Bank CD Account offers annual percentage yields of 0.50% for a 60-month CD and 0.30% for a 12-month CD. CIT also offers a no-penalty 11-month CD account.
Pros:
0.50% 60-month APY
11-month no-penalty CD account
Cons:
$1,000 minimum balance
Online-only bank
What to look for: You’ll have a $1,000 minimum deposit with this account. The 60-month APY is 0.50% and the 12-month APY is 0.30%. There are also different types of CD accounts available, including no-penalty accounts.
Read our full review on this CD account.
JPMorgan Chase Bank
Why it stands out: With JPMorgan Chase, you’ll have access to thousands of branch locations for your financial needs. The JPMorgan Chase Bank CD Account offers annual percentage yields of 0.02% for a 60-month CD and 0.02% for a 12-month CD.
Pros:
Physical bank locations
Extra convenience if you’re a Chase customer and want all of your accounts in one place
Cons:
$1,000 minimum balance
12-month and 60-month APY are not as good as leaders in the category
What to look for: You’ll have a $1,000 minimum deposit with this account. The 60-month APY is 0.02% and the 12-month APY is 0.02%. You’ll also have access to thousands of physical branch locations.
Read our full review on this CD account.
American Express
Why it stands out: The American Express CD Account offers annual percentage yields of 0.55% for a 60-month CD and 0.20% for a 12-month CD, plus a minimum deposit of $0.01.
Pros:
0.55% 60-month APY
$0.01 minimum deposit
Cons:
12-month APY is not as good as leaders in the category
Online-only bank
What to look for: You’ll only need a minimum deposit of $0.01 for this account. The 60-month APY is 0.55% and the 12-month APY is 0.20%. There are no monthly fees.
Read our full review on this CD account.
Amboy Direct
Why it stands out: The Amboy Direct CD Account offers an annual percentage yield of 0.50% for a 12-month CD. You can continue to add funds to your CD for the first six months after opening.
Pros:
0.50% 12-month APY
You can continue to add funds for the first six months
Cons:
No 60-month CD option
Online-only bank
What to look for: You’ll have a $100 minimum deposit with this account. The 12-month APY is 0.50%. You can also continue to add funds to your CD account for the first six months.
Read our full review on this CD account.
iGObanking.com
Why it stands out: The iGObanking.com CD Account offers an annual percentage yield of 0.55% for a 12-month CD and CD accounts up to 48 months.
Pros:
0.55% 12-month APY
CD accounts up to 48 months
Cons:
No 60-month CD option
Online-only bank
What to look for: This account has a $1,000 minimum deposit. The 12-month APY is 0.55% and CD accounts are available for up to 48-month terms.
Read our full review on this CD account.
Bank of America
Why it stands out: The Bank of America CD Account offers annual percentage yields of 0.03% for a 60-month CD and 0.03% for a 12-month CD. With being a bigger bank, you might also consider doing more of your banking in one place here.
Pros:
Physical bank locations
Extra convenience if you’re a Bank of America customer and want all of your accounts in one place
Cons:
$1,000 minimum balance
12-month and 60-month APY are not as good as leaders in the category
What to look for: You’ll have a $1,000 minimum deposit with this account. The 60-month APY is 0.03% and the 12-month APY is 0.03%. You have the convenience of thousands of physical bank locations.
Read our full review on this CD account.
Investors Bank
Why it stands out: The Investors Bank CD Account offers annual percentage yields of 0.50% for a 60-month CD and 0.20% for a 12-month CD.
Pros:
0.50% 60-month APY
Physical bank locations
Cons:
$500 minimum balance
12-month APY is not as good as leaders in the category
What to look for: You’ll have a $500 minimum deposit with this account. The 60-month APY is 0.50% and the 12-month APY is 0.20%.
Read our full review on this CD account.
Texas Capital Bank
Why it stands out: The Texas Capital Bank CD Account offers annual percentage yields of 0.25% for a 60-month CD and 0.35% for a 12-month CD.
Pros:
0.35% 12-month APY
Physical bank locations
Cons:
$1,000 minimum balance
60-month APY is not as good as leaders in the category
What to look for: You’ll have a $1,000 minimum deposit with this account, but no fees. The 60-month APY is 0.25% and the 12-month APY is 0.35%.
Read our full review on this CD account.
More From GOBankingRates
Methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate; and (5) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times, factor (2) was weighted 2 times, and factors (4) and (5) were weighted 4 times. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.
This article originally appeared on GOBankingRates.com: The 20 Best CD Accounts of 2022
