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 July 13:
- 1-year CD rate: 0.52%
- 5-year CD rate: 0.65%
- 1-year jumbo CD rate: 0.55%
- 5-year jumbo CD rate: 0.67%
- Money market account rate: 0.10%
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 and June. These are the first rate increases since 2018 as inflation continues to rage.
Latest CD rates: 3-month trend
| Date | 1-year CD | 5-year CD | 1-year jumbo | 5-year jumbo | Money market account |
|---|---|---|---|---|---|
| 07/13/2022 | 0.52% | 0.65% | 0.55% | 0.67% | 0.10% |
| 07/06/2022 | 0.42% | 0.62% | 0.45% | 0.65% | 0.10% |
| 06/29/2022 | 0.39% | 0.60% | 0.42% | 0.63% | 0.09% |
| 06/22/2022 | 0.37% | 0.59% | 0.39% | 0.62% | 0.09% |
| 06/15/2022 | 0.33% | 0.56% | 0.36% | 0.58% | 0.08% |
| 06/08/2022 | 0.28% | 0.48% | 0.30% | 0.51% | 0.08% |
| 06/01/2022 | 0.27% | 0.48% | 0.30% | 0.49% | 0.08% |
| 05/25/2022 | 0.26% | 0.47% | 0.29% | 0.48% | 0.08% |
| 05/18/2022 | 0.24% | 0.43% | 0.26% | 0.44% | 0.08% |
| 05/11/2022 | 0.24% | 0.41% | 0.26% | 0.42% | 0.08% |
| 05/04/2022 | 0.23% | 0.39% | 0.24% | 0.40% | 0.07% |
| 04/27/2022 | 0.22% | 0.39% | 0.24% | 0.40% | 0.07% |
| 04/20/2022 | 0.22% | 0.39% | 0.24% | 0.40% | 0.07% |
| 04/13/2022 | 0.22% | 0.39% | 0.24% | 0.39% | 0.07% |
| 04/06/2022 | 0.22% | 0.39% | 0.24% | 0.39% | 0.07% |
| 03/30/2022 | 0.20% | 0.36% | 0.21% | 0.37% | 0.07% |
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 July 2022
Current CD rates: 6-month
- Quontic Bank: 2.00% APY
- Live Oak Bank: 1.50% APY
- Limelight Bank: 1.25% APY
- Popular Direct: 1.25% APY
- First Internet Bank of Indiana: 1.16% APY
- Marcus by Goldman Sachs: 1.05% APY
- Capital One: 1.00% APY
See additional best 6-month CD rates.
Current CD rates: 1-year
- Quontic Bank: 2.55% APY
- Bread Savings (formerly Comenity Direct): 2.50% APY
- Live Oak Bank: 2.20% APY
- Popular Direct: 2.10% APY
- First Internet Bank of Indiana: 2.07% APY
- Limelight Bank: 2.05% APY
- Pentagon Federal Credit Union: 2.00% APY
- Barclays: 1.90% APY
- Capital One: 1.90% APY
- Marcus by Goldman Sachs: 1.90% APY
See additional best 1-year CD rates.
Current CD rates: 3-year
- Bread Savings (formerly Comenity Direct): 3.25% APY
- Quontic Bank: 3.10% APY
- Popular Direct: 3.02% APY
- First Internet Bank of Indiana: 2.89% APY
- Limelight Bank: 2.75% APY
- Live Oak Bank: 2.65% APY
- Pentagon Federal Credit Union: 2.65% APY
- Barclays: 2.50% APY
- Capital One: 2.50% APY
- Marcus by Goldman Sachs: 2.50% APY
See additional best 3-year CD rates.
Current CD rates: 5-year
- Bread Savings (formerly Comenity Direct): 3.35% APY
- Quontic Bank: 3.30% APY
- Popular Direct: 3.25% APY
- First Internet Bank of Indiana: 3.25% APY
- Pentagon Federal Credit Union: 3.00% APY
- Live Oak Bank: 3.00% APY
- Barclays: 2.90% APY
- Capital One: 2.90% APY
- Discover Bank: 2.90% APY
- Marcus by Goldman Sachs: 2.90% APY
See additional best 5-year CD rates.
Note: Annual percentage yields (APYs) shown are as of July 14, 2022, and apply to balances of $25,000. APYs for some products may vary by region.
Current CD rates FAQs
What are today’s CD rates?
According to Bankrate’s most recent national survey of banks and thrifts, the average rate is 0.52 percent for a one-year CD, 0.55 percent for a one-year jumbo CD, 0.65 percent for a five-year CD and 0.67 percent for a five-year jumbo CD.
The Federal Reserve and CD rates
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.
How are CD interest rates determined?
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.