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The highest current CD rates for our top picks* Bread Savings: 1-year CD, 5.40% APY. Barclays: 1-year CD, 5.00% APY. Quontic Bank: 1-year CD, 5.30% APY. Ally Bank: 9-month CD, 5.00% APY. BMO Harris: 13-month CD, 5.10% APY. Synchrony Bank: 1-year CD, 5.10% APY. CFG Bank: 1-year CD, 5.05% APY.

National average 1-year CD rates One-year CDs currently earn a national average APY of 1.59 percent. Overall, this average has either remained the same or increased since March 2022. Bankrate's CD calculator is a handy way to calculate the amount of interest your money will earn by the time a CD matures.

Many CDs are offering an APY well above 5% right now. So instead of just being a more lucrative alternative to savings accounts or even high-yield savings accounts, CDs are looking more attractive when compared to other kinds of investments, too.

Top National Jumbo CD Rates vs. Regular CD Rates BEST NATIONAL JUMBO CDsCD Bank5.20% APY$100,000Luana Savings Bank4.47% APY$100,000All In Credit Union4.13% APY$100,000Best non-Jumbo option: Dow Credit Union5.65% APY$50046 more rows

The highest current CD rates for our top picks* Bread Savings: 1-year CD, 5.40% APY. Barclays: 1-year CD, 5.00% APY. Quontic Bank: 1-year CD, 5.30% APY. Ally Bank: 9-month CD, 5.00% APY. BMO Harris: 13-month CD, 5.10% APY. Synchrony Bank: 16-month CD, 5.25% APY. CFG Bank: 1-year CD, 5.05% APY.

For example, a $10,000 deposit in a five-year CD with 4.50% APY would earn around $2,460 in interest. The same CD with a 1.50% APY would earn around $770 in interest, and the same CD with a 0.01% APY would earn only $5 in interest.

A CD, or certificate of deposit, is a type of savings account with a fixed interest rate that's usually higher than a regular savings account. It also has a fixed term length and a fixed date of withdrawal, known as the maturity date. You lock funds in a CD for a term generally ranging from three months to five years.

So far this year, the Fed has boosted its benchmark federal funds rate five times, taking it from near 0% to a range of between 3% and 3.25% in an effort to curb inflation. Further rate increases are expected this year, with the federal funds rate projected to surpass 4% by the end of 2022.

Generally, a CD's interest rate rises as the term increases. However, that also means you won't have access to the money for a longer period of time.

Carefully consider which type of CD is best for you. Traditional CD. With a traditional CD, you make a one-time deposit that meets the bank's minimum opening deposit requirement.Bump-up CD.Step-up CDs.Liquid (or no-penalty) CD.Zero-coupon CD.Callable CD.Brokered CD.High-yield CD.