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12 Best CD Rates for December 2022

Finding the best CD rates provide a great way to grow your savings quickly and safely. You can expedite your savings with rates significantly higher than the national average from the list of banks and credit unions below.

All the CDs mentioned are FDIC insured, have reasonable minimum deposit requirements, and favorable interest compounding schedules.

So don’t settle for average rates offered with other CDs or savings accounts, get high-yield CDs to build you savings. We did the work for you and found the best banks with the highest interest rates available.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

CD vs. Savings Accounts: Which should I choose?

CDs generally offer higher rates, but savings accounts give you more flexibility when it comes to withdrawing your money.

If you need money in the near future, I recommend looking at high-yield savings accounts. They offer a far higher rate than the average savings account, give you the ability to withdraw cash at any time, and the yield can be adjusted higher – like they have been since the Federal Reserve began raising interest rates earlier this year.

Certificates of Deposit (CDs) on the other hand offer a fixed interest rate for a certain period of time, whether it’s six months or three years. It’s a good option for those that don’t need their money for some time and want to lock in a higher APY.

If you do decide to withdraw prior to the CD maturity date, expect to pay an early withdrawal penalty. This penalty varies by bank and the CD term.

8 Best CD Rates in 2022

The following CDs offer the best rates today. All accounts listed are FDIC insured, so your hard-earned money is safe.

If you’re looking for a CD that earns you the absolute highest interest rate possible, these are it. The list is broken down first by the best 1-year and 18-month CD rates and then the best long-term CD rates.

1. American First Credit Union – 4.50% APY

Rating:  ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)

APY = 4.50%
CD Maturity Term = 12 months
Minimum Opening Deposit = $1

American First Credit Union is offering an exceptional 4.50% APY on their 12-month CD, which is 7.6x the national average.

This FDIC-insured CD requires only a $1 minimum opening deposit. The interest is compounded daily and is credited on the last calendar day of each month in which the CD is active and on the maturity date of the CD.

The term will automatically renew at maturity for an additional 12 months, but you can elect to pay-out and close your CD by logging into your account before the maturity date. CDs that are renewed at maturity can also be cancelled within 7 days of opening without an early withdrawal penalty.

This is an exclusive rate offered via American First Credit Unions’ partnership with You can view the offer and open an account with the button below.

2. SkyOne Federal Credit Union – 4.50% APY

Rating:  ⭐ ⭐ ⭐ ⭐ (5.0/5.0)

APY = 4.50%
CD Maturity Term = 15 months
Minimum Opening Deposit = $1

SkyOne is a federal credit union that’s offering a 15-month CD with a 4.50% APY. The term will automatically renew at maturity unless you elect to withdraw your balance and close out the CD. This product features:

  • Interest compounded daily and credited at the last day of each month
  • No-penalty withdrawal made 7 days after opening or renewal
  • Allows one-time full withdrawal of the Certificate of Deposit

This is an exclusive rate offered via SkyOne’s partnership with

3. Bask Bank – 4.00% APY

Rating:  ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)

APY = 4.00%
CD Maturity Term = 6 months
Minimum Opening Deposit = $1,000

Bask Bank savings accounts consistently ranks near the top of our best high-yield savings account and their recently launched CDs are no different.

You can earn a 4.00% APY when you open a Bask Bank 6-month CD with a minimum balance of $1,000. This is the best rate for a CD maturity date of just six months.

This could be a great match for your short-term cash as it allows you faster access to your money should interest rates continue rising.

4. Synchrony Bank – 4.21% APY

Rating:  ⭐ ⭐ ⭐ ⭐  (4.0/5.0)

APY = 4.21%
CD Maturity Term = 15 months
Minimum Opening Deposit = $1

Synchrony Bank is an FDIC-insured online bank and part of Synchrony – a Fortune 500 company that helps consumers with their financial goals with products that include banking accounts and private-label credit cards.

Right now, they offer a 4.21% APY CD with a maturity term of 15 months. Their early withdrawal penalty is in line with other CDs, but you can withdraw interest paid during your CD’s current term without a penalty.

5. Bread Savings – 4.00% APY

Rating:  ⭐ ⭐ ⭐ ⭐  (4.0/5.0)

APY = 4.00%
CD Maturity Term = 12 months
Minimum Opening Deposit = $1,500

Bread Savings (formerly Comenity Direct) provides a CD that gives you an interest rate of 4.00% APY, which is almost 4x the national average.

Like others on this list, Bread Savings is an online-only account with no brick-and-mortar locations. The lower operational expense is the main reason that these banks and fintech companies can offer the best CD rates.

Interest is accrued and compounded daily and is posted at the end of the month. Opening a CD requires a $1,500 minimum opening deposit.

6. Sallie Mae – 4.05% APY

Rating:  ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)

APY = 4.05%
CD Maturity Term = 14 months
Minimum Opening Deposit = $1

Sallie Mae is a company known for providing savings tools to help people save, plan, and pay for college. Although not as well known, they have a consumer banking division and their no-penalty, 14-month CD is one of the best available.

This Sallie Mae CD is also only one of two CDs listed here doesn’t assess a penalty for taking an early withdrawal. Access your funds at any time without a fee.

So even though the rate is a hair below the best CD rate offered by the current first place holder, it may be best for those who want a high APY with the flexibility of a no-penalty CD.

7. The State Exchange Bank – 3.75% APY

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.5/5.0)

APY = 3.75%
CD Maturity Term = 13 months
Minimum Opening Deposit = $1

The State Exchange Bank opened in 1901 and has remained a locally-owned independent community bank since. They offer top-rated consumer banking products, including a short-term 13-month CD with a competitive rate.

  • Dividends that compounds daily and gets credited monthly
  • No-penalty withdrawal made 7 days after opening or renewal
  • One-time full withdrawal of the CD

This is an exclusive rate offered via SkyOne’s partnership with

8. CIT Bank – 3.65% APY

Rating:  ⭐ ⭐ ⭐ 1/2  (3.5/5.0)

APY = 3.65%
CD Maturity Term = 11 months
Minimum Opening Deposit = $1,000

CIT is a division of First Citizens Bank that currently offers a no-penalty, 11-month CD with a rate of 3.65% APY.

Benefits of the CIT Bank CD include:

  • No account opening or maintenance fees
  • Daily compounding interest to maximize earning potential
  • FDIC insurance up to $250,000

Like the Sallie Mae CD, this one has no penalty to access funds if needed before maturity. You can withdraw your money and any interest earned seven days after the funds have been received.

9. – 3.20% APY

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.0/5.0)

APY = 3.20%
CD Maturity Term = 18 months
Minimum Opening Deposit = $1 is a brand of Liberty Savings Bank that’s offering a high rate of 3.20% APY on their 18-month CD.

Enjoy daily interest compounding with this 18-month CD and get started with just a $1 minimum opening deposit.

Unless you elect to to close out the CD and get paid, the term will automatically renew at maturity for an additional 18 months (although you can cancel a CD that’s been already renewed within 7 days of the renewal date without an early withdrawal penalty.

3 Best Long-Term CD Rates

The next three CDs offer a higher rate than the previous ones, but with a longer maturity term. While long-term CDs provide interest rates as high as 4.15% APY, please consider the length you have to keep it before making a decision.

10. American First Credit Union – 4.65%

APY = 4.65%
CD Maturity Term = 24 months
Minimum Opening Deposit = $1

American First Credit Union is offering a CD rate of 4.65% with the maturity term of 24 months. All CDs from American First Credit Union only requires a $1 minimum opening deposit with a maximum deposit limit of $1 million per account and $10 million per customer.

American First Credit Union is a not-for-profit financial institution that, at its founding, was dedicated to supporting workers. Today the California-based credit union has expanded its reach and now savers across the nation has access to their saving products through SaveBetter.

11. PenFed Credit Union – 4.35% APY

APY = 4.35%
CD Maturity Term = 18 months
Minimum Opening Deposit = $1,000

PenFed is one of my all-time favorite credit unions. I’ve banked with them for years and use their Platinum Rewards Visa Signature® Card because it offers 5% back at gas stations and EV charging stations.

They offer CDs with nine different maturity terms, with the 18-month term being PenFed’s best CD rate at 4.35% APY.

Note that to become a PenFed member, you need to open a Regular Share account (standard savings account) and deposit a minimum of $5 to the account.

12. PSECU – 3.55% APY

APY = 3.55%
CD Maturity Term = 5 years
Minimum Opening Deposit = $500

PSECU, short for Pennsylvania State Employees Credit Union, started in 1934 with the goal of pooling their money and working together to improve their financial lives.

This credit union offers a 60-month CD with a rate of 3.55% APY. PSECU CDs feature:

  • Flexible terms – choose from terms of 3, 6, 9, 12, 18, 24, 36, 48, and 60 months
  • No fees – PSECU never charges monthly maintenance fees on CDs
  • Competitive rates – dividend rates are guaranteed and locked in for the term of your certificate

Upon renewal, the term will be the same as the original term. You have a 10-day grace period after your CD matures to withdraw your money without penalty if you don’t want to renew.

Frequently Asked Questions (FAQs)

Which banks have the best CD rates?

American First Credit Union currently offers the best short-term CD rate at 4.50% APY.

Which bank is the best to buy CDs from?

The best CDs are offered by SkyOne Credit Union and American First Credit Union. Their CDs typically offer one of the highest rates available, short maturity terms, and require just $1 for a minimum opening deposit.

What about a jumbo CD?

Jumbo CDs are certificate of deposits that require $100,000 to open. I don’t list them on here because interestingly enough, at this time, they don’t offer a higher rate than regular CDs.

What should I know before opening a CD?

While CDs provide a high fixed rate, it requires you to hold it for a specific period of time. Unlike a high-yield savings account, your funds typically can’t be withdrawn during the CD term without paying a penalty.

Consider how long you’re able and willing to hold a CD before committing to a maturity term. Longer maturity dates offer a higher rate, but gives you less flexibility.

The Bottom Line

Interest rates on CDs change over time so I’ll continuously update this list of the best CD rates.

I don’t recommend locking in a CD with a maturity term longer than 15 months at this time. A lot can happen in a year. The Federal Reserve has been fighting inflation by raising interest rates to keep the economy from overheating and this has a positive effect on CD rates.

A strategy given the current situation is to buy short-term CDs, withdraw the money at maturity, and buy a new CD at a higher rate.

Before you consider CDs, check out this list of the best savings accounts. There’s no withdrawal penalties or limits and you may find one with a rate close to what you’d receive with CDs.

I’d be remiss not to mention that I Bonds are paying an incredible 6.89% APY. I Bonds are savings bonds issued by the U.S. Department of the Treasury and fully backed by the full faith and credit of the U.S. government.

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