Top Rated CD Rates Guide – Overview of the Best Banks Right Now for CD Accounts

Everyone knows that CDs are among the safest investments as long as the account is with a federally insured bank or a credit union insured by the NCUA. The only real risk associated with a CD account is the penalty for early withdrawal. When shopping around for the top rated CD rates, don’t forget about other important factors like the cost of the penalty fee, customer service, balance requirements, term lengths, and any different types of fees.

A benefit of opening up this kind of account at an online bank is that the rates are typically fixed, and you can expect predictable returns. So that you won’t have to worry about any early withdrawal penalties, be careful with the amount of money you put into the account. If there is any chance you might not be able to afford to keep a certain amount of money in a bank account for the duration of the term you choose, then don’t put that much money in.

Here are some of the top rated CD rates right now in 2022:

LendingClub Banking

A 1-year CD term at this bank has a minimum $2,500 balance requirement and offers a 1.0 APY% and interest rate. It’s easy to get started with, as the account opening process can be done in under 3 minutes.

Discover Online Banking

Discover has an online bank that offers various CD options, ranging from 3 months to 10 years. The interest ranges from 0.20% to 1.20%, respectively. Open an account with as little as $2,500. There is always good customer service and tech support as well.


The National Credit Union Administration insures the PenFed Credit Union. It offers some of the top rated CD rates in the industry. Start with just $1,000 when opening an account. Expect APY percentages such as 1.10% for 15-month terms and 1.80% for 5-year terms.


This London-based bank serves nearly 50 million people around the world. It lacks physical branches in the US, but you can still do everything you need online, including starting a certificate of deposit account. The starting term is a 12-month CD with a 0.70% APY and APR. After that, you can open a 60 month CD for 1.19% APR and 1.20% APY.

CIT Bank

CIT Bank (not to be confused with CITI) might be the best bank overall for top rated CD rates. There are 0 fees for account opening and maintenance. The interest rate is locked in, and account holders get daily compounding interest to maximize the amount of earning potential. Different account offerings include Term CDs, No-penalty (11 months), Jumbo CD, and RampUps.

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