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Best CD Rates for March 2023

Which Banks Have the Best CD Rates?

Compare today’s best CD rates from the largest banks and credit unions in the United States as well as best-fixed annuity rates.

Researching CD rates can provide you with valuable insight into the current interest rate environment and ultimately help you get a better annuity or cd rate.

National Average CD Interest Rates

We have seen fixed rates above five percent for the first time since 2009; however, all fixed annuity and CD rates are certainly not created equal. You may be surprised to see just how low the national average CD rates were in February.

The national average for a 5-year CD rate is 1.26%; according to the FDIC Monthly Average and Rate Cap Report which is published on the 21st of each month. It is certainly worthwhile to spend some time researching if you are on the hunt for the best-guaranteed interest rate.

Deposit ProductNational Deposit RatesNational Deposit Rates Cap AdjustedTreasury YieldTreasury Yield Rate Cap AdjustedNational Rate Cap
Interest Checking0.060.814.335.085.08
Money Market0.481.234.335.085.08
1 month CD0.180.934.586.256.25
3 month CD0.611.364.706.396.39
6 month CD0.891.644.806.516.51
12 month CD1.362.114.686.376.37
24 month CD1.
36 month CD1.221.973.905.435.43
48 month CD1.151.903.90 5.435.43
60 month CD1.262.013.635.115.11

Best 3 Month CD Rates

Best 3 Month CD RatesRateTermMinimum
Popular DIrect4.10% APY3 Months$10,000
Merchants Bank of Indiana3.67% APY3 Months$1,000
Umbrella Bank3.40% APY3 Months$1,000
United Texas Bank3.40% APY3 Months$1,000
SchoolsFirst Federal Credit Union2.50% APY3 Months$20,000
Synchrony Bank2.25% APY3 Months$0
Bethpage Federal Credit Union2.25% APY3 Months$50

Best 12 Month CD Rates

Best 1 Year CD RatesRateTermMinimum
Capital One5.00% APY11 Months$0.00
Ivy Bank4.85% APY12 Months$1,000
CFG Bank4.85% APY12 Months$500
Popular DIrect4.75% APY12 Months$10,000
Limelight Bank4.75% APY12 Months$1,000
First Internet Bank4.75% APY12 Months$1,000
PenFed Credit Union4.60% APY12 Months$1,000
Alliant Credit Union4.60% APY12 Months$1,000
Bread Savings Bank4.50% APY12 Months$1,500
Marcus by Goldman Sachs4.40% APY12 Months$500
Bethpage Federal Credit Union4.40% APY12 Months$50

Best 2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Mountain America Credit Union4.75% APY24 Months$500
3Rivers Federal Credit Union4.75% APY21 Months$10,000
Pentagon Federal Credit Union4.45% APY24 Months$1,000
First National Bank of America4.40% APY24 Months$1,000
Marcus by Goldman Sachs4.35% APY24 Months$500
Synchrony Bank4.30% APY24 Months$0.01

Best 3 Year CD Rates

Best 3 Year CD RatesRateTermMinimum
Genisys Credit Union4.84% APY30 Months$500
3Rivers Federal Credit Union4.75% APY33 Months$10,000
Crescent Bank4.65% APY30 Months$1,000
Alliant Credit Union4.60% APY36 Months$1,000
Randolph-Brooks Federal Credit Union4.60% APY36 Months$20,000
Bread Savings Bank4.50% APY36 Months$1,500
First National Bank of America4.40% APY36 Months$1,000
Discover Bank4.35% APY36 Months$2,500
Quontic Bank4.30% APY36 Months$500.00

Best 4 Year CD Rates

Best 4 Year CD RatesRateTermMinimum
NASA Federal Credit Union4.75% APY49 Months$10,000
Lafayette Federal Credit Union4.58% APY48 Months$500
BMO Harris4.40% APY45 Months$5,000
First National Bank of America4.35% APY48 Months$1,000
Bread Savings Bank4.25% APY48 Months$1,500
Marcus by Goldman Sachs4.00% APY48 Months$500

Best 5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Lafayette Federal Credit Union4.63% APY60 Months$500
CFG Bank4.60% APY60 Months$500
Popular DIrect4.55% APY60 Months$10,000
GTE Financial4.54% APY60 Months$500
Quontic Bank4.45% APY60 Months$500
Discover4.40% APY60 Months$2,500
Synchrony Bank4.30% APY60 Months$0.00
Bread Savings Bank4.25% APY60 Months$1,500

Today's Highest CD Rates

Bank Term Rate
Credit Human 2 Years 5.50%
Credit Human 18 Months 5.25%
State Bank of Texas 1 Year 5.05%
Western Alliance 1 Year 5.01%
Bread Savings 1 Year 5.00%
Ally Bank 18 Months 5.00%
Capital One 11 Months 5.00%
Alliant Credit Union 6 Months 5.00%
Bethpage FCU 1 Year 5.00%
Metro Credit Union 2 Years 5.00%
Allin Credit Union 5 Years 5.00%
Bankwell 1 Year 5.00%
CFG Bank 1 Year 5.00%
Umbrella Bank 1 Year 5.00%
Garden Savings Federal Credit Union 13 Months 5.00%
Utah Credit Union 22 Months 5.00%
Credit Human 1 Year 5.00%
Bellco Credit Union 17 Months 5.00%
Popular Direct 1 Year 4.96%
First Internet Bank 1 Year 4.96%
Idabel National Bank 15 Months 4.95%
Synchrony Bank 19 Months 4.90%
Synchrony Bank 18 Months 4.90%
Security Service Credit Union 15 Months 4.90%
Idabel National Bank 1 Year 4.90%
Idabel National Bank 2 Years 4.90%
North American Savings Bank 13 Months 4.86%
Vio Bank 1 Year 4.85%
Sallie Mae 27 Months 4.85%
Sallie Mae 23 Months 4.85%
Connexus Credit Union 15 Months 4.85%
Summit Credit Union 3 Years 4.85%
TruMark Financial CU 5 Years 4.85%
Freedom Credit Union 5 Years 4.85%
NASA Federal Credit Union 15 Months 4.85%
Spectra Credit Union 14 Months 4.85%
Spectra Credit Union 7 Months 4.85%
USAlliance Financial 2 Years 4.85%
Brilliant Bank 15 Months 4.85%
Umbrella Bank 9 Months 4.85%
Idabel National Bank 9 Months 4.85%
Genisys Credit Union 30 Months 4.84%
First Central Savings Bank 9 Months 4.81%
North American Savings Bank 2 Years 4.81%
Popular Direct 18 Months 4.80%
TotalDirectBank 1 Year 4.80%
TruMark Financial CU 4 Years 4.80%
Allin Credit Union 4 Years 4.80%
Umbrella Bank 6 Months 4.80%
Blue FCU 15 Months 4.80%
TDECU 18 Months 4.75%
Bread Savings 2 Years 4.75%
Merrick Bank 1 Year 4.75%
Marcus by Goldman Sachs 18 Months 4.75%
Discover Bank 18 Months 4.75%
Limelight Bank 1 Year 4.75%
Prime Alliance Bank 2 Years 4.75%
First Internet Bank 18 Months 4.75%
TruMark Financial CU 3 Years 4.75%
TruMark Financial CU 30 Months 4.75%
TruMark Financial CU 2 Years 4.75%
TruMark Financial CU 18 Months 4.75%
Allin Credit Union 3 Years 4.75%
GreenState Credit Union 15 Months 4.75%
NASA Federal Credit Union 9 Months 4.75%
GreenWood Credit Union 18 Months 4.75%
GreenWood Credit Union 13 Months 4.75%
AFFCU 1 Year 4.75%
Alabama Power Credit Union 6 Months 4.75%
America First Credit Union 2 Years 4.75%
CFG Bank 18 Months 4.75%
Rising Bank 15 Months 4.75%
Rising Bank 1 Year 4.75%
Crescent Bank 1 Year 4.75%
Ivy Bank 1 Year 4.75%
Merrick Bank 18 Months 4.70%
PENFED Credit Union 18 Months 4.70%
Popular Bank 13 Months 4.70%
First Internet Bank 2 Years 4.70%
Mid Penn Bank 1 Year 4.70%
University of Kentucky FCU 9 Months 4.70%
CommunityWide FCU 1 Year 4.70%
Beehive Federal Credit Union 18 Months 4.70%
Quorum Federal Credit Union 2 Years 4.70%
Crescent Bank 18 Months 4.70%
Seattle Bank 5 Years 4.70%
TotalDirectBank 6 Months 4.65%
Alliant Credit Union 1 Year 4.65%
Limelight Bank 18 Months 4.65%
PENFED Credit Union 15 Months 4.65%
CIT Bank 13 Months 4.65%
Metro Credit Union 18 Months 4.65%
Allin Credit Union 2 Years 4.65%
Beehive Federal Credit Union 1 Year 4.65%
Veridian Credit Union 1 Year 4.65%
USAlliance Financial 18 Months 4.65%
Crescent Bank 2 Years 4.65%
Umbrella Bank 18 Months 4.65%
Seattle Bank 4 Years 4.65%
Credit Human 3 Years 4.65%
American First Credit Union 2 Years 4.65%
Lafayette Federal Credit Union 5 Years 4.63%
Pelican State Credit Union 4 Years 4.61%
Popular Direct 2 Years 4.60%
PENFED Credit Union 1 Year 4.60%
Valley National Bank 3 Years 4.60%
Sallie Mae 2 Years 4.60%
Mid Penn Bank 18 Months 4.60%
Members Heritage Credit Union 6 Months 4.60%
CIT Bank 18 Months 4.60%

Fixed annuities provide a guaranteed rate for a specified period of time and are often referred to as a “CD Type Annuity” because of their similarities to a Certificate of Deposit.

Today's Best CD Type Annuity Rates

TermInsurerCompany DetailsAnnuity RateAM BestApplication
1 Year Clear spring annuity logo Clear SpringPreserve MYGA4.30%A-
2 Years Silac insurance company logo SILACSecure Savings Elite5.00%B+
3 Years Atlantic coast life annuity logo Atlantic Coast LifeSafe Haven5.63%B++
4 Years Nassau logo NassauSimple Annuity5.25%B++
5 Years Ibexis annuity logo Ibexis MYGA Plus5.80% SimpleA-
6 Years Nassau logo NassauSimple Annuity5.50%B++
7 YearsAspida annuity logoAspidaSynergy Choice5.60%A-
8 Years American national annuity logo American NationalPalladium MYG5.30%A
9 Years American national annuity logo American NationalPalladium MYG5.30%A
10 Years American national annuity logo American NationalPalladium MYG5.30%A

CDs vs Fixed Annuities

Issued ByInsurance CompaniesBanks
Investment Amount$2,000 - $1,000,000Essentially Any Amount
Investment Term2 years - 10 years3 months - 5 years
Interest Rates (APY)Varies by product.Varies by bank, term and investment amount.
LiquidityUsually, 10% annually or interest earned.Almost always accumulated interest.
GuaranteesBacked by Insurer & State Guaranty Associations.Backed by the FDIC.
Death BenefitMay avoid probate.Probate process required.

Calculate a CD Rate's Real Rate of Return

In 18 of the past 30 years, CDs have had a negative return (after taking into account the impact of taxes and inflation), and in three of the positive years, they earned less than a 1% real rate of return.

Have you considered the impact that taxes have on interest?  Or, have you accounted for the impact inflation may have on your overall rate of return?

Generally, the interest received in these types of vehicles may not keep pace with inflation. This could mean lower purchasing power for you over time. Also, at renewal, a new rate along with a new withdrawal penalty may apply.

Here’s a quick way to determine your CD’s real rate of return:

Diagram showing how to calculate the real rate of return of a cd rate

The Federal Reserve and CD Rates

Federal reserve impacts cd rates: picture of the u. S. Federal reserve building in washington dc

The Federal Reserve’s interest rate decisions can impact the rates that banks offer on CDs. When the Fed raises or lowers the federal funds rate, banks typically respond by moving savings and money market account yields in the same direction.

CDs tend to track Treasuries closely. In 2019, a year when the Fed lowered rates three times, CDs generally decreased before or after a Fed rate cut.

Two emergency Fed rate cuts in March, and decreasing U.S. Treasury Rates, are reasons many high-yield CDs decreased in 2020.

Banks that are FDIC Insured

There are 4,708 total financial institutions that are FDIC insured as of March 15, 2023, according to the FIDCs website. Use the table below pulls to search for your financial institution if you would like to see whether or not they are insured by the FDIC.

Frequently Asked Questions

While not FDIC insured, State Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent. 

Source: “Learn to Invest, Investment Types, Annuities, Fixed Annuities.”  Financial Industry Regulatory Authority (FINRA).  Visit FINRA’s Fixed Annuities Webpage

You can not lose money in a fixed annuity. However, guarantees are backed by the claims-paying ability of the issuing insurance company so it is important to consider an insurer’s financial rating when shopping for an annuity.

Fixed Annuities do not have any fees or expenses unless you add an additional rider that was not mentioned on this page.

A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, but you might need the money sooner than you expect.

Most CDs have an early withdrawal penalty that tends to range from several months to a year’s worth of interest earned, depending on the CD term length and the bank’s policy. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee.

Compare more Top Bank and Credit Union CD Rates Online

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  • Bank Rates
  • Fixed Annuity
Farmers life safeguard plus myga

Farmers Life Safeguard Plus MYGA

The Farmers Life Safeguard Plus MYGA is a CD-type annuity that pays a set interest rate for the length of the term with free withdrawals of interest.

Bread savings cd rates vector

Bread Savings CD Rates January 2023

As of January 9th, Bread Savings CD rates are 4.50% for their 1,2,3,4, and 5-year CDs.

Vector man writing on clipboard

Marcus by Goldman Sachs CD Rates Review

Marcus offers a wide selection of CD terms ranging from six months to six years, including three no-penalty CDs (seven, 11 and 13 months), with above average rates. Marcus requires a low $500 minimal balance to earn interest.

An elderly retired couple sitting on a bench with their back towards us. My annuity store annuity company directory.

Nationwide Secure Growth Annuity | 7 Year

Nationwide Secure Growth Annuity 7 Minimum Deposit: $10,000 | 5.15% Deposits $100,000+ | 5.35%  The Nationwide Secure Growth 7 is a 7 Year Fixed Annuity designed to be a high-yield …

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