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 Product | National Deposit Rates | National Deposit Rates Cap Adjusted | Treasury Yield | Treasury Yield Rate Cap Adjusted | National Rate Cap |
|---|---|---|---|---|---|
| Savings | 0.35 | 1.10 | 4.33 | 5.08 | 5.08 |
| Interest Checking | 0.06 | 0.81 | 4.33 | 5.08 | 5.08 |
| Money Market | 0.48 | 1.23 | 4.33 | 5.08 | 5.08 |
| 1 month CD | 0.18 | 0.93 | 4.58 | 6.25 | 6.25 |
| 3 month CD | 0.61 | 1.36 | 4.70 | 6.39 | 6.39 |
| 6 month CD | 0.89 | 1.64 | 4.80 | 6.51 | 6.51 |
| 12 month CD | 1.36 | 2.11 | 4.68 | 6.37 | 6.37 |
| 24 month CD | 1.28 | 2.03 | 4.21 | 5.80 | 5.80 |
| 36 month CD | 1.22 | 1.97 | 3.90 | 5.43 | 5.43 |
| 48 month CD | 1.15 | 1.90 | 3.90 | 5.43 | 5.43 |
| 60 month CD | 1.26 | 2.01 | 3.63 | 5.11 | 5.11 |
Best 3 Month CD Rates
| Best 3 Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Popular DIrect | 4.10% APY | 3 Months | $10,000 |
| Merchants Bank of Indiana | 3.67% APY | 3 Months | $1,000 |
| Umbrella Bank | 3.40% APY | 3 Months | $1,000 |
| United Texas Bank | 3.40% APY | 3 Months | $1,000 |
| SchoolsFirst Federal Credit Union | 2.50% APY | 3 Months | $20,000 |
| Synchrony Bank | 2.25% APY | 3 Months | $0 |
| Bethpage Federal Credit Union | 2.25% APY | 3 Months | $50 |
Best 12 Month CD Rates
| Best 1 Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Capital One | 5.00% APY | 11 Months | $0.00 |
| Ivy Bank | 4.85% APY | 12 Months | $1,000 |
| CFG Bank | 4.85% APY | 12 Months | $500 |
| Popular DIrect | 4.75% APY | 12 Months | $10,000 |
| Limelight Bank | 4.75% APY | 12 Months | $1,000 |
| First Internet Bank | 4.75% APY | 12 Months | $1,000 |
| PenFed Credit Union | 4.60% APY | 12 Months | $1,000 |
| Alliant Credit Union | 4.60% APY | 12 Months | $1,000 |
| Bread Savings Bank | 4.50% APY | 12 Months | $1,500 |
| Marcus by Goldman Sachs | 4.40% APY | 12 Months | $500 |
| Bethpage Federal Credit Union | 4.40% APY | 12 Months | $50 |
Best 2 Year CD Rates
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Mountain America Credit Union | 4.75% APY | 24 Months | $500 |
| 3Rivers Federal Credit Union | 4.75% APY | 21 Months | $10,000 |
| Pentagon Federal Credit Union | 4.45% APY | 24 Months | $1,000 |
| First National Bank of America | 4.40% APY | 24 Months | $1,000 |
| Marcus by Goldman Sachs | 4.35% APY | 24 Months | $500 |
| Synchrony Bank | 4.30% APY | 24 Months | $0.01 |
Best 3 Year CD Rates
| Best 3 Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Genisys Credit Union | 4.84% APY | 30 Months | $500 |
| 3Rivers Federal Credit Union | 4.75% APY | 33 Months | $10,000 |
| Crescent Bank | 4.65% APY | 30 Months | $1,000 |
| Alliant Credit Union | 4.60% APY | 36 Months | $1,000 |
| Randolph-Brooks Federal Credit Union | 4.60% APY | 36 Months | $20,000 |
| Bread Savings Bank | 4.50% APY | 36 Months | $1,500 |
| First National Bank of America | 4.40% APY | 36 Months | $1,000 |
| Discover Bank | 4.35% APY | 36 Months | $2,500 |
| Quontic Bank | 4.30% APY | 36 Months | $500.00 |
Best 4 Year CD Rates
| Best 4 Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| NASA Federal Credit Union | 4.75% APY | 49 Months | $10,000 |
| Lafayette Federal Credit Union | 4.58% APY | 48 Months | $500 |
| BMO Harris | 4.40% APY | 45 Months | $5,000 |
| First National Bank of America | 4.35% APY | 48 Months | $1,000 |
| Bread Savings Bank | 4.25% APY | 48 Months | $1,500 |
| Marcus by Goldman Sachs | 4.00% APY | 48 Months | $500 |
Best 5 Year CD Rates
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Lafayette Federal Credit Union | 4.63% APY | 60 Months | $500 |
| CFG Bank | 4.60% APY | 60 Months | $500 |
| Popular DIrect | 4.55% APY | 60 Months | $10,000 |
| GTE Financial | 4.54% APY | 60 Months | $500 |
| Quontic Bank | 4.45% APY | 60 Months | $500 |
| Discover | 4.40% APY | 60 Months | $2,500 |
| Synchrony Bank | 4.30% APY | 60 Months | $0.00 |
| Bread Savings Bank | 4.25% APY | 60 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
| Term | Insurer | Company Details | Annuity | Rate | AM Best | Application |
|---|---|---|---|---|---|---|
| 1 Year | 
| Clear Spring | Preserve MYGA | 4.30% | A- | |
| 2 Years | 
| SILAC | Secure Savings Elite | 5.00% | B+ | |
| 3 Years | 
| Atlantic Coast Life | Safe Haven | 5.63% | B++ | |
| 4 Years | 
| Nassau | Simple Annuity | 5.25% | B++ | |
| 5 Years | 
| Ibexis | MYGA Plus | 5.80% Simple | A- | |
| 6 Years |
| Nassau | Simple Annuity | 5.50% | B++ | |
| 7 Years |  | Aspida | Synergy Choice | 5.60% | A- | |
| 8 Years | 
| American National | Palladium MYG | 5.30% | A | |
| 9 Years |
| American National | Palladium MYG | 5.30% | A | |
| 10 Years |
| American National | Palladium MYG | 5.30% | A |
CDs vs Fixed Annuities
| FIXED ANNUITY | CD | |
|---|---|---|
| Issued By | Insurance Companies | Banks |
| Investment Amount | $2,000 - $1,000,000 | Essentially Any Amount |
| Investment Term | 2 years - 10 years | 3 months - 5 years |
| Interest Rates (APY) | Varies by product. | Varies by bank, term and investment amount. |
| Liquidity | Usually, 10% annually or interest earned. | Almost always accumulated interest. |
| Guarantees | Backed by Insurer & State Guaranty Associations. | Backed by the FDIC. |
| Death Benefit | May 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:
The Federal Reserve and CD Rates
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
Are Annuities FDIC Insured?
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
Can you Loose money in a fixed annuity?
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.
Does a Fixed Annuity Have any Fees?
Fixed Annuities do not have any fees or expenses unless you add an additional rider that was not mentioned on this page.
What is a No-Penalty CD?
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.
What happens if You withdraw from a CD early?
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
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 January 2023
As of January 9th, Bread Savings CD rates are 4.50% for their 1,2,3,4, and 5-year CDs.
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.
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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