Introduction
A time deposit account is a certificate of deposit (CD). If savers deposit their money for a predetermined term, or length of time, the bank commits to pay interest at a predetermined rate.
Below, you can find Bankrate’s most recent interest rate trends and current CD rates. For the week of August 24, these are the going average rates:
- 1-year CD rate: 0.63%
- 5-year CD rate: 0.70%
- 1-year jumbo CD rate: 0.65%
- 5-year jumbo CD rate: 0.73%
- Money market account rate: 0.12%
With rising Treasury yields and anticipation of Federal Reserve rate hikes in 2022, the national average rate for one-year and five-year CDs began to rise in February.
March, May, June, and July saw interest rates rise at the Fed. As inflation continues to soar, these rate rises mark the first since last year.
Latest CD rates: 3-month trend
| Date | 1-year CD | 5-year CD | 1-year jumbo | 5-year jumbo | Money market account |
|---|---|---|---|---|---|
| 08/24/2022 | 0.63% | 0.70% | 0.65% | 0.73% | 0.12% |
| 08/17/2022 | 0.61% | 0.69% | 0.63% | 0.72% | 0.13% |
| 08/10/2022 | 0.58% | 0.69% | 0.60% | 0.72% | 0.12% |
| 08/03/2022 | 0.57% | 0.69% | 0.59% | 0.71% | 0.12% |
| 07/27/2022 | 0.52% | 0.67% | 0.55% | 0.69% | 0.10% |
| 07/20/2022 | 0.51% | 0.65% | 0.54% | 0.67% | 0.10% |
| 07/13/2022 | 0.52% | 0.65% | 0.55% | 0.67% | 0.10% |
| 07/06/2022 | 0.42% | 0.62% | 0.45% | 0.65% | 0.10% |
| 06/29/2022 | 0.39% | 0.60% | 0.42% | 0.63% | 0.09% |
| 06/22/2022 | 0.37% | 0.59% | 0.39% | 0.62% | 0.09% |
| 06/15/2022 | 0.33% | 0.56% | 0.36% | 0.58% | 0.08% |
| 06/08/2022 | 0.28% | 0.48% | 0.30% | 0.51% | 0.08% |
| 06/01/2022 | 0.27% | 0.48% | 0.30% | 0.49% | 0.08% |
| 05/25/2022 | 0.26% | 0.47% | 0.29% | 0.48% | 0.08% |
It’s not necessary to continue with low rates. Here are some of the top CD rates from well-known banks, broken down by term:
Compare current CD rates by term for August 2022
Current CD rates: 6-month
- Live Oak Bank: 2.50% APY
- Popular Direct: 2.35% APY
- First Internet Bank of Indiana: 2.02% APY
- Limelight Bank: 1.80% APY
- Capital One: 1.65% APY
- Marcus by Goldman Sachs: 1.65% APY
- Synchrony Bank: 1.65% APY
- Ally Bank: 1.50% APY
Current CD rates: 1-year
- Bread Savings (formerly Comenity Direct): 3.00% APY
- Limelight Bank: 2.90% APY
- Popular Direct: 2.85% APY
- First Internet Bank of Indiana: 2.78% APY
- Live Oak Bank: 2.75% APY
- Capital One: 2.70% APY
- Marcus by Goldman Sachs: 2.70% APY
- Synchrony Bank: 2.60% APY
- Ally Bank: 2.50% APY
- Barclays: 2.50% APY
- Alliant Credit Union: 2.50% APY
- Discover Bank: 2.50% APY
Current CD rates: 3-year
- Bread Savings (formerly Comenity Direct): 3.55% APY
- Limelight Bank: 3.30% APY
- Pentagon Federal Credit Union: 3.25% APY
- Capital One: 3.10% APY
- Marcus by Goldman Sachs: 3.10% APY
- Synchrony Bank: 3.10% APY
- Popular Direct: 3.10% APY
- First Internet Bank of Indiana: 3.04% APY
- Ally Bank: 3.00% APY
- Barclays: 3.00% APY
- Discover Bank: 3.00% APY
Current CD rates: 5-year
- Bread Savings (formerly Comenity Direct): 3.65% APY
- Popular Direct: 3.40% APY
- Marcus by Goldman Sachs: 3.25% APY
- First Internet Bank of Indiana: 3.25% APY
- Capital One: 3.25% APY
- Synchrony Bank: 3.25% APY
- Alliant Credit Union: 3.25% APY
- Barclays: 3.25% APY
- Discover Bank: 3.25% APY
- Pentagon Federal Credit Union: 3.20% APY
Note: Annual percentage yields (APYs) shown are as of February 8, 2023 and apply to balances of $25,000. APYs for some products may vary by region.