If you are looking for a safe way of increasing interest for your money without increasing risk, then, think Certificate of deposit (CDs). CD is not the popular guy out there in the press but a must for those that need that extra interest. However, the only sacrifice here is that you will have to tie up your money for a longer period. So, we have taken out time to list the Best CD Rates for 2022/23 for you in this article.
Hence, we took our time to research banks and what they offer, and the time frame required. From the list below, you will be able to see banks with both the best short-term and long-term rates.
CD Rates today differ from bank to bank. We just need to get the CD rates that are best for you. Lots of banks come with their unique CDs. From CD rates from Wells Fargo to CD rates at Citibank, to CD rates from Synchrony Bank, and more.
All you have to do is to take a good look at the bank’s offers and choose based on how long you are willing to commit to a CD (bolded rate = highest of that CD length). If we are to suggest based on our critical look and findings, I will recommend Synchrony Bank as a strong choice.
The Best CD Rates – CD rates as of today
Synchrony Bank: For that of Synchrony bank, there is no minimum balance. The Rate is simple:
- 5-Year: 3.25% APY
- 3-Year: 3.1% APY
- 2-Year: 3.00% APY
- 1-Year: 2.6% APY
- 6-Month: 1.65% APY
Barclays Bank: When it comes to Barclays Bank, Also, there is no minimum deposit as a requirement. The rate is simple:
- 5-Year 3.25% APY
- 3-Year: 3.00% APY
- 2-Year: 2.90% APY
- 1-Year: 2.5% APY
Discover Bank: Discover bank is quite different from the above two. With Discover Bank, you will need a minimum deposit of $2500. The rates is simple:
- 5-Year: 3.25% APY
- 3-Year: 3.00% APY
- 2-Year: 2.90% APY
- 1-Year: 2.5% APY
- 6-Month: 0.75% APY
Marcus by Goldman Sachs is milder than Discover Bank above. You will need a minimum deposit of $500. The Rate is simple:
- 5-Year: 3.25% APY
- 3-Year: 2.90% APY
- 2-Year: 2.80% APY
- 1-Year: 2.4% APY
- 6-Month: 1.5% APY
With Ally Bank, there is no minimum deposit required. It comes with a simple rate of:
- 5-Year: 3.00% APY
- 3-Year: 3.0% APY
- 1-Year: 2.5% APY
- 6-Month: 1.50% APY
TIAA Bank is unique in its approach. You simply need $1000 as your minimum deposit. The rate is:
- 5-Year: 2.85% APY
- 3-Year: 2.65% APY
- 2-Year: 2.5% APY
- 1-Year: 2.3% APY
- 6-Month: 1.3% APY
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