Best 5-Year CD Rates For September 2022 | Bankrate (2022)

A certificate of deposit is a financial product that allows you to stash away some cash and earn a fixed rate of interest for a set period of time. In exchange for handing over your money for a specified and longer term, you usually earn a higher interest rate. For example, a five-year CD can earn a higher (and guaranteed) rate than a typical savings account while still offering safety.

The average five-year CD rate is 0.70 percent, but Bankrate’s team shopped around to find some of the best CD rates available nationwide. Compare these offers, then calculate how much interest you would earn when your CD matures.

What is a 5-year CD?

Think of a CD as a higher-paying savings account that’s stashed in a safe with a time lock. But unlike a savings account with a variable annual percentage yield (APY), the yield on a CD is fixed and won’t change during the term. At the end of the term, one month, you can renew the CD or shop around for another one, potentially with a higher yield, if the interest rate environment has improved. After a CD’s maturity date, it likely will renew automatically after a grace period, typically within seven to 10 days.

Bankrate’s picks for the top 5-year CD rates

  • Bread Savings – 3.65% APY, $1,500 minimum deposit
  • Synchrony Bank – 3.50% APY, $0 minimum deposit
  • Popular Direct – 3.40% APY, $10,000 minimum deposit
  • Barclays – 3.25% APY, $0 minimum deposit
  • Capital One – 3.25% APY, $0 minimum deposit
  • Marcus by Goldman Sachs – 3.25% APY, $500 minimum deposit
  • Alliant Credit Union – 3.25% APY, $1,000 minimum deposit
  • BMO Harris – 3.25% APY, $1,000 minimum deposit
  • First Internet Bank of Indiana – 3.25% APY, $1,000 minimum deposit
  • TAB Bank – 3.25% APY, $1,000 minimum deposit
  • Discover Bank – 3.25% APY, $2,500 minimum deposit
  • Citizens Access – 3.25% APY, $5,000 minimum deposit

Note: Annual percentage yields (APYs) shown are as of Aug. 31, 2022. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.

A closer look at the top 5-year CD rates

Bread Savings – 3.65% APY, $1,500 minimum deposit

Bread Financial is an online-only bank that offers high-yield savings products and five CD terms.

Bread Savings is a product of Comenity Capital Bank, which has existed for more than 30 years. Comenity is a bank behind many branded credit cards.

Synchrony Bank – 3.50% APY, $0 minimum deposit

Synchrony Bank offers competitive yields across 14 CD terms. Synchrony promises that CDs funded within 15 days of opening will pay a higher yield if rates increase during that period.

The bank also offers a money market account and a savings account. Both offer a competitive APY and have no minimum balance requirement.

Popular Direct – 3.40% APY, $10,000 minimum deposit

Popular Direct, an online bank, is a subsidiary of Popular Inc., a more than 120-year-old financial-services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms, from three months to five years, and are geared for serious savers, with a $10,000 minimum deposit to open. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs.

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Popular Direct also offers a savings account with a competitive rate.

Barclays – 3.25% APY, $0 minimum deposit

Barclays was founded in London more than 300 years ago. Barclays has no minimum balance requirements to open an online CD. It offers nine CD terms ranging from three months to five years. A savings account is also available.

Capital One – 3.25% APY, $0 minimum deposit

Capital One is an online bank that also has branches. It is based in McLean, Virginia.

Capital One offers nine competitive terms of regular CDs. Capital One’s CDs and 360 Performance Savings account don’t have minimum balance requirements.

Marcus by Goldman Sachs – 3.25% APY, $500 minimum deposit

Marcus by Goldman Sachs is the online consumer-banking unit of Goldman Sachs Bank USA. Marcus offers a variety of CDs, three no-penalty CD terms and a savings account, all with competitive yields. Marcus began offering CDs in 2017.

Marcus also offers debt consolidation, home improvement and personal loans.

Alliant Credit Union – 3.25% APY, $1,000 minimum deposit

Alliant Credit Union was founded in 1935 as United Airlines Employees’ Credit Union. Today, it has about 600,000 members nationwide.

Alliant offers competitive APYs with low minimum balance requirements for CDs. Alliant also has a variety of individual retirement account (IRA) CDs.

BMO Harris – 3.25%* APY, $1,000 minimum deposit

BMO Harris is a regional bank that also offers online accounts. It’s based in Chicago and has more than 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

BMO Harris offers CDs with terms ranging from one month to five years, each requiring a minimum $1,000 opening deposit.

*APY is unavailable in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

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First Internet Bank of Indiana – 3.25% APY, $1,000 minimum deposit

First Internet Bank of Indiana opened in 1999 and was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. Its products are available in all 50 states.

First Internet Bank’s products include CDs with eight term options, a money market savings account with a competitive yield, a savings account and two checking accounts.

TAB Bank – 3.25% APY, $1,000 minimum deposit

Transportation Alliance Bank was established in 1998. In addition to offering eight terms of CDs — ranging from six months to five years — it also offers a savings account, a money market account and a checking account.

Discover Bank – 3.25% APY, $2,500 minimum deposit

Discover Bank may be known for its credit cards, but it also offers a wide selection of banking products, including checking, money market and savings accounts. Discover Bank CDs range in terms from three months to 10 years.

The savings account offers a competitive APY and has no minimum balance requirement.

Citizens Access – 3.25% APY, $5,000 minimum deposit

Citizens Access made its debut in 2018. It offers five terms of CDs and a savings account. Its five-year CD is its longest CD term.

You’ll need at least $5,000 to open a CD or a savings account at Citizens Access.

How to find the best 5-year CD rates

Savers looking for the best CD rates probably want to venture online. Even if a bank is relatively small or not well known, as long as it’s a member of the FDIC, you can rest easy knowing each depositor (that’s you) is protected up to at least $250,000 per insured bank. At a National Credit Union Administration (NCUA) institution, the standard insurance amount is up to $250,000 per share owner (depositor), per insured credit union, for each ownership category (account type).

One thing to look for, though: ease of use. Banks that make it difficult or time-consuming to deposit and withdraw funds may waste so much of your time that the benefit of a few extra basis points of interest on your savings is lost. (A basis point is 0.01 percent, so 1 percent has 100 basis points.)

What to consider when choosing a CD

Consider these things to help you choose the right CD:

  • Early withdrawal penalties: Know what penalties may be incurred should you withdraw your money before the CD matures.
  • Minimum required deposit: Many CDs require a minimum amount of money to open.
  • APY: Annual percentage yield is the yearly interest earned if you keep your money in the CD for the full term. Compare APYs, instead of interest rates, to make an apples-to-apples comparison of CDs.
  • Term: The length of time required to earn interest on your money. Generally, it’s a good idea to choose a CD with a shorter term than when you expect to need your money. For example, if you need access to the funds in about two years, an 18-month CD may be a good choice.
  • Insurance: Make sure the CD is offered by an FDIC-insured bank or at an NCUA credit union.

5-year CD FAQs

  • Before getting a five-year CD, consider the pros and cons to see if it’s a right fit for you.

    Pros:

    • Limited liquidity. CDs don’t provide immediate access to your funds (unlike savings accounts), which could benefit those who may be tempted to otherwise spend their money. A CD can help keep your savings intact. Just be sure you won’t need the money before the CD matures. It’s also important to understand the early withdrawal penalty that you’d incur if you needed to withdraw your funds sooner.
    • Safety. CDs from FDIC-insured banks and credit unions are backed by the full faith and credit of the U.S. government up to $250,000.
    • High returns. Banks generally provide a higher APY with a five-year CD than you could find in a traditional savings account or in a CD with a shorter maturity.
    • Wide selection. You can choose from thousands of banks and credit unions to find a CD with the interest rate, maturity date (term) and minimum deposit amount that fit your needs.
    • Fixed, predictable returns. Once you put your money in a CD, you’re guaranteed a set return at a specified date, which can help you plan your financial goals.

    Cons:

    • Limited liquidity. The inability to instantly access funds is a drawback for those who may need their money before the CD’s term is up. You’ll typically pay a penalty for making early withdrawals. If you think it’s likely you’ll need this money in less than five years, consider a shorter-term CD or a savings account.
    • Inflation risk. The money in your CD may lose its purchasing power over time if inflation overtakes your interest gains. (Note: Supply-chain issues and other economic factors recently have led to a surge in prices amid the ongoing COVID-19 pandemic.)
    • Low relative returns. Other investment options may offer a higher rate of return. But these investments generally involve higher risk, including the chance of losing the principal. If you leave your money in the CD for the full term at an FDIC-insured bank and are within FDIC guidelines, your fixed-rate CD will earn that yield. The same is true for NCUSIF-backed credit unions.
    • Reinvestment risk. When you park your money in a five-year CD, it’s a long wait before you can tap those funds. If interest rates rise in the meantime, you’ll miss out on investing in a higher-rate CD.
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    • CDs with a shorter maturity: Shorter-term CDs allow you to earn interest and potentially take advantage of rising rates once they mature. One-year and 18-month CDs allow access to your money sooner; the trade-off typically is lower APYs.
    • Savings accounts: The key benefit of a savings account is liquidity, providing immediate access to your funds with no penalty. Saving accounts usually have lower APYs that vary.
    • Money market accounts: These accounts allow you to access your money (with no penalties) while still providing a higher return than most savings accounts. Many institutions require a relatively high minimum opening balance, but that can also mean getting a higher interest rate. Some accounts may charge a fee if the account is closed within 90 to 180 days.
    • Bonds: If you’re comfortable with more risk, you may consider investing in bonds. There are many types available, including municipal, corporate and agency bonds.
  • Long-term investment vehicles like five-year CDs generally offer a higher yield than those with shorter terms. But due to the flat yield curve, you won’t be earning much extra interest by opting for a long-term CD over a midterm CD.

    A five-year CD is best for retirees and savers who don’t need the invested funds for at least half a decade. The decision to purchase a five-year CD depends on your time horizon and financial goals.

  • A five-year CD can earn some of the best CD yields available, as CDs with longer time horizons tend to earn higher rates. A five-year CD may be a good option for you if the APY is higher than can be found elsewhere and you’re able to leave your funds parked for the full term.

    A five-year CD could also be a part of a CD ladder that contains shorter-term CDs, such as one-, two-, three- and four-year terms, for example. A CD ladder staggers maturities and APYs, giving you the opportunity to earn a higher yield and still have access to some cash at set intervals.

  • With a five-year CD, savers earn a premium in addition to the normal rate on a conventional savings account. The catch, of course, is that you’ll pay a penalty if you withdraw your money early.

    But assuming you can find a CD with a low penalty of just a few months’ interest, higher interest rates offered on five-year CDs may make them a good pick over shorter maturities, even if you think you might need to cash in the CD early.

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  • There are two factors that determine whether a five-year CD makes sense for you: how soon you need your money and whether you’re earning a competitive APY.

    The length of time is important because you want to make sure that you don’t incur an early withdrawal penalty. You also want to be aware of inflation and purchase a CD that is earning a yield that can keep up.

  • A five-year CD could lose value if you incur an early withdrawal penalty, which could eat into your principal amount. But if you keep the five-year CD for the full term, you will earn the stated interest — assuming the product you’re in is a fixed-rate CD.

    Each depositor is insured to at least $250,000 per FDIC-insured bank. The standard share insurance amount is $250,000 per share owner, per insured credit union, for each account type at NCUA institutions.

Methodology for Bankrate’s Best CD Rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: APY, the minimum deposit needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF).

When selecting the best CD for you, consider what you need the money for and when you’ll need it to help you avoid early withdrawal penalties.

Banks we monitor

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens Access, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, E-Trade Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LegacyTexas Bank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Purepoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Suntrust Bank, Synchrony Bank, TD Bank, TIAA Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

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FAQs

What is the outlook for CD rates in 2022? ›

Though the Federal Reserve is poised to raise rates three times in 2022, McBride's forecast calls for just two hikes, with the national average for one-year CDs rising to 0.35 percent and the average for five-year CDs climbing to 0.56 percent.

What is the rate on a five-year CD? ›

Five-year CDs offer some of the highest guaranteed rates of return you can find right now. Currently, the best 5-year CD rates are at least 3.25% APY. As of September 2022, the national average APY on a 5-year CD is 0.74%, according to the FDIC.

What is the highest rate of return on a CD? ›

Best 1-year CD rates for October 2022
  • Ally Bank: 3.00% APY, $0 minimum deposit.
  • Marcus by Goldman Sachs: 3.00% APY, $500 minimum deposit.
  • LendingClub Bank: 3.00% APY, $2,500 minimum deposit.
  • Citizens: 3.00% APY, $5,000 minimum deposit.
  • First Internet Bank of Indiana: 2.99% APY, $1,000 minimum deposit.

Will CD rates go up in September 2022? ›

While the Fed rate doesn't impact long-term debt like mortgage rates, it does directly influence the direction of short-term consumer debt and deposit rates. So with several 2022 hikes still to come, one would expect CD rates to rise considerably higher as this year progresses.

Are CD rates expected to rise 2022? ›

CD Interest Rates Forecast for 2022 and 2023

Ken Tumin, founder and editor of DepositAccounts, expects CD rates to keep climbing this year and next.

Are CD interest rates expected to rise? ›

And with the latest Federal Reserve interest rate hike raising the target range for the federal funds rate by another 75 basis points for the third consecutive time this year, CD rates will continue to rise.

What will CD rates be in 2023? ›

In an Augusta interview with Forbes, Ken Tumin, founder and editor of DepositAccounts, said the highest yields for five-year CDs could hit a range of 4.00% to 4.50% by the end of 2023, based on the expectation that the Fed would hike rates a total of seven times this year and three or four times next year.

Are CD interest rates rising? ›

Online-only banks and credit unions continue to raise interest rates on certificates of deposit, especially since the Federal Reserve raised the federal funds rate on Sept. 21 by 0.75%. A Fed rate increase tends to encourage banks to raise rates, and this is the fifth increase in 2022.

Are 5 year CDs worth it? ›

On average, 5-year CDs offer the highest rates of the most popular CD terms, given the long commitment they require. By rate shopping for the best 5-year CDs, you stand to earn three–five times more than the national average rate.

What will CD rates be in August 2022? ›

12 month CD rates – 0.60% 24 month CD rates – 0.64% 36 month CD rates – 0.66% 48 month CD rates – 0.63%
...
Will CD Rates Go Up in 2022 and 2023.
12 month CD avg.60 month CD avg.
August0.46%0.64%
September0.60%0.74%
7 more rows
21 Sept 2022

How much does a $10000 CD make in a year? ›

This varies based on your deposit, CD rate and term length. For example, a $10,000 deposit in a five-year CD with 1.50% APY would earn around $770 in interest, while the same deposit in a five-year CD with 0.01% APY would earn only $5 in interest.

Who has the highest 12 month CD rate? ›

Best Current 1-Year CD Rates:
  • State Bank of Texas - 3.85% APY.
  • USAlliance Financial - 3.75% APY.
  • Rising Bank - 3.70% APY.
  • Bread Savings - 3.60% APY.
  • Merrick Bank - 3.60% APY.
  • Merchants Bank of Indiana - 3.56% APY.
  • Banesco USA - 3.55% APY.
  • BankPurely - 3.55% APY.

What will CD rates be in 2024? ›

Rates are seen moving higher in 2022, 2023 and 2024 to about 3 percent, but they're starting from such a low base that the gains savers see on cash sitting in money market accounts and CDs will be modest.

What is a Jumbo CD? ›

What is a jumbo CD? A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. Jumbo CDs usually require a deposit of at least $100,000, though some banks may require less.

What is the average interest rate on a CD right now? ›

Find current CD rates and recent interest rate trends from Bankrate below. Here are the current average rates for the week of Sept. 28: 1-year CD rate: 0.82% 5-year CD rate: 0.87%

What is the best CD rate at Chase Bank? ›

The bank's CD rates are not competitive compared to online banks. Rates for CDs linked to a Chase personal checking account range from 0.02% APY for a one-month CD in any amount to 0.05% APY for a 120-month CD with a balance of at least $10,000. There's a $1,000 minimum deposit requirement to open a CD.

What is the interest rate on $100000 CD? ›

Top National Jumbo CD Rates vs. Regular CD Rates
BEST NATIONAL JUMBO CDs
Best 4-Year Jumbo CDsRateMinimum
EFCU Financial3.35% APY$100,000
Luana Savings Bank3.35% APY$100,000
Credit One Bank3.30% APY$100,000
41 more rows

What will interest rates be 2025? ›

Most people expect the interest rate on a 30-year fixed-rate loan to increase to 6.7% next year and reach 8.2% by 2025.

Are CDs safer than money market funds? ›

CDs will generally pay higher interest than MMAs, especially for longer maturities. Both types of accounts are very safe, as they carry FDIC insurance up to $250,000 per account, but MMAs are much more liquid and don't involve early withdrawal penalties.

Are interest rates going up in 2022? ›

In updated projections, the Fed signaled plans to lift rates by another 1.25 percentage points before the year is over, bringing the federal funds rate to 4.25-4.5 percent before 2022 comes to a close.

Are CDs worth it 2022? ›

CDs can potentially offer higher interest rates than savings accounts. Saving in a CD is safe and secure, with virtually zero risk of loss. CDs can offer a guaranteed rate of return on your money. A CD laddering approach can help you to capitalize on changing interest rates.

Why are bank CD rates so low? ›

Average CD rates: 2020-2022

As the COVID pandemic emerged in early 2020, the Federal Reserve lowered interest rates and CD rates dipped to very low levels. Now, CD rates are moving up again.

What is the difference between a bank CD and a brokerage CD? ›

The biggest difference between bank CDs and brokered CDs is the way they are bought and sold. Brokered CDs are bought and sold by brokerage firms instead of directly by the bank. If you want to get out of a brokered CD early, then you sell the CD like you would a stock, bond, or mutual fund.

Are money market rates going up? ›

Savings and money market account rates are expected to climb in 2022, though the increases may be smaller than consumers could hope for. “2022 is poised to be a year that rates begin to rise, but savers can skip the party hats and balloons,” says Greg McBride, CFA, Bankrate chief financial analyst.

What is CD laddering? ›

A CD ladder is a strategy in which an investor divides a sum of money into equal amounts and invests them in certificates of deposit (CDs) with different maturity dates. This strategy decreases both interest rate and reinvestment risks.

Are CDs FDIC insured? ›

A: Deposit products include checking accounts, savings accounts, CDs and MMDAs and are insured by the FDIC. The amount of FDIC insurance coverage you may be entitled to, depends on the ownership category. This generally means the manner in which you hold your funds.

What is the best thing to invest in right now? ›

12 best investments right now
  • High-yield savings accounts.
  • Certificates of deposit (CDs)
  • Money market funds.
  • Government bonds.
  • Corporate bonds.
  • Mutual funds.
  • Index funds.
  • Exchange-traded funds (ETFs)
5 days ago

What are the disadvantages of a CD? ›

Cons of CD investing
  • Limited liquidity. One major drawback of a CD is that account holders can't easily access their money if an unanticipated need arises. ...
  • Inflation risk. ...
  • Comparatively low returns. ...
  • Reinvestment risk. ...
  • Tax burden.
26 May 2022

How much interest would $20 000 earn in a savings account? ›

Simple interest is money earned only on the original sum of money invested. Here's how to calculate interest earned on a savings account: If you put $20,000 in a simple interest savings account at a rate of 1% monthly interest, you'll earn $200 each month.

How much interest does bank of America pay on CDs? ›

0.05–0.05% 1

How much interest will I earn on 50000 a year? ›

What is Compound Interest?
PrincipalYearInterest earned
Rs.50,0001Rs.5000
(Rs.50,000 + Rs.5000) Rs.55,0002Rs.5,550
(Rs.55,000 + Rs.6055) Rs.60,5503Rs.6055
(Rs.60,550 +Rs.6055) Rs.66,6054Rs.6,660.5
1 more row

Where can I get 5 interest on my money? ›

Here are the best 5% interest savings accounts you can open today:
  • Current: 4% up to $6,000.
  • Aspiration: 3-5% up to $10,000.
  • NetSpend: 5% up to $1,000.
  • Digital Federal Credit Union: 6.17% up to $1,000.
  • Blue Federal Credit Union: 5% up to $1,000.
  • Mango Money: 6% up to $2,500.
  • Landmark Credit Union: 7.50% up to $500.
5 days ago

What are the CD rates at Capital One? ›

Capital One CD rates
Account nameTermAPY
Capital One 360 CD1 year3.25%
Capital One 360 CD18 months3.25%
Capital One 360 CD2 years3.30%
Capital One 360 CD30 months3.30%
5 more rows
5 days ago

What will interest rates be in 2026? ›

According to interest rate predictions from algorithm-based forecasting service Longforecast, the 30-year-mortgage rate in the US, which is strongly linked to the base rate set by the Fed, was projected to hit 9.5% by 2026, a big mark-up on current rates of about 5.81%.

Is a CD taxable? ›

When a CD matures, your options include withdrawing the money, transferring it to a savings or checking account, or rolling it into another CD. Regardless of what you do with the money, you have to pay tax on any CD interest the year it was earned.

Will home interest rates go down in 2023? ›

Inflation and interest rate hikes have made it even more expensive to buy a home. Now, as demand slows, an economist says US home prices could fall as much as 20% in 2023. In addition, a slowing economy overall could bring 30-year mortgage rates back down.

How much money does the average American have in the bank? ›

The median and average bank account balance in the U.S.
YearMedian bank account balanceAverage bank account balance*
2019$5,300$41,600
2016$4,790$42,580
2013$4,500$39,690
2010$4,120$38,000
3 more rows
14 Sept 2022

Can you negotiate CD rates with banks? ›

Branch managers often have authority to negotiate. The more money that you're going to deposit, the better chance of receiving a higher rate. Banks are typically only willing to negotiate on their standard rates and not on their promotional rates.

How much interest will I earn if I have a million in the bank? ›

Bank Savings Accounts

As noted above, the average rate on savings accounts as of February 3rd 2021, is 0.05% APY. A million-dollar deposit with that APY would generate $500 of interest after one year ($1,000,000 X 0.0005 = $500). If left to compound monthly for 10 years, it would generate $5,011.27.

Are CDs worth it 2022? ›

CDs can potentially offer higher interest rates than savings accounts. Saving in a CD is safe and secure, with virtually zero risk of loss. CDs can offer a guaranteed rate of return on your money. A CD laddering approach can help you to capitalize on changing interest rates.

What will CD rates be in 2024? ›

Rates are seen moving higher in 2022, 2023 and 2024 to about 3 percent, but they're starting from such a low base that the gains savers see on cash sitting in money market accounts and CDs will be modest.

Will money market rates go up in 2022? ›

Savings and money market account rates are expected to climb in 2022, though the increases may be smaller than consumers could hope for. “2022 is poised to be a year that rates begin to rise, but savers can skip the party hats and balloons,” says Greg McBride, CFA, Bankrate chief financial analyst.

Will interest rates go down in 2023? ›

When Will Interest Rates Go Down? We expect the Fed will pivot to easing monetary policy in 2023 as inflation falls back to its 2% target and the need to shore up economic growth becomes a top concern. The full analysis is detailed in our 2022 U.S. interest-rate & inflation forecast.

How much does a $10000 CD make in a year? ›

This varies based on your deposit, CD rate and term length. For example, a $10,000 deposit in a five-year CD with 1.50% APY would earn around $770 in interest, while the same deposit in a five-year CD with 0.01% APY would earn only $5 in interest.

What is the best thing to invest in right now? ›

12 best investments right now
  • High-yield savings accounts.
  • Certificates of deposit (CDs)
  • Money market funds.
  • Government bonds.
  • Corporate bonds.
  • Mutual funds.
  • Index funds.
  • Exchange-traded funds (ETFs)
5 days ago

Are CDs safer than money market funds? ›

CDs will generally pay higher interest than MMAs, especially for longer maturities. Both types of accounts are very safe, as they carry FDIC insurance up to $250,000 per account, but MMAs are much more liquid and don't involve early withdrawal penalties.

What will interest rates be in 2026? ›

According to interest rate predictions from algorithm-based forecasting service Longforecast, the 30-year-mortgage rate in the US, which is strongly linked to the base rate set by the Fed, was projected to hit 9.5% by 2026, a big mark-up on current rates of about 5.81%.

What will interest rates be 2025? ›

Most people expect the interest rate on a 30-year fixed-rate loan to increase to 6.7% next year and reach 8.2% by 2025.

What is a Jumbo CD? ›

What is a jumbo CD? A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. Jumbo CDs usually require a deposit of at least $100,000, though some banks may require less.

Where can I put my money to earn the most interest? ›

The following ideas can help you make a plan to save and maximize your interest earnings.
  • High-Yield Savings Account. ...
  • High-Yield Checking Account. ...
  • CDs and CD Ladders. ...
  • Money Market Account. ...
  • Treasury Bills.
8 Apr 2022

Is a savings account better than a money market? ›

Most traditional savings accounts offer pretty nominal interest rates, so you may find that money market funds or MMAs are a better alternative, as they typically offer higher returns.

Where can I get 5 interest on my money? ›

Here are the best 5% interest savings accounts you can open today:
  • Current: 4% up to $6,000.
  • Aspiration: 3-5% up to $10,000.
  • NetSpend: 5% up to $1,000.
  • Digital Federal Credit Union: 6.17% up to $1,000.
  • Blue Federal Credit Union: 5% up to $1,000.
  • Mango Money: 6% up to $2,500.
  • Landmark Credit Union: 7.50% up to $500.
5 days ago

What is the forecast for interest rates in the US? ›

“Following today's meeting, we continue to believe a 4.50-4.75% terminal rate will be necessary to tighten financial conditions, slow growth and bring inflation back down to target. As the Committee hiked by 25bp less than we had assumed at the September meeting, we raised our November rate hike expectation to 75bp.”

What will home interest rates be in 2023? ›

Housing experts say they're expecting the market to tip back into buyers' court by 2023, according to a new report. Mortgage rates are approaching 7%, but home prices are only slowly coming back down and inventory is still tight compared to pre-pandemic levels.

How far will interest rates go up? ›

The big four banks have all cast their predictions for the next few years of cash rate movements. Experts from the big banks have forecast that we may expect a cash rate beginning with a '3' by Christmas. And for the average owner-occupier paying a variable rate, your home loan rate could reach 6.11% by early 2023.

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