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Yahoo Finance Plus Current CD rates — March 2023
A certificate of deposit (CD) is a time deposit account. A bank agrees to pay interest at a certain rate if savers deposit their cash for a set term, or period of time.
Find current CD rates and recent interest rate trends from Bankrate below. Here are the current average annual percentage yields (APYs) for the week of March 22:
1-year CD yield: 1.63% APY
5-year CD yield: 1.25% APY
1-year jumbo CD yield: 1.71% APY
5-year jumbo CD yield 1.31% APY
Money market account yield: 0.31% APY
The national average rate for one-year and five-year CDs started to increase in February 2022, driven in part by rising Treasury yields and expectations of Federal Reserve rate increases in 2022. Since October 2022, the one-year CD average has been higher than the five-year CD average.
The Fed raised rates seven times in 2022, in March, May, June, July, September, November and December. It also raised rates in February 2023 and March 2023.
These are the first rate increases since 2018, and inflation remains high.
Latest average CD APYs: 3-month trend
Date | 1-year CD | 5-year CD | 1-year jumbo | 5-year jumbo | Money market account |
|---|---|---|---|---|---|
03/22/2023 | 1.63% | 1.25% | 1.71% | 1.31% | 0.31% |
03/15/2023 | 1.62% | 1.24% | 1.71% | 1.30% | 0.31% |
03/08/2023 | 1.59% | 1.20% | 1.68% | 1.26% | 0.31% |
03/01/2023 | 1.58% | 1.20% | 1.67% | 1.25% | 0.31% |
02/22/2023 | 1.53% | 1.18% | 1.61% | 1.24% | 0.30% |
02/15/2023 | 1.52% | 1.18% | 1.60% | 1.24% | 0.26% |
02/08/2023 | 1.44% | 1.19% | 1.52% | 1.25% | 0.27% |
02/01/2023 | 1.47% | 1.18% | 1.55% | 1.24% | 0.27% |
01/25/2023 | 1.43% | 1.18% | 1.51% | 1.24% | 0.27% |
01/18/2023 | 1.42% | 1.18% | 1.50% | 1.24% | 0.27% |
01/11/2023 | 1.41% | 1.18% | 1.50% | 1.23% | 0.26% |
01/04/2023 | 1.41% | 1.17% | 1.46% | 1.23% | 0.26% |
12/28/2022 | 1.39% | 1.17% | 1.47% | 1.22% | 0.25% |
12/21/2022 | 1.37% | 1.16% | 1.45% | 1.22% | 0.25% |
There’s no need to stick with low rates. Here are some of the best CD rates by term from popular banks:
Compare current CD rates by term for March 2023
Current CD rates: 6-month
Bask Bank: 4.85% APY
Bank5 Connect: 4.75% APY
Popular Direct: 4.55% APY
First Internet Bank of Indiana: 4.52% APY
Synchrony Bank: 4.25% APY
See additional best 6-month CD rates.
Current CD rates: 1-year
First Internet Bank of Indiana: 5.06% APY
Bread Financial: 5.05% APY
Popular Direct: 5.00% APY
Bask Bank: 4.70% APY
Synchrony Bank: 4.50% APY
See additional best 1-year CD rates.
Current CD rates: 3-year
First Internet Bank of Indiana: 4.54% APY
Bread Financial: 4.50% APY
Sallie Mae Bank: 4.40% APY
Popular Direct: 4.40% APY
BMO Harris: 4.30% APY*
See additional best 3-year CD rates.
Current CD rates: 5-year
BMO Harris: 4.50% APY*
First Internet Bank of Indiana: 4.49% APY
Popular Direct: 4.45% APY
Alliant Credit Union: 4.35% APY
Synchrony Bank: 4.30% APY
See additional best 5-year CD rates.
Note: Annual percentage yields (APYs) shown are as of March 23, 2023, and apply to balances of $25,000. APYs for some products may vary by region.
*APY is unavailable in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.
Current CD rates FAQs
According to Bankrate’s most recent national survey of banks and thrifts, the average yield is 1.63 percent for a one-year CD, 1.71 percent for a one-year jumbo CD, 1.25 percent for a five-year CD and 1.31 percent for a five-year jumbo CD.
The Federal Reserve’s decisions on interest rates can affect CD rates.Once the central bank makes a decision to change the rate, competitive banks will generally move CD yields in the same direction. Broader macroeconomic conditions also influence CD rates.For instance since March 2022, the one-year CD national average has mostly increased or stayed the same.
CD rates are determined by several factors. The decisions made by the Federal Reserve on the federal funds rate will likely influence CD rates. Competition among banks and credit unions will also influence the payout on their CDs, as well as whether or not the financial institution needs deposits. In general, online banks tend to pay higher rates than banks with branches. Changes in Treasury yields and economic conditions also influence CD rates.
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