Best CD Rates for October 2022

CD rates started increasing when the Federal Reserve started increasing the fed funds rate back in March 2022. The increase in rates was rather swift, since March, the best CD rates on 12-month certificates of deposit are now over 2.00 percent. In fact, the highest 12-month CD rate right available today on the rate list is at 2.15% APY.

CD Rates: Best 12-Month Rates Available Today

• Merrick Bank 2.15%
• LendingClub 2.01%
• LiveOakBank 2.00%
• Sallie Mae 2.00%
• TIAA Bank 2.00%
• First Internet Bank of Indiana 1.92%
• Capital One 1.75%
• Citizens 1.75%
• PenFed 1.75%
• Ally 1.75%
• CIBC 1.70%
• State Bank of India California 1.51%
• Amerant 1.50%
• MyBankingDirect 1.50%
• Discover 1.50%
• Vio Bank 1.50%

CD Rates Summary

CD rates moved considerably higher in such a short period of time and will likely continue to move higher. If the Fed increases the fed funds rate by 0.75 percent this month, we could see CD rates on 12-month CDs hit 3.00 percent. If inflation persists even after the July increase, we could possibly see the best CD rates on 1-year CDs hit the 4.00 percent to 5.00 percent range.

Marcus Bank CD rates on 12-month certificates of deposit are currently at 1.90% APY, one of the best 1-year CD rates available right now. Besides the 1-year rate, Marcus Bank CD rates on both short-term and long-term CDs are some of the highest rates available. There is a complete list of current CD rates below.

Marcus Bank CD Summary

• 6-Month 1.05%
• 7-Month 0.45% (no penalty)
• 9-Month 1.10%
• 11-Month 0.35% (no penalty)
• 12-Month 1.90%
• 13-Month 1.25% (no penalty)
• 18-Month 2.00%
• 2-Year 2.25%
• 3-Year 2.50%
• 4-Year 2.50%
• 5-Year 2.90%
• 6-Year 2.90%

Marcus Bank Best CD Rates

In my opinion, Marcus’ best CD rates are on the bank’s 6-month CD. The 6-month rate is the best because CD rates are increasing right now thanks to the Fed increasing the fed funds rate. The Fed will probably continue to increase the rate this year and in 2023, driving CD rates higher. I personally wouldn’t lock my funds in a long-term CD while bank rates are increasing. Lock your funds in when rates peaks, which again will probably be sometime in 2023.

Conclusion and Review

Besides offering some of the highest rates available right now, Marcus Bank also offers many features with their CDs. The 7-, 9- and 13-month CDs have no penalty for an early withdrawal, the minimal opening balance for all CDs is only $500, and Marcus has a 10-day rate guarantee. If you fund your account within 10-days of opening it and CD rates move higher, you will also get the higher rate.

Park National Bank CD rates are very competitive right now, but you will have to go to a local branch to open a certificate of deposit. You can compare CD rates at Park National Bank with some of the best CD rates available online. To check on CD rates from Park National Bank, you can walk into over 110 different branch locations all over the State of Ohio. To get the best deal on a certificate of deposit compare online CD rates with Park National Bank CD rates.

The Bank of Canton CD rates are competitive right now on intermediate term certificates of deposit. The best CD rates right are on 36-month CD rates from The Bank of Canton at 2.02 percent. 2-year CD rates at The Bank of Canton are also competitive at 1.77 percent. Shorter-term rates are not as good, 91-day CD rates are at 0.30 percent, 6-month CD rates are at 0.40 percent and 1-year rates are at 1.01 percent. The minimum opening balance for CD account less than one year is $2,500. 1 year, 2 year and 3-year CD accounts have a minimum of $1,000.

Bank of Canton CD Rates

To get the highest CD rates available compare online CD rates with The Bank of Canton CD Rates.

Five Star Bank has two new online CD rate specials which are some of the best CD rates available today. The best deal for your money is Five Star Bank’s 8-month CD rate at 1.71 percent with an APY of 1.72 percent. Other special CD rates from Five Star Bank include 13-month CD rates at 1.59 percent with an APY of 1.60 percent. 60-month CD rates are at 1.19 percent with an APY of 1.20 percent. 60-month IRA CD rates are at 1.14 percent with an APY of 1.15 percent, and 3-month CD rates are only at 0.05 percent with an APY of 0.05 percent. The minimum opening balance for all CD accounts at Five Star Bank is $500.

To get the best CD rates available compare online CD rates with Five Star Bank CD rates.

Vio Bank CD rates are competitive right now, but only on the bank’s shorter-term certificates of deposit. Long-term CD rates at Vio Bank are not as competitive when compare to other online rates. For example, current 6-month CD rates from Vio Bank are at 1.64 percent with an APY of 1.65 percent. This 6-month rate places Vio Bank in the top 10 of our 6-month rate list. 24 month CD rates are also at 1.65 percent but the best CD rate for a 24-month CD account on our rate list is much higher at 2.25 percent. That’s why it’s always best to compare rates online, in this case comparing online rates with Vio Bank CD rates.

According to Vio Bank’s website they regularly monitor CD rates from other banks to make sure their CD rate are always some of the best nationally. The minimum opening deposit for a CD account at Vio bank is only $500. Vio bank offers CD terms ranging from 6 months to 10 years.

Vio Bank CD Rates

• 6 Month – 1.65%
• 9 Month – 1.70%
• 12 Month 1.65%
• 18 Month 1.60%
• 24 Month 1.65%
• 36 Month 1.70%
• 48 Month 1.75%
• 60 Month 1.80%
• 84 Month 1.3o%
• 120 Month 1.40%

Vio Bank Certificate of Deposit Fine Print

• Minimum opening deposit $500
• Interest compounded daily
• FDIC insured under cert # 4063
• The CD account may renew automatically on the maturity Date
• Vio Bank is a division of MidFirst Bank, and Vio Bank deposits are considered MidFirst Bank deposits for purposes of FDIC coverage

Vio Bank CD Early Withdrawal Penalty

• If you close your account before interest is credited you will not receive the accrued interest
• CD term of 7-31 days:  All of the interest earned on the amount being withdrawn
• CD term of 32 days to 12 months: One percent of the amount withdrawn, plus a $25 fee
• CD term of greater than 12 months: Three percent of the amount withdrawn, plus a $25 fee

Search and compare CD rates online with Vio Bank CD Rates.

Average CD rates for December 15th, 2019, are lower for both short-term and long-term certificates of deposit while the best CD rates available remain unchanged. We expect average CD rates to continue a gradual downward trend in 2010. Current 12-month CD rates are averaging 1.87 percent, a sharp decline from an average rate of 1.92 percent set on December 11th. The best 12-month CD rates on our rate table remain unchanged at 2.13 percent with an APY of 2.15 percent.

6-month CD rates are currently averaging 1.22 percent, down from an average 6-month rate of 1.26 percent set last Wednesday. The highest CD rates on 6-month certificates of deposit jumped considerably higher because of a new entry on our rate list. TotalDirectBank CD rates are the best 6-month CD rate on our list at 2.03 percent with an APY of 2.05 percent.

Average CD Rates for December 15th, 2019

• 3-Month 0.72% down 5 bps
• 6-Month 1.22% down 4 bps
• 12-Month 1.87% down 5 bps
• 24-Month 1.92% down 2 bps
• 60-Month 1.97% down 6 bps

Best CD Rates for December 15th, 2019

• 3-Month 2.00% up 35 bps TotalBankDirect
• 6-Month 2.05% up 20 bps TotalBankDirect
• 12-Month 2.15% unchanged Live Oak Bank, Cross River Bank and Barclays
• 24-Month 2.25% up 10 bps Cross River Bank
• 36-Month 2.40% up 25 bps Cross River Bank
• 48-Month 2.45% up 25 bps Cross River Bank
• 60-Month 2.25% unchanged Northpointe Bank, Synchrony Bank, Live Oak, and Citizens Access

As you can see from the lists above, average CD rates for December 15th, 2019, are lower. The big uptick in the best CD rates available on our rate list is because TotalBankDirect is a new entry on the list and Cross River Bank increased their CD rates. To get the best deal on a certificate of deposit compare online CD rates at MonitorBankRates.com.

Barclays Bank CD rates on short and intermediate term certificates of deposit are really competitive right now. In fact, 12 month CD rates at Barclays Bank are near the top of our rate list. Current 12 month CD rates from Barclays Bank are at 2.13 percent with an APY of 2.15 percent. If you’re looking for a longer term CD account, 18 month to 48 month CD rates are also at 2.13 percent with an APY of 2.15 percent. There is no minimum balance to open a CD account. To get the best deal on a CD account, compare online CD rates with Barclays Bank CD rates.

CD Rates from Barclays Bank

To get the best CD rates today, search and compare online CD rates with Barclays Bank CD rates.

Rising Bank CD rates are all above 2.00 percent right now, which is unusual to see these days. 1-year and 2-year CD rates at Rising Bank are at 2.03 percent with an APY of 2.05 percent. 2-year jumbo and regular 3-year CD rates from Rising Bank are at 2.08 percent with an APY of 2.10 percent. The minimum opening deposit for a regular certificate of deposit is $1,000 and a jumbo certificate of deposit minimum is $100,000. 18 month Rising CD rates are at 2.03 percent with an APY of 2.05 percent. 3-year Rising CD rates are at 2.08 percent with an APY of 2.10 percent. The minimum opening deposit for a Rising certificate of deposit is $25,000. Rising CD accounts allow you have the CD rate increased once during the CD term if rates move higher. Compare online CD rates with Rising Bank CD rates.

Hanmi Bank CD rates on the bank’s Diamond Freedom certificates of deposit are competitive and have an interesting feature. Current Diamond Freedom CD rates at Hanmi Bank for CD accounts with terms of 12 and 24 months are at 0.85 percent for balances of $100,000 or less. CD rates at Hanmi Bank for account balances from $100,000 to $250,000 are slightly higher at 0.90 0.95% percent. The interesting feature about the Diamond Freedom CD account is you can make up to six withdrawals totaling 50% of the balance without incurring a penalty. To find the best CD rates available today, compare other bank’s CD rates to Hanmi Bank CD rates.

CD Rates at Hanmi Bank

Account Balances Under $100,000

Account Balances $100,000 to $249,999.99

Regular Certificates of Deposit at Hanmi Bank Fine Print

• Minimum opening balance $1,000
• Free Online & Mobile Banking
• Free Telephone Banking
• No additional deposits during the term
• CD account will automatically renew at maturity
• The daily balance method will be used to calculate the interest
• Interest is simple interest and will not be compounded
• Depositor will have option to choose from quarterly, semiannually, annually or at maturity (for the term one year or less) to receive the interest payment

Early Withdrawal Penalty Regular CD Accounts from Hanmi Bank

• For the term longer than one (1) year, the penalty amount will be equal to three (3) months’ simple interest of the withdrawal amount
• For the term 32 days to one (1) year, the penalty amount will be equal to one (1) month’s simple interest of the withdrawal amount
• For the term seven (7) to thirty one (31), the penalty amount will be the greater of (1) all interest earned on the withdrawal amount, or (2) seven days’ simple interest of the withdrawal amount, or (3) simple interest of opening balance for the one-half of the original term
• In certain circumstances such as death or incompetence of an owner of the account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty

To find the highest CD rates today, compare online CD rates with Hanmi Bank CD rates.

Updated| BMO Harris Bank CD rates on the bank’s online certificates of deposit are some of the best CD rates available right now. Current 9-month CD rates at BMO Harris Bank are at 2.08 1.98 percent with an APY of 2.10 2.00 percent. 12 month CD rates from BMO Harris Bank are slightly higher at 2.18 2.08 percent with an APY of 2.20 2.18 percent. BMO Harris Bank is also offering a 6-month CD with a rate of 1.89 percent with an APY of 1.90 percent. All online CD accounts have a minimum opening balance of $5,000. There are many different certificate of deposit options and CD rates at BMO Harris Bank. Compare online CD rates with BMO Harris Bank CD rates.

Online CD rates from BMO Harris Bank

Minimum opening balance of $5,000.

• 6 Month 1.90%
• 9 Month 2.00%
• 12 Month 2.10%

CD Rate Specials from BMO Harris Bank

Minimum opening balance of $5,000.

• 11 Month 1.85%
• 35 Month 1.95%
• 55 Month 2.00%

Add-on CD Rates at BMO Harris Bank

Minimum opening balance of $1,000.

• 1 Year 1.85%
• 2 Year 1.90%

Bump-CD Rates at BMO Harris Bank

Minimum opening balance of $5,000. Anytime during the first 12 months of opening a Bump-CD you can have the CD rate increased if standard CD rates at BMO Harris Bank move higher.

• 3 Year 1.75%

Standard CD Rates BMO Harris Bank

Minimum opening balance of $1,000.

• 3 month 0.05%
• 6 month 0.05%
• 9 month 0.10%
• 12 month 0.15%
• 18 month 0.25%
• 24 month 0.30%
• 30 month 0.35%
• 36 month 0.40%
• 48 month 0.50%
• 60 month 0.75%

BMO Harris Bank Certificate of Deposit Fine Print

• 5,000 minimum opening deposit
• For CDs opened online: the maximum opening deposit for Add-On CDs and CDs funded by check is $100,00. The maximum opening deposit for all other CDs is $250,000
• CDs must be funded within 10 business days of submitting an application
• Funds may not be withdrawn for the first 11 days after funding the CD account
• IRA CDs not available

To get the highest CD rates available compare online rates with BMO Harris Bank CD rates.

BB&T CD rates on the bank’s special certificates of deposit are very competitive right now. The best CD rates are on BB&T’s shorter term CDs. Special 7 month CD rates at BB&T are currently at 1.73 percent with an APY of 1.75 percent. There is no minimum opening deposit to earn this high rate and yield. 13 month special CD rates from BB&T are currently at 1.49 percent with an APY of 1.50 percent. 23 month CD rates are currently at 1.24 percent with an APY of 1.25 percent.