Some CD Rates Jump Again

Which banks offer the best yield?

We recommend checking comparative sites like Bankrate or Nerdwallet to see which banks offer the best CD rates—and Moneyrates, which updates daily. With so much market tumult, it’s best to check all three, and keep an eye on when the site was last updated.

CapitalOne is offering a 1-year CD at 3.25%, one of the sweetest deals around. CIT beats that, if you commit an extra month: a 13-month CD at 3.50%. If you like Synchrony, today it posted a 15-month CD at 3.50%.

Can anyone say 4%? Yes! Parsons Federal Credit Union just revealed a savings-growing 4% APY, 13-month CD on new deposits of $10,000 or more. This CD rate is only good for the month of October 2022. Accounts are insured up to $500,000.

The stock market just had a few good days, but putting funds into a CD is a smart hedge against market gyrations—but hold some money back, as CD rates may rise even more as increased interest rates percolate through the economy.

Drew Limsky
dlimsky@sfbwmag.com
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