The Best CD Rates of 2022! (Rates Are Finally Up)

The best CD accounts and rates right now!
Compare the best CD rates at Bankrate: bit.ly/cd_bankrate
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CD rates are on finally on the rise, so I found the best rates available right now. I'll cover CD accounts and features from Marcus, Synchrony Bank, Capital One and First National Bank of America. CD's won't beat inflation or the average return of the stock market, but they're a good tool to use if need to park some money for a few years with no risk.
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Disclaimer: I am not a financial advisor. These videos are for education/entertainment purposes only. Investing of any kind involves risk, so please conduct your own research.
Chapters:
0:00 Intro
2:13 Early withdrawal penalty
3:25 Marcus
4:58 Synchrony Bank
6:18 Capital One
7:19 First National Bank of America
#honestfinance #bestbanks

[@HonestFinance]

Enjoy the video! Comment below if you know of any other competitive CD rates.

[@geraldpawlicki3321]

Financial Education is so important. Thank you for the videos.

[@gabik2234]

Great video! Thank you!

[@HonestFinance]

You’re welcome. Thanks for watching!!

[@williamserver4332]

Great video. Can you get better CD rates with online banks? If so how do I find online banks rates.? I don't know anything about online banking

[@HonestFinance]

Honestly you can find good rates at both types of banks. It’s just a matter of doing your own research. Here’s an affiliate link to Bankrate if you want to compare competitive CD options: bit.ly/hf_bankrate_cd Hope that helps 😎

[@D9Beats]

Nice! Been thinking of getting a CD for a while now

[@HonestFinance]

They’re a good option if you don’t want to risk the money

[@D9Beats]

@@HonestFinance do you have any money on risky investments? I kinda want to split my investments 50/50 safe and risky

[@HonestFinance]

It’s fine if you have extra money after your obligations and debts are taken care of first

[@elbori4365]

Ok, Citibank is offering 2.75% Apy for a 12 month Cd. Jump on it. I did! And u can get your interest paid monthly, but of course it's best to allow the Cd to mature.

[@HonestFinance]

Thanks for the update

[@jopazsisiz]

Synchrony bank worth checking out. They just bumped them up

[@HonestFinance]

Good to know. Thanks

[@MattRomPsalms]

Thanks for putting that out. I have them and didn’t even know they did.

[@edfig]

As of 5/20/22 Citi Bank has a 1.5% CD for 11 months.

[@HonestFinance]

That’s really good. Thank you for the info

[@kellyreed8001]

Would u tier your cds at different banks like splitting up 100 k

[@HonestFinance]

I’d probably just find one that worked and stick with it.

[@Cello69.]

Does the CD rate increase have anything to do with the Fed rate hike or is that something totally different?

[@HonestFinance]

That’s exactly why they’ve increased

[@gqborges]

Great info, love your videos. Im gonna check what rates my bank has to offer today. “Bank of the west”

[@HonestFinance]

Good call. Thanks for watching

[@OroborusFMA]

Stock market is going to be a horrible place to park your money for at least the next 18 months. I-Bonds are a great choice, plenty of videos here on them. Goldman Sachs is offering interest rates comparable to the 2019 era and I would expect those rates to go up. My Goldman Sachs savings account interest has gone up twice in the last 60 days, though that is a mere 0.70% (+10% for AARP members). Note: the Synchrony 16 month CD is now 2% instead of 1.85%.

[@ludwig6332]

Goldman sachs is worst place to put your money.

[@abhijitsen7749]

Any idea how Connexus Credit Union is able to give 2.6% for 1 year duration?

[@HonestFinance]

I’ll have to look into it. That’s really good right now

[@HonestFinance]

Capital one is a great, well- known bank. They’re a fine option in my opinion. If trust them (but that’s my opinion)

[@steph903]

I needed this! Starting rates in my bank were 0.01% which at that point, why bother?

[@HonestFinance]

Ya that’s terrible. CD’s can be a good option if you don’t want to risk any money for the short-term

[@bulldogfit1584]

Look into the on line banks only. They are always more. Right now Synchrony is 2.6 for 5 years and 2.0 special for 16 months. And they are FDIC insured.

[@HonestFinance]

2.0 on 16? That’s great right now

[@yousifyaqunda6421]

Shoutout to my navy federal account paying 3% interest for 20 months

[@HonestFinance]

Wow that’s incredible right now

[@dracoparanormal2403]

How much would you make in $1000 at 2% for 2 years?

[@HonestFinance]

You’d make about $40

[@frankkeel8410]

I will Wait these interest (cd) rates will rise to 10% at this time next year!

[@HonestFinance]

That’d be amazing!!

[@kellyreed8001]

Many are at 3% now like Goldman saks

[@gregh7457]

has anyone ever bought cd's thru their brokerage account? i see some interesting things coming up. specifically 3% on 1 year cd's

[@HonestFinance]

They’re legit and worth considering

[@gregh7457]

@@HonestFinance They look like bonds though. They even have accrued interest that comes with them if you purchase. That accrued interest pumps up the apr if you hold to maturity

[@dracoparanormal2403]

Which is better a CD or Money Market?

[@HonestFinance]

CD’s will generally have higher rates, but you have to lock up the money for 1-5 years. Money market and high-yield savings accounts are very good too with slightly lower rates and no lock period. Hope that helps ;)

[@wyntonshamburger9067]

NASA federal has 2.0 on 9 months and 2.5 for 15 months

[@HonestFinance]

Thank you for the info. I’ll look into them

[@JackWorkz]

19 month @ 3% at my credit union right now..

[@HonestFinance]

That’s amazing. What’s the credit union??

[@JackWorkz]

@@HonestFinance Canvas Credit union Colorado.. I opened one last week with 10k and considering doubling that..my 1st time investing in a CD

[@HonestFinance]

Good call for no risk at 3%

[@joeblow9548]

Its not true cd rates will not beat the market..i just lost 30.000 in my retirement account.and theres never a loss in cds its continuos growth..ill take continuos growth over loss anytime

[@Cello69.]

Unless you’re a day trading or swing trading the stock market is a long term play. You have a down year then 2-3 good years. Unfortunately 2022 has been garbage. If the feds hikes dosnt cause too much of a recession in 2023 we should have a green year. Long term overall nothing beats the stocks but If you use 2022 as a snap shot to describe the market then sure even working at McDonald’s will yield you more money. Although I will say this I’m green 5.1% for year in my retirement account. This is because I actively shift my funds around. Like right now I’m 100% bonds. Going to wait for another pivot and hopefully a bottom then start moving it back into play.

[@WhiteDigits]

8/25/2022 - Marcus - 3% for 2 years

[@HonestFinance]

Thanks for the update