Highest Non-Punitive Certificate of Deposit Interest Rates: Secure Interests Above 4 Percent
In July 2022, no-penalty Certificates of Deposit (CDs) for short-term savings goals offered attractive returns, although they were lower than the rates reported in mid-2025.
These financial products, which allow access to money without fees while offering returns higher than 4%, were a popular choice for individuals seeking a balance between fixed interest rates and the flexibility of high-yield savings accounts.
One of the top contenders was Marcus by Goldman Sachs, which offered a 7-month no-penalty CD at an Annual Percentage Yield (APY) of 4.00% with a minimum deposit of $500. Another option was Climate First Bank, which provided a 6-month no-penalty CD with an APY of 4.34% and a minimum deposit of $500.
Farmers Insurance Federal Credit Union also offered a competitive 9-month no-penalty CD at an APY of 4.25% with a minimum deposit of $1,000.
It's important to note that withdrawals can be made after the first 6 days of account opening, but all funds must be withdrawn at once. This means that while these CDs offer flexibility, they are not designed for frequent withdrawals.
The Federal Reserve's decision not to cut interest rates at their June meeting provided an opportunity for individuals to lock in good rates on these no-penalty CDs.
For precise historical rates from July 2022, you would need to check archived rate data from banks or financial sites tracking rates from that period. If you require assistance in finding historical rate records from specific institutions or aggregators, feel free to ask.
In conclusion, no-penalty CDs for short-term goals in July 2022 likely offered APYs roughly between 1% and 3%. Exact best no-penalty CD rates from July 2022 are not provided in the search results, but by comparison, in mid-2025, no-penalty CDs for similar terms yield around 4.00% to 4.25% APY.
In the personal-finance industry, various banking-and-insurance institutions offered attractive returns on no-penalty Certificates of Deposit (CDs) in July 2022, with rates ranging from 4.00% to 4.34% Annual Percentage Yield (APY). These financial products, despite being slightly lower than the rates reported in mid-2025, proved popular for individuals seeking a balance between fixed interest rates and flexibility in their short-term savings goals.
