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1. Banking
2. CDs
3. Best CD rates

Advertiser Disclosure
Bankrate Promise

BEST CD RATES FOR FEBRUARY 2024 (UP TO 5.51%)

Written by
Matthew Goldberg
Written by Matthew GoldbergArrow Right Consumer banking reporter

Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in
financial services for more than a decade, in banking and insurance.

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Edited by
Marc Wojno
Edited by Marc WojnoArrow Right Senior banking editor

Marc Wojno is a seasoned and accomplished finance editor and writer with more
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platforms including newswires, newsletters, magazines and online news sites.

Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor
of Finance for ZDNet, both Red Ventures companies, where he wrote and edited
news articles and features on a variety of topics including banking, blockchain,
credit cards, cryptocurrency, fintech, home equity, investing and taxes.

Marc Wojno

Reviewed by
Greg McBride, CFA
Reviewed by Greg McBride, CFAArrow Right Chief financial analyst, Personal
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Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a
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About our review board
Greg McBride, CFA

Edited by
Marc Wojno
Edited by Marc WojnoArrow Right Senior banking editor

Marc Wojno

Reviewed by
Greg McBride, CFA
Reviewed by Greg McBride, CFAArrow Right Chief financial analyst, Personal
Finance

* Connect with Greg McBride, CFA on Twitter Twitter
* Get in contact with Greg McBride, CFA via Email Email

About our review board
Greg McBride, CFA

Updated February 07, 2024

Certificates of deposit (CDs) can be an ideal account to allocate some of your
savings, especially if you’re looking for a fixed APY. Read more

Bankrate’s list of top-yielding CD rates are much higher than today's national
average yield of 1.74 percent for a one-year CD.

Bankrate provides you with timely news and rate information on top yielding CDs
for some of the most popular, and largest, FDIC-insured banks and NCUA-insured
credit unions. This way you don’t have to spend time searching many bank and
credit union websites. Since 1976, Bankrate has been a trusted source of banking
information to help you make well-informed decisions on your finances.

Show Less

Page preview:

Table of contents Top rates

Advertiser Disclosure
Bankrate Promise

Show me:

The following accounts can be found at most banks and credit unions. They’re
federally insured for up to $250,000 and offer a safe place to put your money
while earning interest.

CERTIFICATE OF DEPOSIT (CD)

CDs are best for individuals looking for a guaranteed rate of return that’s
typically higher than a savings account. In exchange for a higher rate, funds
are tied up for a set period of time and early withdrawal penalties may apply.

CHECKING ACCOUNT

Checking accounts are best for individuals who want to keep their money safe
while still having easy, day-to-day access to their funds. ATM and other
transactional fees may apply.

SAVINGS / MONEY MARKET ACCOUNTS (MMA)

Savings and MMAs are good options for individuals looking to save for
shorter-term goals. They’re a safe way to separate your savings from everyday
cash, but may require larger minimum balances and have transfer limitations.

CDsCheckingSavings & MMAs
Zip code
Deposit amount
Filters
Current 1 year CD trends
Bankrate Partner average
5.03% APY
National average
1.74% APY

The "Bankrate Partner average" is calculated from the average of the top savings
account offers from the institutions we track, included on this page as of
2/7/2024. "National average" is determined by Bankrate's comprehensive national
survey of savings accounts and CDs.

CDs

CD rates
CD IRA rates
No penalty CD rates
Min. term lengthSelect...1 month6 months1 year1.5 years2 years
Max. term lengthSelect...1 month6 months1 year1.5 years2 years3 years4 years5
years5+ years
Reset

ADDITIONAL OFFERS

The associated rates listed below were last reviewed between 1/29 and 2/4 by
Bankrate's editorial staff.

Each week, Bankrate's editorial staff surveys hundreds of banks to determine
their best rates. Based on the cadence of our review, the actual rates listed
may differ from the rates surveyed by our staff. Contact the bank to receive the
most current rates.

CD
CIBC Bank USA
Member FDIC
4.5

BANKRATE CD RATING = 4.5/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.51
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
1,000
Term
1
yr
Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/6/2024
Minimum deposit
$1,000.00

EXPERT TAKE:

CIBC Bank USA offers five online-only Agility CDs that earn competitive yields,
and depositing $25,000 or more results in a slightly higher yield. The bank also
offers a jumbo CD that requires a $100,000 minimum deposit, as well as an IRA
CD. Read full review

Pros

* CIBC Bank USA pays competitive yields on its CDs.
* Jumbo CDs and an IRA CD are offered.

Cons

* To get the highest yield on Agility CDs, you’ll need to deposit at least
$25,000.
* The number of available CD terms is limited.

CollapseHide details
CD
BMO Alto
Member FDIC
4.7

BANKRATE CD RATING = 4.7/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.50
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
0
Term
6
mo
Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/7/2024
Minimum deposit
$0.00

EXPERT TAKE:

BMO Alto offers CD terms between 6 months and 5 years, all of which earn
competitive yields. The online-only bank doesn’t have a minimum balance
requirement. But you will need to fund your CD within 10 days after opening it.
Read full review

Pros

* BMO Alto CDs have highly competitive yields.
* You won’t need to make a minimum opening deposit.
* Available CD terms range from six months to five years.
* BMO Alto CDs are available nationwide.

Cons

* You can’t withdraw your money from a BMO Alto CD until 15 days after your
opening deposit. (BMO Harris’ brick-and-mortar CDs have an 11 business day
policy on this, according to BMO Harris.)
* BMO Alto doesn’t offer a no-penalty CD.
* The early withdrawal penalty for CDs up to a year is on the steep side.

CollapseHide details
CD
America First FCU
Insured by NCUA
5.0

BANKRATE CD RATING = 5/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.50
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
500
Term
3
mo
Read review
View details
Offer details

CD ACCOUNT DETAILS

Offer valid as of
2/6/2024
Minimum deposit
$500.00

CollapseHide details
CD
Marcus by Goldman Sachs
Member FDIC
4.9

BANKRATE CD RATING = 4.9/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.40
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
500
Term
14
mo

With decades of experience, J.D. Power is a global market research company
within the automotive, financial and health industry. Their annual surveys
produce scores that serve as a qualitative tool in assessing customer
satisfaction of various deposit accounts and banks.

736/1000

Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/7/2024
Minimum deposit
$500.00

EXPERT TAKE:

Marcus by Goldman Sachs offers nearly every term and type of CD that most savers
would want along with competitive rates. Marcus also offers a 10-day rate
guarantee if the rate changes after opening the CD. Read full review

Pros

* Marcus by Goldman Sachs consistently offers competitive yields.
* Marcus offers a variety of CD terms, so you can easily build a CD ladder at
this bank.
* An account can be opened with as little as $500.
* Offers three terms of no-penalty CDs.

Cons

* Some banks have lower minimum deposit requirements.
* Partial withdrawals are not allowed from the no-penalty CDs

CollapseHide details
CD
Popular Direct
Member FDIC
4.0

BANKRATE CD RATING = 4/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.37
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
10,000
Term
1
yr
Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/6/2024
Minimum deposit
$10,000.00

EXPERT TAKE:

Popular Direct offers a solid array of CD terms with high yields, ranging from
three months to five years. However, the $10,000 minimum deposit required to
open one is prohibitively high. Read full review

Pros

* Available CDs earn very high yields.
* Popular Direct offers terms shorter than a year.

Cons

* The minimum deposit required to open a CD is extremely steep.
* All CDs are standard; Popular Direct doesn’t offer bump-up or no-penalty CDs.
* A harsh early withdrawal penalty applies for CD terms longer than one year.

CollapseHide details
CD
BrioDirect
Member FDIC
4.9

BANKRATE CD RATING = 4.9/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.35
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
500
Term
1
yr
Read review
View details
Offer details

CD ACCOUNT DETAILS

Offer valid as of
2/6/2024
Minimum deposit
$500.00

CollapseHide details
CD
First Internet Bank of Indiana
Member FDIC
4.6

BANKRATE CD RATING = 4.6/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.35
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
1,000
Term
1
yr
Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/6/2024
Minimum deposit
$1,000.00

EXPERT TAKE:

First Internet Bank of Indiana is an online bank that serves all 50 states. It
offers eight CD terms that range from three months to five years, all of which
pay highly competitive rates. CDs require a minimum opening deposit of $1,000,
which is lower than what some other banks require but could still be too high
for some customers. Read full review

Pros

* First Internet Bank of Indiana CDs pay top-notch rates.
* A wide range of CD terms are offered.

Cons

* Lower minimum opening deposits can be found elsewhere.
* No specialty CD options are offered.

CollapseHide details
CD
EverBank
Member FDIC
4.6

BANKRATE CD RATING = 4.6/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.35
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
1,000
Term
9
mo
Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/7/2024
Minimum deposit
$1,000.00

EXPERT TAKE:

TIAA Bank is now EverBank. The bank has CD terms ranging from three months to
five years. Its CDs require a $1,000 minimum opening deposit. Read full review

Pros

* EverBank offers competitive yields on its CDs.

Cons

* Some banks have lower minimum opening deposit requirements.
* No IRA CDs are offered.

CollapseHide details
CD
Barclays
Member FDIC
4.8

BANKRATE CD RATING = 4.8/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.30
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
0
Term
1
yr

684/1000

Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/7/2024
Minimum deposit
$0.00

EXPERT TAKE:

Barclays offers competitive yields on many of its CDs and doesn’t require a
minimum opening deposit. But you’ll have to deposit some money within 14 days of
opening the CD to maintain the account. Read full review

Pros

* Barclays doesn’t have a minimum deposit requirement.
* Barclays offers a competitive yield.
* Interest on Barclays CDs compounds daily.
* Offers a 14-day grace period in which funds can be withdrawn from the CD
without penalties.

Cons

* Barclays doesn’t have competitive yields on CDs with terms under a year.
* The bank does not offer any special CDs, such as bump-up or step-up CDs.

CollapseHide details
CD
BMO Alto
Member FDIC
4.7

BANKRATE CD RATING = 4.7/5

Bankrate scores are objectively determined by our editorial team. Annual
percentage yields (APYs) and minimum deposits are some of the things that make
up Bankrate’s score.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

5.30
%

APY, or annual percentage yield, is the yearly return on a bank or investment
account. APY includes the effects of compounding interest.

Min. deposit
$
0
Term
1
yr
Read review
View details
Offer details
* Details
* Bankrate's view

CD ACCOUNT DETAILS

Offer valid as of
2/7/2024
Minimum deposit
$0.00

EXPERT TAKE:

Pros

* BMO Alto CDs have highly competitive yields.
* You won’t need to make a minimum opening deposit.
* Available CD terms range from six months to five years.
* BMO Alto CDs are available nationwide.

Cons

CollapseHide details

ESTIMATE YOUR EARNINGS IN SECONDS

Initial Deposit
Monthly contribution
Investment period
APY
Interest earned$0
Total contributions$0
Initial deposit$10,000
Total savings$0

That's $0 better than the national average

On This Page

* Best CD rates from top banks
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* How to build a CD ladder
* CD FAQs
* Research methodology

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BEST CD RATES FROM TOP BANKS FOR FEBRUARY 2024

Note: Annual percentage yields (APYs) shown are as of Feb. 7, 2024. Bankrate's
editorial team validates this information regularly, typically biweekly. APYs
may have changed since they were last updated and may vary by region for some
products. Bankrate includes only FDIC banks or NCUA credit unions in its
listings.

AMERICA FIRST CREDIT UNION

Rating: 5 stars out of 5

5.0

OVERVIEW

America First Credit Union offers a wide range of CD terms between three and 60
months, and all earn rates that are highly competitive. Also offered are
specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a
manageable minimum opening deposit.
Read Bankrate's Expert America First Credit Union Review
Invest Rate
4.20% – 5.50% APY
Loan
$500 minimum deposit
Calendar
3 months - 5 years

* CURRENT AMERICA FIRST CREDIT UNION CD RATES

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Term APY Min. deposit 3 months 5.50% APY $500 6 months 5.30% APY $500 9
months 5.30% APY $500 1 year 5.15% APY $500 18 months 4.50% APY $500 2 years
4.50% APY $500 30 months 4.20% APY $500 3 years 4.35% APY $500 4 years 4.20%
APY $500 5 years 4.20% APY $500

* RATE HISTORY FOR AMERICA FIRST CREDIT UNION'S CD ACCOUNTS

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America First Credit Union
APY
APY
Info
National average APY

Term length 3 months 6 months 9 months 1 year 18 months 2 years 30 months 3
years 4 years 5 years Caret Down
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Info

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length from the dropdown and interact with the trend lines to view APY by
date.

America First Credit Union
APY
APY
Info
National average APY

Term length 3 months 6 months 9 months 1 year 18 months 2 years 30 months 3
years 4 years 5 years Caret Down
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AMERICA FIRST CREDIT UNION CD RATES

Term length 3 months 6 months 9 months 1 year 18 months 2 years 30 months 3
years 4 years 5 years Caret Down
Date
Info
America First Credit Union
APY
APY
Info
National average APY
Info

* WHY WE CHOSE IT

Caret Down
* CD rates from America First are highly competitive. Specialty CDs are
available, including a bump-up option. Both the standard and specialty CDs
require low minimum deposits.

* CD rates from America First are highly competitive. Specialty CDs are
available, including a bump-up option. Both the standard and specialty CDs
require low minimum deposits.

* WHAT TO WATCH FOR

Caret Down
* The bump-rate CD cannot be opened online.

* The bump-rate CD cannot be opened online.

MARCUS BY GOLDMAN SACHS

Rating: 4.9 stars out of 5

4.9

OVERVIEW

Marcus by Goldman Sachs offers a competitive yield on its CDs. It offers a
variety of CD terms and CD types. Its regular CD terms range from a six-month CD
to a six-year CD.

In addition to its nine terms of regular CDs, it also offers three no-penalty
CDs and a rate-bump CD.

All of these CDs have a $500 minimum deposit requirement.
Read Bankrate's Expert Marcus by Goldman Sachs Review
Invest Rate
4.10% – 5.40% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

* CURRENT MARCUS BY GOLDMAN SACHS CD RATES

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Term APY Min. deposit 6 months 5.15% APY $500 9 months 5.20% APY $500 1 year
5.25% APY $500 14 months 5.40% APY $500 18 months 5.00% APY $500 2 years
4.40% APY $500 3 years 4.30% APY $500 4 years 4.20% APY $500 5 years 4.10%
APY $500 6 years 4.00% APY $500

* RATE HISTORY FOR MARCUS BY GOLDMAN SACHS'S CD ACCOUNTS

Caret Down

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length from the dropdown and interact with the trend lines to view APY by
date.

Marcus by Goldman Sachs
APY
APY
Info
National average APY
Created with Highcharts 9.3.3Apr 2023Jul 2023Oct 2023Jan
20240.00%1.00%2.00%3.00%4.00%5.00%6.00%
Term length 6 months 9 months 1 year 3 years Caret Down
See table view
How do we get this data?
Info

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length from the dropdown and interact with the trend lines to view APY by
date.

Marcus by Goldman Sachs
APY
APY
Info
National average APY

Term length 6 months 9 months 1 year 14 months 18 months 2 years 3 years 4
years 5 years 6 years Caret Down
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How do we get this data?
Info

MARCUS BY GOLDMAN SACHS CD RATES

Term length 6 months 9 months 1 year 14 months 18 months 2 years 3 years 4
years 5 years 6 years Caret Down
Date
Info
Marcus by Goldman Sachs
APY
APY
Info
National average APY
Info
01/24/2024 4.00% -- 10/17/2023 4.00% --

* WHY WE CHOSE IT

Caret Down
* Ever since rates have been increasing, Marcus by Goldman Sachs has been
one of the banks consistently increasing its yields to be competitive.

* Ever since rates have been increasing, Marcus by Goldman Sachs has been
one of the banks consistently increasing its yields to be competitive.

* WHAT TO WATCH FOR

Caret Down
* Some banks don’t require a minimum deposit. So if you don’t have at least
$500 available to deposit into a CD, you’ll have to look elsewhere.

* Some banks don’t require a minimum deposit. So if you don’t have at least
$500 available to deposit into a CD, you’ll have to look elsewhere.

POPULAR DIRECT

Rating: 4 stars out of 5

4.0

OVERVIEW

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than
120-year-old financial services company. Popular Direct was previously known as
Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five
years. With a $10,000 minimum deposit to open, these CDs are geared toward
serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty
CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a
competitive rate.
Read Bankrate's Expert Popular Direct Review
Invest Rate
4.45% – 5.37% APY
Loan
$10,000 minimum deposit
Calendar
3 months - 5 years

* CURRENT POPULAR DIRECT CD RATES

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Term APY Min. deposit 3 months 5.00% APY $10,000 6 months 5.15% APY $10,000 1
year 5.37% APY $10,000 18 months 5.06% APY $10,000 2 years 4.80% APY $10,000
3 years 4.55% APY $10,000 4 years 4.45% APY $10,000 5 years 4.45% APY $10,000

* RATE HISTORY FOR POPULAR DIRECT'S CD ACCOUNTS

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Popular Direct
APY
APY
Info
National average APY

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5
years Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Popular Direct
APY
APY
Info
National average APY

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5
years Caret Down
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How do we get this data?
Info

POPULAR DIRECT CD RATES

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5
years Caret Down
Date
Info
Popular Direct
APY
APY
Info
National average APY
Info

* WHY WE CHOSE IT

Caret Down
Popular Direct consistently offers competitive rates across their CDs and
savings accounts.
Popular Direct consistently offers competitive rates across their CDs and
savings accounts.

* WHAT TO WATCH FOR

Caret Down
Popular Direct has a $10,000 minimum deposit to open. They also don't offer
specialty CDs like bump-up or no-penalty CDs.
Popular Direct has a $10,000 minimum deposit to open. They also don't offer
specialty CDs like bump-up or no-penalty CDs.

FIRST INTERNET BANK OF INDIANA

Rating: 4.6 stars out of 5

4.6

OVERVIEW

* CURRENT FIRST INTERNET BANK OF INDIANA CD RATES

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Term APY Min. deposit 3 months 4.18% APY $1,000 6 months 5.22% APY $1,000 1
year 5.35% APY $1,000 18 months 5.07% APY $1,000 2 years 4.85% APY $1,000 3
years 4.75% APY $1,000 4 years 4.54% APY $1,000 5 years 4.59% APY $1,000

* RATE HISTORY FOR FIRST INTERNET BANK OF INDIANA'S CD ACCOUNTS

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First Internet Bank of Indiana. Check back again soon.

First Internet Bank of Indiana
APY
APY
Info
National average APY

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5
years Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

First Internet Bank of Indiana
APY
APY
Info
National average APY

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5
years Caret Down
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How do we get this data?
Info

FIRST INTERNET BANK OF INDIANA CD RATES

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5
years Caret Down
Date
Info
First Internet Bank of Indiana
APY
APY
Info
National average APY
Info

* WHY WE CHOSE IT

Caret Down
* First Internet Bank of Indiana CDs pay top-notch rates. A wide range of CD
terms are offered.

* First Internet Bank of Indiana CDs pay top-notch rates. A wide range of CD
terms are offered.

* WHAT TO WATCH FOR

Caret Down
* Lower minimum opening deposits can be found elsewhere. No specialty CD
options are offered.

* Lower minimum opening deposits can be found elsewhere. No specialty CD
options are offered.

BREAD SAVINGS

Rating: 4.3 stars out of 5

4.3

OVERVIEW

Bread Savings is an online bank formerly known as Comenity Direct. Bread Savings
offers five terms of CDs. They range from a one-year CD to a five-year CD.
Read Bankrate's Expert Bread Savings Review
Invest Rate
4.15% – 5.35% APY
Loan
$1,500 minimum deposit
Calendar
1 year - 5 years

* CURRENT BREAD SAVINGS CD RATES

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Term APY Min. deposit 1 year 5.35% APY $1,500 2 years 4.65% APY $1,500 3
years 4.25% APY $1,500 4 years 4.15% APY $1,500 5 years 4.15% APY $1,500

* RATE HISTORY FOR BREAD SAVINGS'S CD ACCOUNTS

Caret Down

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Bread Savings
APY
APY
Info
National average APY
Created with Highcharts 9.3.3Apr 2023Jul 2023Oct 2023Jan
20241.00%2.00%3.00%4.00%5.00%6.00%
Term length 1 year 2 years 3 years 4 years 5 years Caret Down
See table view
How do we get this data?
Info

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length from the dropdown and interact with the trend lines to view APY by
date.

Bread Savings
APY
APY
Info
National average APY

Term length 1 year 2 years 3 years 4 years 5 years Caret Down
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How do we get this data?
Info

BREAD SAVINGS CD RATES

Term length 1 year 2 years 3 years 4 years 5 years Caret Down
Date
Info
Bread Savings
APY
APY
Info
National average APY
Info
01/19/2024 4.15% 1.43% 12/08/2023 4.25% 1.43% 11/29/2023 4.50% 1.45%
10/26/2023 4.75% 1.46% 09/27/2023 4.65% 1.43% 08/30/2023 4.50% 1.38%
07/10/2023 4.35% 1.35%

* WHY WE CHOSE IT

Caret Down
* Bread Savings has been known to pay top-tier yields on its CDs. It offers
terms that should help most people with their savings goals.

* Bread Savings has been known to pay top-tier yields on its CDs. It offers
terms that should help most people with their savings goals.

* WHAT TO WATCH FOR

Caret Down
* Bread Savings has a higher minimum deposit requirement than some other
online banks.

* Bread Savings has a higher minimum deposit requirement than some other
online banks.

BARCLAYS BANK

Rating: 4.8 stars out of 5

4.8

OVERVIEW

Barclays is an online bank popular for its credit cards, but it also offers CDs
and an online savings account. Barclays offers nine terms of CDs ranging from
three months to five years.
Read Bankrate's Expert Barclays Bank Review
Invest Rate
4.15% – 5.30% APY
Loan
$0 minimum deposit
Calendar
1 year - 5 years

* CURRENT BARCLAYS BANK CD RATES

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Term APY Min. deposit 1 year 5.30% APY $0 18 months 4.80% APY $0 2 years
4.40% APY $0 3 years 4.30% APY $0 4 years 4.20% APY $0 5 years 4.15% APY $0

* RATE HISTORY FOR BARCLAYS BANK'S CD ACCOUNTS

Caret Down

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Barclays Bank
APY
APY
Info
National average APY
Created with Highcharts 9.3.3Apr 2023Jul 2023Oct 2023Jan
20241.00%2.00%3.00%4.00%5.00%6.00%
Term length 1 year 5 years Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Barclays Bank
APY
APY
Info
National average APY

Term length 1 year 18 months 2 years 3 years 4 years 5 years Caret Down
See table view
How do we get this data?
Info

BARCLAYS BANK CD RATES

Term length 1 year 18 months 2 years 3 years 4 years 5 years Caret Down
Date
Info
Barclays Bank
APY
APY
Info
National average APY
Info
12/22/2023 4.15% 1.43% 07/17/2023 4.50% 1.35% 07/10/2023 4.50% 1.35%
07/01/2023 4.35% 1.35% 06/16/2023 4.35% 1.33% 06/01/2023 4.20% 1.33%

* WHY WE CHOSE IT

Caret Down
* Barclays offers competitive yields on most of its CD terms. Also, the bank
doesn’t require a minimum opening deposit.

* Barclays offers competitive yields on most of its CD terms. Also, the bank
doesn’t require a minimum opening deposit.

* WHAT TO WATCH FOR

Caret Down
* Barclays, like many other online-based banks, isn't a full-service banking
institution. It doesn't have a checking account, ATM network, mobile app
or branch locations. The bank’s yields on CDs with a term of less than a
year weren’t competitive at the time of Bankrate’s review.

* Barclays, like many other online-based banks, isn't a full-service banking
institution. It doesn't have a checking account, ATM network, mobile app
or branch locations. The bank’s yields on CDs with a term of less than a
year weren’t competitive at the time of Bankrate’s review.

CFG COMMUNITY BANK

Rating: 4.3 stars out of 5

4.3

OVERVIEW

CFG Bank is a regional bank that maintains branches in Maryland, although some
of its accounts can be opened online. CFG offers four terms of CDs, all of which
pay top-notch rates. What’s more, they require a comparatively low minimum
deposit of $500.
Read Bankrate's Expert CFG Community Bank Review
Invest Rate
4.05% – 5.25% APY
Loan
$500 minimum deposit
Calendar
1 year - 5 years

* CURRENT CFG COMMUNITY BANK CD RATES

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Term APY Min. deposit 1 year 5.25% APY $500 18 months 4.95% APY $500 3 years
4.35% APY $500 5 years 4.05% APY $500

* RATE HISTORY FOR CFG COMMUNITY BANK'S CD ACCOUNTS

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CFG Community Bank. Check back again soon.

CFG Community Bank
APY
APY
Info
National average APY

Term length 1 year 18 months 3 years 5 years Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

CFG Community Bank
APY
APY
Info
National average APY

Term length 1 year 18 months 3 years 5 years Caret Down
See table view
How do we get this data?
Info

CFG COMMUNITY BANK CD RATES

Term length 1 year 18 months 3 years 5 years Caret Down
Date
Info
CFG Community Bank
APY
APY
Info
National average APY
Info

* WHY WE CHOSE IT

Caret Down
* CFG Bank’s CD interest rates are highly competitive.
* The minimum opening deposit for CDs is manageable.

* CFG Bank’s CD interest rates are highly competitive.
* The minimum opening deposit for CDs is manageable.

* WHAT TO WATCH FOR

Caret Down
* Only four terms of CDs are offered.
* No specialty CD options are available.

* Only four terms of CDs are offered.
* No specialty CD options are available.

SALLIE MAE BANK

Rating: 4.4 stars out of 5

4.4

OVERVIEW

Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account,
credit cards and private student loans. It offers a competitive yield on its
deposit products.

Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In
2014, Sallie Mae became a stand-alone consumer banking business.
Read Bankrate's Expert Sallie Mae Bank Review
Invest Rate
4.00% – 5.25% APY
Loan
$2,500 minimum deposit
Calendar
6 months - 5 years

* CURRENT SALLIE MAE BANK CD RATES

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Term APY Min. deposit 6 months 5.10% APY $2,500 9 months 5.15% APY $2,500 11
months 5.20% APY $2,500 1 year 5.25% APY $2,500 13 months 5.25% APY $2,500 15
months 5.00% APY $2,500 18 months 4.90% APY $2,500 2 years 4.50% APY $2,500
30 months 4.00% APY $2,500 3 years 4.00% APY $2,500 5 years 4.00% APY $2,500

* RATE HISTORY FOR SALLIE MAE BANK'S CD ACCOUNTS

Caret Down

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Sallie Mae Bank
APY
APY
Info
National average APY
Created with Highcharts 9.3.3Apr 2023Jul 2023Oct 2023Jan
20240.00%1.00%2.00%3.00%4.00%5.00%6.00%
Term length 6 months 9 months 1 year 18 months Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Sallie Mae Bank
APY
APY
Info
National average APY

Term length 6 months 9 months 11 months 1 year 13 months 15 months 18 months
2 years 30 months 3 years 5 years Caret Down
See table view
How do we get this data?
Info

SALLIE MAE BANK CD RATES

Term length 6 months 9 months 11 months 1 year 13 months 15 months 18 months
2 years 30 months 3 years 5 years Caret Down
Date
Info
Sallie Mae Bank
APY
APY
Info
National average APY
Info

* WHY WE CHOSE IT

Caret Down
Sallie Mae offers a variety of terms. The bank’s yields are competitive and
much higher than average.
Sallie Mae offers a variety of terms. The bank’s yields are competitive and
much higher than average.

* WHAT TO WATCH FOR

Caret Down
Lower minimum deposit requirements can be found at other banks. Specialty
CDs, like CDs that allow for rate bumps, aren’t offered.
Lower minimum deposit requirements can be found at other banks. Specialty
CDs, like CDs that allow for rate bumps, aren’t offered.

LIMELIGHT BANK

Rating: 3.9 stars out of 5

3.9

OVERVIEW

Four terms of CDs are offered from Limelight Bank ranging from six months to
three years, although no terms are available to match customers’ long-term
savings needs. Limelight’s four CDs earn either high rates or ones well above
national averages. The minimum $1,000 deposit required is less than many banks
impose, although some savers may find it to be too steep.
Read Bankrate's Expert Limelight Bank Review
Invest Rate
4.05% – 5.20% APY
Loan
$1,000 minimum deposit
Calendar
6 months - 3 years

* CURRENT LIMELIGHT BANK CD RATES

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Term APY Min. deposit 6 months 4.50% APY $1,000 1 year 5.20% APY $1,000 18
months 4.90% APY $1,000 3 years 4.05% APY $1,000

* RATE HISTORY FOR LIMELIGHT BANK'S CD ACCOUNTS

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Limelight Bank. Check back again soon.

Limelight Bank
APY
APY
Info
National average APY

Term length 6 months 1 year 18 months 3 years Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Limelight Bank
APY
APY
Info
National average APY

Term length 6 months 1 year 18 months 3 years Caret Down
See table view
How do we get this data?
Info

LIMELIGHT BANK CD RATES

Term length 6 months 1 year 18 months 3 years Caret Down
Date
Info
Limelight Bank
APY
APY
Info
National average APY
Info

* WHY WE CHOSE IT

Caret Down
* Limelight Bank’s CDs earn yields that are either competitive or higher
than national averages. Deposits at Limelight help fund solar projects
that reduce carbon footprints, according to the bank’s website.

* Limelight Bank’s CDs earn yields that are either competitive or higher
than national averages. Deposits at Limelight help fund solar projects
that reduce carbon footprints, according to the bank’s website.

* WHAT TO WATCH FOR

Caret Down
* Limelight Bank doesn’t offer any long-term CDs. CDs with lower minimum
deposit requirements can be found elsewhere.

* Limelight Bank doesn’t offer any long-term CDs. CDs with lower minimum
deposit requirements can be found elsewhere.

SYNCHRONY BANK

Rating: 4.5 stars out of 5

4.5

OVERVIEW

Synchrony Bank offers many regular CDs ranging from three months to five years.
It also added a no-penalty CD and a bump-up CD earlier this year. Synchrony Bank
also offers IRA CDs.
Read Bankrate's Expert Synchrony Bank Review
Invest Rate
4.00% – 5.15% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

* CURRENT SYNCHRONY BANK CD RATES

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Term APY Min. deposit 3 months 2.25% APY $0 6 months 4.80% APY $0 9 months
5.15% APY $0 1 year 5.00% APY $0 13 months 5.00% APY $0 14 months 5.00% APY
$0 15 months 5.20% APY $0 16 months 5.00% APY $0 18 months 4.50% APY $0 19
months 4.50% APY $0 2 years 4.20% APY $0 3 years 4.15% APY $0 4 years 4.00%
APY $0 5 years 4.00% APY $0

* RATE HISTORY FOR SYNCHRONY BANK'S CD ACCOUNTS

Caret Down

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Synchrony Bank
APY
APY
Info
National average APY
Created with Highcharts 9.3.3Apr 2023Jul 2023Oct 2023Jan
20240.00%1.00%2.00%3.00%4.00%5.00%6.00%
Term length 6 months 9 months 1 year 13 months 14 months 15 months 19 months
2 years 3 years 4 years 5 years Caret Down
See table view
How do we get this data?
Info

See how rates for this account have changed over time. Select the CD term
length from the dropdown and interact with the trend lines to view APY by
date.

Synchrony Bank
APY
APY
Info
National average APY

Term length 3 months 6 months 9 months 1 year 13 months 14 months 15 months
16 months 18 months 19 months 2 years 3 years 4 years 5 years Caret Down
See table view
How do we get this data?
Info

SYNCHRONY BANK CD RATES

Term length 3 months 6 months 9 months 1 year 13 months 14 months 15 months
16 months 18 months 19 months 2 years 3 years 4 years 5 years Caret Down
Date
Info
Synchrony Bank
APY
APY
Info
National average APY
Info
01/22/2024 4.00% 1.43% 12/19/2023 4.00% 1.43% 11/27/2023 4.00% 1.45%
10/26/2023 4.00% 1.46% 10/16/2023 4.00% 1.46% 08/22/2023 4.00% 1.38%
08/01/2023 4.00% 1.38% 06/29/2023 4.00% 1.33% 06/16/2023 4.00% 1.33%
05/02/2023 4.00% 1.30% 04/21/2023 4.00% 1.29% 04/20/2023 4.30% 1.29%
04/12/2023 4.00% 1.29% 04/06/2023 4.30% 1.29% 02/09/2023 4.30% 1.23%

* WHY WE CHOSE IT

Caret Down
* Synchrony Bank offers many terms of CDs. It offers a competitive yield,
and it doesn’t require a minimum opening deposit.

* Synchrony Bank offers many terms of CDs. It offers a competitive yield,
and it doesn’t require a minimum opening deposit.

* WHAT TO WATCH FOR

Caret Down
* Partial withdrawals on the no-penalty CD are not allowed.

* Partial withdrawals on the no-penalty CD are not allowed.

RECENT NEWS ON CD RATES

At its last meeting on Dec. 13, the Federal Reserve kept interest rates steady
and projected there could be multiple rate cuts in 2024. The Fed’s Federal Open
Market Committee kept its key benchmark, the federal funds rate (which
determines how much banks borrow and lend their reserves to each other
overnight), at a target range of 5.25 to 5.5 percent.

Although it’s a bad time to borrow money at these rates, it’s a great time to
save as interest rates on savings accounts are at their highest in 22 years. And
even though rates remain steady, now is still a good time to consider long-term
CDs after the Fed raised rates 11 times since March 2022.

The Fed’s next scheduled announcement regarding interest rates is Jan. 31.

> CD yields have peaked. Whether your time horizon is measured in months or
> years, think about locking in current CD yields. — Greg McBride, CFA |
> Bankrate chief financial analyst

WHERE ARE CD RATES HEADED IN 2024?

CDs are likely to maintain their current levels in January 2024. But CD rates
could decrease if the Fed indicates it will start lowering interest rates.

Currently, shorter-term CDs – with terms of six months to 18 months – generally
have higher yields than longer-term CDs. But those longer-term CD yields could
be peaking soon, if they haven’t already. So locking one in now could be a good
decision for long-term money that you want to keep safe in an FDIC-insured bank.

However, most CDs have significant early withdrawal penalties, so consider these
when deciding on an account and term.

NATIONAL AVERAGE INTEREST RATES FOR CDS

The national average of CD interest rates suggests that shorter term CDs have
higher yields than longer-term CDs. With the Fed having raised rates 11 times
since March 2022, what goes up might eventually come down. So, getting a
long-term CD now could make sense if the Fed lowers rates in the future.

Researching average interest rates provides insight into the CD rate environment
and can help in finding a CD with a yield that's much higher than average.

Here are the current average rates as of Feb. 7, 2024, according to Bankrate's
most recent survey of institutions:

CD term CD national average APY 1 year 1.74% 2 year 1.51% 3 year 1.41% 4 year
1.48% 5 year 1.43%

CD term CD national average APY

* HOW BANKRATE CALCULATES THE NATIONAL AVERAGE

Caret Down

Bankrate calculates and reports the national average APYs for various CD
terms. Factored into national average rates are the competitive APYs commonly
offered by online banks, along with the very low rates often found at large
brick-and-mortar banks.

In June 2023, Bankrate updated its methodology that determines the national
average CD rates. For the process, more than 500 banks and credit unions are
now surveyed each week to generate the national averages. Among these
institutions are those that are broadly available and offer high yields, as
well as some of the nation’s largest banks.

CURRENT PROMOTIONAL CD RATES

Some banks have promotional CD rates.There might be certain restrictions on
these CDs. For instance, you might have to bring money from outside the bank to
be eligible for this APY. Promotional CDs may renew at a different term and at a
different APY. (That APY is likely to not be known when you purchase a
promotional CD.)

Even some of the largest banks might have some featured CD rates.

Bank name CD product APY Available until* Ally Bank 14-month CD 5.00% APY March
20, 2024 PenFed Credit Union 15-month CD 4.80% APY N/A Wells Fargo 7-month CD
4.75% APY N/A U.S. Bank 9-month CD 5.00% APY N/A

Bank name CD product APY Available until*

*It’s possible for these offers to end sooner.

These promotional CDs might not be available in certain areas. APYs for some
products may vary by region. The promotional offers are as of Jan. 29, 2024.

COMPARE TOP CD RATES TODAY BY TERM

When you open a CD, selecting a term is an important step. The term is the
length of time that the money stays stashed in the account. For example, opening
a CD with a one-year term means you’re making a commitment to the bank that
you’ll keep your money in the account for one year.

Here’s where you’ll find some of the top yielding CDs by term.

3-month rates 6-month rates 1-year rates 3-year rates 5-year rates Caret Down
* 3-month rates
* 6-month rates
* 1-year rates
* 3-year rates
* 5-year rates

Institution APY Min. deposit America First Credit Union 5.50% APY $500 Popular
Direct 5.00% APY $10,000 Wells Fargo 4.50% APY $2,500

Institution APY Min. deposit America First Credit Union 5.30% APY $500 TAB Bank
5.27% APY $1,000 First Internet Bank of Indiana 5.22% APY $1,000

Institution APY Min. deposit CIBC Bank USA 5.51% APY $1,000 Alliant Credit Union
5.40% APY $1,000 Popular Direct 5.37% APY $10,000

Institution APY Min. deposit First Internet Bank of Indiana 4.75% APY $1,000
Popular Direct 4.55% APY $10,000 SchoolsFirst Federal Credit Union 4.45% APY
$500

Institution APY Min. deposit SchoolsFirst Federal Credit Union 4.60% APY $500
First Internet Bank of Indiana 4.59% APY $1,000 Popular Direct 4.45% APY $10,000

HOW TO CHOOSE THE BEST CD FOR YOU

CDs are a good option for longer-term goals or for money that you’re comfortable
locking away for a set period of time. Follow the steps below to choose the
right CD strategy for you:

1. Determine what the money will be earmarked for. Money you may need in the
near future, such as for an emergency fund or short-term goals, usually
works better in a liquid account such as a high-yield savings account or
money market account. A no-penalty CD may also be a good place for money you
might need access to before the CD matures.
2. Figure out when you’ll need the money in the CD and pick a term that aligns
with your savings goals. Terms can range from just a few months to several
years.
3. Decide whether you prefer a fixed or variable APY. (If you think the Fed has
raised rates so many times that rates will decrease in the future, you might
want a CD with a fixed APY instead of a savings account with a variable
APY.)
4. Shop around and compare rates. Research banks and credit unions to find the
best rates as well as a minimum opening deposit that’s in line with the
amount you plan to put in the CD. Generally, rates are highest at online
banks, but it’s possible for a brick-and-mortar bank or a credit union to
offer a competitive yield.

TYPES OF CDS

Banks and credit unions offer a wide range of CDs to fit different financial
needs. Take some time to consider which type of CD is best for you.

Traditional CDs No-penalty CDs Bump-up CDs Caret Down
* Traditional CDs
* No-penalty CDs
* Bump-up CDs

Traditional CDs are the most common type of CD, and they earn a fixed APY for
the entire term. These CDs usually don’t allow you to add more funds after your
opening deposit, and they also tend to have strict early withdrawal penalties.

If you withdraw from a CD before it matures, the penalty is usually equal to the
amount of interest earned during a certain period of time. For instance, a bank
may impose a penalty of 90 days of simple interest on a one-year CD if you
withdraw from that CD before the year is up.

When this CD makes sense: Traditional CDs are a good choice if you know exactly
when you’ll need the money and there’s no chance of needing it before the term
is up. They’re often good for CD ladders or other CD investing strategies in
which timing is important.

Most CDs charge you a penalty for accessing the funds before the term is up.
However, some banks offer no-penalty CDs — also known as liquid CDs — which
allow you to withdraw the money early without being charged a penalty.

A bank may require that you wait at least some time after opening a no-penalty
CD — generally around six or seven days — before you’re able to withdraw from
the CD, and some banks don’t allow for partial withdrawals. No-penalty CD rates
tend to be lower than regular CD rates, but they can be better than some
high-yield savings account or money market account rates.

When this CD makes sense: Consider a no-penalty CD if you don’t plan to withdraw
the money before the CD matures, but you want to keep some flexibility in case
you need access to the funds. As a result, you’re willing to give up a little
return for added liquidity.

Bump-up CDs enable you to request an increase in your rate during the CD term
under certain conditions. Banks that offer this CD usually allow just one
bump-up per term. For example, you may open a three-year CD at a given rate, and
the bank offers an additional half-point rate increase when you’re one year into
the term. With a bump-up CD, you can request a rate increase for the remainder
of the term. Like no-penalty CDs, bump-up CDs often pay lower rates than
traditional CDs.

When this CD makes sense: A bump-up CD could be a good option if rates are
expected to rise significantly during the term of the CD. Otherwise, you’re
likely accepting a lower rate for limited potential upside.

HOW DOES A CERTIFICATE OF DEPOSIT WORK?

A CD is a type of account offered by banks and credit unions that generally
earns a fixed APY for the CD’s term. Regular CDs also generally have early
withdrawal penalties if you make a withdrawal before the CD term ends.

WHO SHOULD GET A CD?

Savers looking for a low-risk place to earn a guaranteed rate of return should
consider getting a CD. They can be a good choice for short- to medium-term
goals, such as saving for a new car or for a down payment on a home.

A CD is worth considering for the following people:

Invest Rate
Low-risk investors

For a person looking to make a purchase in a set number of years, a CD could be
a great option for earning a competitive rate of interest leading up to that
time.

Clock Wait
Time specific goal-setters

For a person looking to make a purchase in a set number of months or years, a CD
could be a great option for earning a competitive rate of interest leading up to
that time.

Lock Secure
Impulse spenders

A CD can help keep you from spending your money on a whim, thanks to its early
withdrawal penalty.

PROS AND CONS OF CDS

Before you choose a CD, weigh the pros and cons to ensure you're making the
right investment choice for your financial situation.

PROS

* Checkmark

Some CDs earn a higher APY than money market accounts or savings accounts.

* Checkmark

CDs are a good place to store funds that you don’t want to be able to dip
into too easily.

* Checkmark

CDs can help you separate money for financial goals or future expenses.

* Checkmark

Deposit insurance covers accounts at FDIC banks and NCUA credit unions up to
at least $250,000.

* Checkmark

A CD can diversify your savings plan with a guaranteed rate.

* Checkmark

Your principal remains intact if you keep your money in a CD for the full
term.

CONS

* CDs tie up your money for a potentially long period of time.

* Many CDs have early withdrawal penalties.

* Money committed to a CD could end up earning a lackluster yield if rates rise
substantially. The early withdrawal penalty may negate any benefit of
switching to a higher-yielding CD, however.

* You could potentially earn better rates of return in the stock market or by
investing in other securities.

ALTERNATIVES TO CDS

CDS VS. TRADITIONAL SAVINGS ACCOUNTS

Savings and money market accounts are more liquid than CDs, meaning the funds
you keep in those types of accounts are easier to access without penalties or
limitations. This makes savings accounts better for your emergency fund. You
could withdraw the savings you’ve placed in a CD, but be prepared to pay a
penalty if you take the money out before the CD’s maturity date (unless you’ve
purchased a no-penalty CD).

CDS VS. HIGH-YIELD SAVINGS ACCOUNTS

CDs generally have an early withdrawal penalty if you withdraw your money before
the CD matures. CDs generally have fixed APYs.

A high-yield savings account is a liquid account that allows you to withdraw
money without a fee and savings accounts generally have variable APYs.

CDS VS. MONEY MARKET ACCOUNTS

CDs have set terms and generally also have early withdrawal penalties if you
withdraw your money before that term ends.

Money market accounts, like savings accounts, generally have variable APYs. But
unlike most savings accounts, they might have check-writing privileges – which
let you write checks from this account.

In exchange for less liquidity, however, CDs typically offer a higher interest
rate than money market accounts.

CDS VS. BONDS

CDs typically pay a fixed interest rate, so you know how much you’re earning up
front. You’re also guaranteed to receive the same interest rate for the entire
term and receive your full principal amount back, as long as you don’t make any
premature withdrawals.

On the other hand, bonds offer more flexibility and the chance to earn a higher
yield. A bond is a loan you make to a government or a corporation to receive
some interest. You can sell a bond before it matures without getting hit with an
early withdrawal penalty, and you may get back more or less than your original
investment if interest rates have moved. With municipal bonds, the interest you
earn is often exempt from taxes.

There are many different types of bonds, and some are riskier than others. Bonds
aren’t protected by FDIC or NCUSIF insurance like CDs are, and the value of your
bonds will fluctuate based on what’s happening with interest rates. If interest
rates are rising, the price of your bonds will likely fall and vice versa.

HOW TO BUILD A CD LADDER

CD laddering staggers the maturity dates on your CDs. This strategy involves
buying multiple CDs at once that mature at different dates. It’s a way to spread
out when the money becomes available and to keep from having all of your money
stuck in a long-term CD if rates rise.

In the current rate environment, purchasing a 3-year CD now could potentially
help you earn a yield that might not be available if the Fed lowers rates.

CD laddering can also shield you from interest rate changes that could otherwise
hurt you. If rates are rising, you’ll be able to take advantage of higher yields
the next time one of your laddered CDs matures. On the other hand, if interest
rates are falling, you’ll be glad you locked up your savings when the bank was
paying more favorable yields.

Consider keeping your CD ladder focused on CDs with shorter-term maturities
during a rising rate environment so you can more quickly take advantage of
higher rates. Conversely, committing to CDs with longer terms makes more sense
when rates are decreasing because it enables you to continue earning higher CD
yields than the market currently offers.

* EXAMPLE OF A CD LADDER

Caret Down

For example, a CD laddering plan of three CDs might have a one-year CD, a
two-year CD and a three-year CD. If you have $15,000 to invest, you could
invest $5,000 in each rung:

* $5,000 in a one-year CD
* $5,000 in a two-year CD
* $5,000 in a three-year CD
* $5,000 in a four-year CD
* $5,000 in a five-year CD

For example, a CD laddering plan of three CDs might have a one-year CD, a
two-year CD and a three-year CD. If you have $15,000 to invest, you could
invest $5,000 in each rung:

* $5,000 in a one-year CD
* $5,000 in a two-year CD
* $5,000 in a three-year CD
* $5,000 in a four-year CD
* $5,000 in a five-year CD

CD FAQS

* HOW ARE CDS TAXED?

Caret Down

Generally, you’ll receive a Form 1099-INT each year if you earn more than $10
interest, if there is withholding or if there is a penalty. This will
generally be taxed as ordinary income, according to the IRS.

For instance, a CD customer with a multi-year CD should receive a 1099-INT
from their bank after each year interest is earned if at least $10 of
interest was earned during a calendar year.

* ARE CDS SAFE?

Caret Down

Your CD is safe at either an FDIC-insured bank or an NCUSIF-insured credit
union, as long as the amount of money in the account is within the
established limits and guidelines. Federally insured deposit accounts are
safe whether they’re at online banks, brick-and-mortar banks or credit unions
since they’re backed by the full faith and credit of the U.S. government.
Just make sure you’re not exceeding the insurance limits.

For federally-insured banks and credit unions, the standard insurance limit
is $250,000 per depositor or share owner, per insured bank or credit union,
for each account ownership category.

* ARE THERE FEES ASSOCIATED WITH CDS?

Caret Down

CDs generally have an early withdrawal penalty for taking your money out
before the CD matures. No-penalty CDs are the exception, though they may also
impose a penalty if the funds are withdrawn during the first six or seven
days after the account is opened.

* WHAT IS CONSIDERED A GOOD CD RATE?

Caret Down

A good CD rate depends on a few factors, but the true answer depends on your
personal financial situation. If you need to access your money in a year, for
example, your best CD options will be those with a one-year term or less. If
you’re able to lock up your money for longer, you may be able to achieve a
higher yield with a longer-term CD. In general, longer terms may pay better
yields.

Knowing for sure that you won’t need your cash for a specific amount of time
also typically allows you to earn a higher rate. The bank is willing to pay
you more for the certainty that your money will remain in its hands for the
designated length of time.

Compare CD rates to the national average to make sure you’re getting a
competitive return. For example, the national average APY for 1-year CDs is
1.74 percent as of Feb. 07, 2024, while some top-yielding banks are currently
offering APYs higher than 5 percent.

* IS AN ONLINE BANK THE BEST CHOICE FOR A CD?

Caret Down

Online banks tend to offer higher APYs than brick-and-mortar banks. These
online-only institutions typically have lower overhead costs and are able to
pass the savings along to their customers in the form of higher rates. In
addition, unlike your bank located on the corner of Main Street, online banks
may need a higher APY to get your attention and earn your business.

* HOW LONG CAN YOU LEAVE MONEY IN A CD?

Caret Down

You can keep your money in a CD and let it renew over and over. CDs generally
automatically renew. However, unclaimed CDs can be escheated — or transferred
from an estate to the government — subject to each state’s laws. To avoid
your CD being escheated due to being considered abandoned property, be sure
to keep in touch with your bank and keep a valid mailing address on file.

* DO CDS HAVE BENEFICIARIES?

Caret Down

Banks give account holders with CDs the opportunity to name a beneficiary,
which is a person who will inherit your savings in the event that you die.
While naming a beneficiary for your CD may be the last thing on your mind,
experts say it’s an important step to take.

If you don’t have a beneficiary designated to receive the funds in your CD,
your savings will go through probate, which is the court process for deciding
what happens to the property of an individual after their death.

* CAN YOU LOSE MONEY ON A CD?

Caret Down

As long as your CD is at an FDIC-insured bank or an NCUA credit union and
it’s within insurance limits and guidelines, you won’t lose money with a CD.
You may lose some of your interest — and potentially some of your principal —
by making an early withdrawal, however.

RESEARCH METHODOLOGY

Bankrate has been around since 1976. It is a leading publisher of rates and
personal finance articles. It is also often cited by some of the most respected
and well-known publications and websites. The Bankrate promise is that we strive
to help our readers make smarter financial decisions, adhering to strict
principles of editorial integrity and transparency.

Bankrate’s editorial team is made up of five banking experts. These experts have
researched many banks and at least twice a month go to bank websites to make
sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs) and that are
popular and broadly available, and we include some of the largest banks.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and
compares regular CDs and no-penalty CDs separately.

Clock Wait
47
years of industry expertise
Cd Rates
3K+
deposit rates tracked
Circle Check
Daily
APY verification
Bank Search
100+
banks reviewed

* SELECTION OF BANKS SHOWN ON PAGE AND SORTING LOGIC

Caret Down

Banks are sorted based on the highest APYs with a $25,000 balance. Minimum
balance requirements and then alphabetical order help break ties between
banks and credit unions.

* BANKS WE MONITOR

Caret Down

Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union,
American Express National Bank, Axos Bank, Bank5 Connect, Barclays, Bask
Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union,
BMO, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank,
Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode
Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community
Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank),
Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology
Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Huntington National
Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman
Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit
Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic
Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Sallie Mae Bank,
Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal
Credit Union, State Employees' Credit Union, Suncoast Credit Union, Synchrony
Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, USAA Bank, Vio Bank,
VyStar Credit Union, Wells Fargo, and Zions Bank.

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Earn up to 3x more interest than the national average with our partner banks.
Info

APY, or annual percentage yield, is the yearly return on a bank or investment
account. The national average is 1.74% as of 3/28/23. The return is based on the
highest current rate on the rate table. Some banks may require a minimum deposit
to earn APY. Terms apply.

5.03%

Bankrate average

1.74%

National average

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Rates have increased 3.29% over the last 0 days. This return assumes a deposit
of $8,000 and qualification for the highest APY.

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BANKRATE'S PICKS FOR BEST CD RATES FOR FEBRUARY 2024

Before opening a certificate of deposit, be sure to read expert advice and tips
below to ensure a financially safe decision. Here are Bankrate's top picks for
banks with the best CD rates.

* America First Credit Union — 3 months - 5 years, 4.20% – 5.50% APY, $500
minimum deposit
* Marcus by Goldman Sachs — 6 months - 5 years, 4.10% – 5.40% APY, $500 minimum
deposit
* Popular Direct — 3 months - 5 years, 4.45% – 5.37% APY, $10,000 minimum
deposit
* First Internet Bank of Indiana — 3 months - 5 years, 4.18% – 5.35% APY,
$1,000 minimum deposit
* Bread Savings — 1 year - 5 years, 4.15% – 5.35% APY, $1,500 minimum deposit
* Barclays Bank — 1 year - 5 years, 4.15% – 5.30% APY, no minimum deposit
* CFG Community Bank — 1 year - 5 years, 4.05% – 5.25% APY, $500 minimum
deposit
* Sallie Mae Bank — 6 months - 5 years, 4.00% – 5.25% APY, $2,500 minimum
deposit
* Limelight Bank — 6 months - 3 years, 4.05% – 5.20% APY, $1,000 minimum
deposit
* Synchrony Bank — 6 months - 5 years, 4.00% – 5.15% APY, no minimum deposit

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AMERICA FIRST CREDIT UNION CD RATES

Term length 3 months 6 months 9 months 1 year 18 months 2 years 30 months 3
years 4 years 5 years Caret Down
Date
Info
America First Credit Union
APY
APY
Info
National average APY
Info

MARCUS BY GOLDMAN SACHS CD RATES

Term length 6 months 9 months 1 year 3 years Caret Down
Date
Info
Marcus by Goldman Sachs
APY
APY
Info
National average APY
Info
02/06/20245.15%1.61%01/24/20245.25%1.59%11/02/20235.10%1.53%10/06/20234.90%1.52%08/10/20234.85%1.32%04/19/20234.25%1.04%02/15/20233.90%0.83%

POPULAR DIRECT CD RATES

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5 years
Caret Down
Date
Info
Popular Direct
APY
APY
Info
National average APY
Info

FIRST INTERNET BANK OF INDIANA CD RATES

Term length 3 months 6 months 1 year 18 months 2 years 3 years 4 years 5 years
Caret Down
Date
Info
First Internet Bank of Indiana
APY
APY
Info
National average APY
Info

BREAD SAVINGS CD RATES

Term length 1 year 2 years 3 years 4 years 5 years Caret Down
Date
Info
Bread Savings
APY
APY
Info
National average APY
Info
02/02/20245.35%1.74%12/08/20235.50%1.74%11/29/20235.55%1.74%09/27/20235.60%1.76%08/30/20235.50%1.65%07/06/20235.35%1.59%06/07/20235.25%1.52%04/25/20235.20%1.39%03/15/20235.05%1.30%03/01/20235.00%1.30%02/14/20234.75%1.22%

BARCLAYS BANK CD RATES

Term length 1 year 5 years Caret Down
Date
Info
Barclays Bank
APY
APY
Info
National average APY
Info
12/22/20235.30%1.74%12/12/20235.40%1.74%10/12/20235.50%1.76%09/14/20235.15%1.76%07/10/20235.00%1.59%06/01/20234.80%1.52%04/06/20234.90%1.39%03/01/20235.00%1.30%02/17/20234.50%1.22%

CFG COMMUNITY BANK CD RATES

Term length 1 year 18 months 3 years 5 years Caret Down
Date
Info
CFG Community Bank
APY
APY
Info
National average APY
Info

SALLIE MAE BANK CD RATES

Term length 6 months 9 months 1 year 18 months Caret Down
Date
Info
Sallie Mae Bank
APY
APY
Info
National average APY
Info
01/19/20245.10%1.59%07/10/20234.95%1.26%06/23/20234.95%1.18%

LIMELIGHT BANK CD RATES

Term length 6 months 1 year 18 months 3 years Caret Down
Date
Info
Limelight Bank
APY
APY
Info
National average APY
Info

SYNCHRONY BANK CD RATES

Term length 6 months 9 months 1 year 13 months 14 months 15 months 19 months 2
years 3 years 4 years 5 years Caret Down
Date
Info
Synchrony Bank
APY
APY
Info
National average APY
Info
01/29/20244.80%1.59%01/22/20245.00%1.59%12/19/20235.25%1.56%11/27/20235.25%1.53%10/26/20235.25%1.52%10/19/20234.90%1.52%10/16/20234.90%1.52%08/22/20234.90%1.32%08/01/20234.90%1.32%06/29/20234.75%1.18%06/16/20235.00%1.18%05/02/20235.00%1.08%

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