May 19, 2024

Best CD Rates of July 2023 (up to 7.19% APY)

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The best CD rate is 7.19% APY on a 7-month share certificate from Alpena Alcona Area Credit Union.

We check rates daily to find the best rates for a variety of CD terms. If you want a no-penalty CD, a unique term length, or if you don’t have much money to deposit, we’ve also included picks for these circumstances, too.

The Best CD Rates

Market Leader

To open a CD at Alpena Alcona Area Credit Union, you must meet one of the following requirements for membership: 1) live, work, own property, go to school, or worship in any county in Michigan; 2) work at the credit union or 3) have an immediate family member who is an existing member. The CD also has a maximum opening deposit of $7,000. If you aren’t eligible to join this credit union or want to explore additional accounts, you can also find high CD rates at other institutions.

Top CD Rates by Term

Our top picks for CDs are protected by FDIC or NCUA insurance. Although First Republic Bank was recently shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare the Best CD Rates

Alpena Alcona Area Credit Union 7-month certificate

3.5/5

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Annual Percentage Yield (APY)

7.19%


Minimum Deposit Amount

$500

Alpena Alcona Area Credit Union Alpena Alcona Area Credit Union 7-month certificate

Alpena Alcona Area Credit Union 7-month certificate

3.5/5

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Annual Percentage Yield (APY)

7.19%


Minimum Deposit Amount

$500

Alpena Alcona Area CU, NCUA Insured


Alpena Alcona Area Credit Union 7-month certificate

Alpena Alcona Area Credit Union has the highest CD rate available right now.

Details


Annual Percentage Yield (APY)

7.19%


Minimum Deposit Amount

$500

Pros & Cons
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Oklahoma State Bank 3 Month CD

3.75/5

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Annual Percentage Yield (APY)

5.23%


Minimum Deposit Amount

$1

Oklahoma State Bank 3 Month CD

3.75/5

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Annual Percentage Yield (APY)

5.23%


Minimum Deposit Amount

$1


Oklahoma State Bank 3 Month CD

Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It’s a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.

Details


Annual Percentage Yield (APY)

5.23%


Minimum Deposit Amount

$1

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Popular Direct 6 Month CD

3.5/5

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Annual Percentage Yield (APY)

5.35%


Minimum Deposit Amount

$10,000

Popular Direct 6 Month CD

3.5/5

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Annual Percentage Yield (APY)

5.35%


Minimum Deposit Amount

$10,000

On Popular Direct’s website


Popular Direct 6 Month CD

Popular Direct’s high-yield savings account is featured in our best high-yield savings account guide because it has one of the highest rates available. The bank’s CDs also offer high rates, but these accounts may not be as appealing due to the high minimum opening deposits and early withdrawal penalties. Also, keep in mind that it’s difficult to access your savings quickly because there’s no checking account.

Details


Annual Percentage Yield (APY)

5.35%


Minimum Deposit Amount

$10,000

Pros & Cons
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Andrews Federal Credit Union Andrews Federal Credit Union 9 Month Share Certificate

Andrews Federal Credit Union 9 Month Share Certificate

4/5

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Annual Percentage Yield (APY)

5.75%


Minimum Deposit Amount

$1,000

Andrews Federal Credit Union Andrews Federal Credit Union 9 Month Share Certificate

Andrews Federal Credit Union 9 Month Share Certificate

4/5

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Annual Percentage Yield (APY)

5.75%


Minimum Deposit Amount

$1,000

Andrews Federal Credit Union, NCUA insured


Andrews Federal Credit Union 9 Month Share Certificate

Details


Annual Percentage Yield (APY)

5.75%


Minimum Deposit Amount

$1,000

Pros & Cons
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Pacific Western Bank 1 Year CD

3.75/5

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Annual Percentage Yield (APY)

5.51%


Minimum Deposit Amount

$1

Pacific Western Bank 1 Year CD

3.75/5

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Annual Percentage Yield (APY)

5.51%


Minimum Deposit Amount

$1


Pacific Western Bank 1 Year CD

Details


Annual Percentage Yield (APY)

5.51%


Minimum Deposit Amount

$1

Pros & Cons
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USAlliance Financial USAlliance Financial 18 Month Certificate

USAlliance Financial 18 Month Certificate

3.5/5

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Annual Percentage Yield (APY)

5.70%


Minimum Deposit Amount

$500

USAlliance Financial USAlliance Financial 18 Month Certificate

USAlliance Financial 18 Month Certificate

3.5/5

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Annual Percentage Yield (APY)

5.70%


Minimum Deposit Amount

$500

On USAlliance Financial’s website


USAlliance Financial 18 Month Certificate

USAlliance Financial offers the most-competitive interest rate on an 18-month term right now. It also pays a great interest rate on a 1-year share certificate.

Details


Annual Percentage Yield (APY)

5.70%


Minimum Deposit Amount

$500

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Bread Savings 2 Year High-Yield CD

3.5/5

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Annual Percentage Yield (APY)

5.00%


Minimum Deposit Amount

$1,500

Bread Savings 2 Year High-Yield CD

3.5/5

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Annual Percentage Yield (APY)

5.00%


Minimum Deposit Amount

$1,500

Bread Savings, FDIC Insured Account


Bread Savings 2 Year High-Yield CD

Bread Savings is an excellent choice for earning a competitive interest rate on a savings account or CD. However, keep in mind that the online-only bank doesn’t have a checking account or ATM network, so you’re left with limited ways to access your money.

Details


Annual Percentage Yield (APY)

5.00%


Minimum Deposit Amount

$1,500

Pros & Cons
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Quorum Federal Credit Union Quorum Federal Credit Union 3 Year Term Savings

Quorum Federal Credit Union 3 Year Term Savings

4.25/5

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Annual Percentage Yield (APY)

4.85% (on balances $1,000 – $99,999) or 4.95% (on balances of $100,000 or more)


Minimum Deposit Amount

$1,000

Quorum Federal Credit Union Quorum Federal Credit Union 3 Year Term Savings

Quorum Federal Credit Union 3 Year Term Savings

4.25/5

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Annual Percentage Yield (APY)

4.85% (on balances $1,000 – $99,999) or 4.95% (on balances of $100,000 or more)


Minimum Deposit Amount

$1,000


Quorum Federal Credit Union 3 Year Term Savings

Quorum Federal Credit Union may be a smart choice if you’re looking for a no-fee, high-interest savings account or term account. Quorum’s term accounts are similar to CDs and come with nine term options.

Details


Annual Percentage Yield (APY)

4.85% (on balances $1,000 – $99,999) or 4.95% (on balances of $100,000 or more)


Minimum Deposit Amount

$1,000

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First National Bank of America First National Bank of America 4 Year CD

First National Bank of America 4 Year CD

4/5

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Annual Percentage Yield (APY)

4.65%


Minimum Deposit Amount

$1,000

First National Bank of America First National Bank of America 4 Year CD

First National Bank of America 4 Year CD

4/5

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Annual Percentage Yield (APY)

4.65%


Minimum Deposit Amount

$1,000

First National Bank of America, FDIC Insured


First National Bank of America 4 Year CD

You may like First National Bank of America if you live in Michigan and want to use a local bank. Regardless of where you live in the US, it’s a good option for CDs. The bank has some of the best CD rates for 4-year and 5-year terms, and you can open CDs online.

Details


Annual Percentage Yield (APY)

4.65%


Minimum Deposit Amount

$1,000

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First National Bank of America First National Bank of America 5 Year CD

First National Bank of America 5 Year CD

4/5

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Annual Percentage Yield (APY)

4.65%


Minimum Deposit Amount

$1,000

First National Bank of America First National Bank of America 5 Year CD

First National Bank of America 5 Year CD

4/5

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Annual Percentage Yield (APY)

4.65%


Minimum Deposit Amount

$1,000


First National Bank of America 5 Year CD

You may like First National Bank of America if you live in Michigan and want to use a local bank. Regardless of where you live in the US, it’s a good option for CDs. The bank has some of the best CD rates for 4-year and 5-year terms, and you can open CDs online.

Details


Annual Percentage Yield (APY)

4.65%


Minimum Deposit Amount

$1,000

Pros & Cons
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Technology Credit Union 5 Month No Penalty CD

3.75/5

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Annual Percentage Yield (APY)

5.26%


Minimum Deposit Amount

$1

Technology Credit Union 5 Month No Penalty CD

3.75/5

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Annual Percentage Yield (APY)

5.26%


Minimum Deposit Amount

$1


Technology Credit Union 5 Month No Penalty CD

Details


Annual Percentage Yield (APY)

5.26%


Minimum Deposit Amount

$1

Pros & Cons
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About the Best CD Issuers

Alpena Alcona Area Credit Union CD

Why it stands out: Alpena Alcona Area Credit Union has the highest CD rate available right now. You can earn 7.19% APY on a 7-month CD if you qualify for membership at the credit union.

Term options: Alpena Alcona Area Credit Union also has terms ranging from 90 days to 5 years. 

Penalties: You’ll have to contact your nearest branch to learn more information about early withdrawal penalties. The penalty may depend on the amount withdrawn.

What to look out for: This promotional CD has specific opening requirements; Your deposit cannot exceed $7,000. There is also a limit of one CD special per member.

To become a member, you must 1) live, work, own property, go to school, or worship in any county in Michigan; 2) work at the credit union or 3) have an immediate family member who is an existing member. 

Oklahoma State Bank 3-Month Certificate

Why it stands out: This CD is available through Raisin, an online savings marketplace that connects customers with high-yield accounts from partner institutions. Oklahoma State Bank has the highest 3-month CD rate out there right now. This account is also available around the US through Raisin.

Term options: Raisin offers multiple term lengths, both through Oklahoma State Bank and other bank partners.

Penalties: The 3-month Oklahoma State Bank certificate charges 30 days of simple interest, but each partner bank charges different early withdrawal penalties through Raisin.

What to look out for: Raisin doesn’t offer checking accounts, so it’s not a great choice if you want to do all your banking with the same company.

Popular Direct CD

Why it stands out: Popular Direct pays some of the highest rates in the industry right now, and it compounds interest daily.

Term options: Terms range from 3 months to 5 years.

Penalties: Popular Direct charges standard-to-high early withdrawal penalties, as follows:

  • 89 days of simple interest for terms under 91 days
  • 120 days of simple interest for terms of 91 days to under 12 months
  • 270 days of simple interest for terms of 12 months to under 36 months
  • 365 days of simple interest for terms of 36 months to under 60 months
  • 720 days of simple interest for terms of 60 months or longer

Keep an eye out for: You need $10,000 to open a Popular Direct CD. The bank also charges fairly high early withdrawal penalties, especially for longer terms.

Andrews Federal Credit Union Share Certificate

Why it stands out: Andrews Federal Credit Union is a Black-led financial institution with branches in Maryland, New Jersey, Virginia, Washington, DC, and Washington. The credit union has a 9-month share certificate special with a competitive interest rate. 

Term options: Terms range 6 months to 84 months

Penalties: Andrews FCU has standard-to-low early withdrawal penalties, as follows:

  • 90 days of dividends on terms of 24 months or less
  • 180 days of dividends on terms longer than 24 months
  • special certificates (for example, an 84-month term) have an early withdrawal penalty of 360 days of interest

Keep an eye out for: To become a member of Andrews Federal Credit Union you must meet one of the following requirements:

Keep in mind, you must also transfer new money to an Andrews Federal Credit Union checking or savings account before you open the share certificate.

Pacific Western Bank CD

Why it stands out: Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from over 20 banks and credit unions. Currently, the Pacific Western Bank CD is the highest-yielding 1-year CD available right now. 

Term options: Raisin has a variety of term lengths available from different financial institutions.

Penalty: The early withdrawal penalty for a 12-month Pacific Western Bank CD powered by Raisin is 90 days of interest. 

Keep an eye out for: You’ll have to be comfortable with a fully online banking experience. Also, Raisin doesn’t offer checking accounts.

USAlliance Financial Share Certificate 

Why it stands out: USAlliance Financial offers the most-competitive interest rate on an 18-month term right now. It also pays a great interest rate on a 1-year share certificate. 

Term options: USAlliance Financial has terms ranging from 3 months to 5 years. 

Penalties: USAlliance Financial charges the following early withdrawal penalties: 

  • For terms under 18 months, the early withdrawal penalty is 180 days of interest on the amount withdrawn
  • For terms of 18 months or more, the early withdrawal penalty is 360 days of interest on the amount withdrawn

What to look out for: The early withdrawal penalties at USAlliance Financial are a bit higher than other financial institutions. You can also only open a CD if you qualify for membership at the credit union. 

You may join USAlliance Financial if you 1) live in a select area in Massachusetts, Connecticut, New Jersey, or New York 2) work for a select employment group, or 3) become a member of the American Consumer Council, Arco of Westchester, Tread Lightly! or the Council of Community Services.

Bread Savings High-Yield CD

Why it stands out: Bread Savings CDs stand out for their competitive interest rates on 2-year terms.

Term options: Terms range from 1 year to 5 years.

Penalties: Bread Savings charges standard penalties for early withdrawals of your principal balance, as follows:

  • 90 days of interest for terms under 12 months
  • 180 days of  interest for terms between 12 months and 36 months
  • 365 days of interest for terms between 48 months and 60 months

Keep an eye out for: The minimum opening deposit for Bread Savings CDs is $1,500. Other banks have lower minimum opening deposits.

Quorum Federal Credit Union Term Savings

Why it stands out: Quorum Federal Credit Union has a high interest rate on term accounts (which is another name for a certificate). The 3-year term offers the most competitive interest rates. 

Term options: Terms range from 3 months to 5 years.

Penalties: At Quorum Federal Credit Union the early withdrawal penalty is as follows:

  • For terms between 2 months and 11 months, 1% of the amount withdrawn
  • For terms between 12 months and 24 months, 2% of the amount withdrawn
  • For terms over 25 months, 3% of the amount withdrawn

Keep an eye out for: You must become a member to open a bank account at Quorum. To become a member, you or a family member have to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

First National Bank of America CD

Why it stands out: First National Bank of America lets you open CDs online from anywhere in the US. The bank offers high CD rates for 4-year and 5-year terms.

Term options: Terms range from 1 year to 7 years.

Penalties: First National Bank of America charges high penalties for early withdrawals of your principal balance, as follows:

  • 90 days of interest for terms under 1 year
  • 180 days of interest for terms between 1 year and 23 months
  • 360 days of interest for terms between 2 years and 47 months
  • 540 days of interest for terms of 48 months or more

Keep an eye out for: First National Bank of America has steep early withdrawal penalties for most terms. You might prefer one of the other options on our list if you are worried about taking out money before your term ends.

Technology Credit Union 5-Month No Penalty CD

Why it stands out: The highest no-penalty CD rate at Raisin is 5.26% APY on a 5-month Technology Credit Union No Penalty CD. Raisin also may be appealing if you’d like to open a CD with a low minimum opening deposit. You only need $1 to get started.

Term options: Raisin is partnered with over 30 banks and credit unions, so it has multiple terms for both no-penalty and regular CDs.

Penalties: This account doesn’t have any early withdrawal penalties.

Keep an eye out for: Raisin doesn’t have physical locations. It also won’t be the best choice if you want to do all your banking at one institution because you can’t open checking accounts.

Why You Should Trust Us: Experts’ Advice on Choosing the Best CD

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money. You can read their insights at the bottom of this post.

PFI Banking Expert Panel that includes: Tania Brown, Roger Ma, Sophia Acevedo, and Mykail James

Insider



Here’s what they had to say about CDs. (Some text may be lightly edited for clarity.)

What makes a CD good or not good?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“You always want to look at how much money you need to start up. And then if you can continuously add money in. Also, check not just what the interest rate is, but how often they pay out interest, whether it’s monthly or quarterly.”

How should someone choose a CD term length?

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective.”

Mykail James, CFEI:

“I believe in having a plan for whatever the funds are. If it’s supposed to be a house fund, and you want to wait for another two years to buy a house, that’s what you should be thinking of when you want to have this money.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner at SaverLife:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don’t need access to some of your money, since they have a fixed interest rate for a specific term.”

Methodology: How we Chose the Best CDs 

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high Annual Percentage Yield (APY), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

We reviewed CD offerings from around a dozen national banks using our CD rates methodology. All banks included on our list are insured by the FDIC and do not impose monthly maintenance fees on CDs.

In the event two banks offered the same APY on a CD product, we considered minimum deposit requirements and penalties for early withdrawals.

CD Frequently Asked Questions

The highest-paying CD is the 7-month Alpena Alcona Area Federal Credit Union, which pays 7.19% APY. To open this account, you’ll have to 1) live, work, own property, go to school, or worship in any county in Michigan; 2) work at the credit union or 3) have an immediate family member who is an existing member.  The CD also has a maximum opening deposit of $7,000. 

Yes, several financial institutions have CDs paying 5.00% APY or more. For example, some institutions include (but are not limited to) BrioDirect, Popular Direct, and Alliant Credit Union.

When choosing a CD term, you’ll want to consider the timeline of your goal. That said, not many financial institutions offer 10-year CDs, and the rates for short-term CDs are actually better than long-term CDs right now. You could build a CD ladder if you want to diversify your CDs and open multiple terms for more flexibility.

A CD is a time-sensitive savings account that holds your money at a fixed interest rate for a specified period of time. You can open one at almost any bank or credit union.

CDs are safer than investing your money in the stock market. Money in a CD is federally insured by the FDIC or NCUA for up $250,000 for up to $250,000. CDs are a good place to store and grow money that you will need at a predetermined future date. While your money doesn’t have the potential to earn as much as it would in the stock market, there is no risk. CDs may be less liquid than a savings account, though.

Timing matters. CDs can be a good investment if interest rates are currently high and/or expected to fall. The biggest benefit of a CD is your ability to lock in a fixed interest rate. If interest rates fall during the term of your CD, the APY on your CD will not be affected. Conversely, if rates are expected to rise, then it may not be a good time to put money in a CD.

You cannot lose money in a CD if you leave it untouched for the full term length. It is like a locked savings account and the only way you can lose money is if you make an early withdrawal for which you are penalized.

Yes, CD rates have been going up. Interest rates on CDs follow the federal funds rate, which is determined by the Federal Reserve. Thus far, the Federal Reserve has raised interest rates several times in 2023.

Best CD Rates by Term

Below you’ll find our picks for the best CD rates right now. There’s no CD that will work for everyone, but we combed through offerings at around a dozen national banks to find the strongest options available right now.

Best 3-month CD Rates

Best 6-month CD Rates

See Insider’s reviews of Bank5 Connect and America First Credit Union>>

Best 1-year CD Rates

See Insider’s reviews of Crescent Bank>>

Best 18-month CD Rates

See Insider’s reviews of Gulf Coast Federal Credit Union>>

Best 2-year CD Rates

See Insider’s review of Delta Community Credit Union>>

Best 3-year CD Rates

Best 4-year CD Rates

Best 5-year CD Rates

Best No-penalty CD Rates

Best Rates for No Opening Deposit

See Insider’s reviews of Synchrony, Ally, and Barclays>>

Best Rates for Other CD Terms

See Insider’s review of Northern Bank Direct>>

CD Rates at the Largest US Banks

Alternative CD Options

We looked at the following CDs as well. While these ultimately weren’t selected as our top picks, you might find some of these options appealing depending on your preferences.

  • America First Credit Union: America First Credit Union pays great interest rates on short-term CDs, but its just top rates are just bit lower than our top picks. 
  • Connexus Credit Union: Connexus has competitive rates, but you’ll need at least $5,000 to open an account. Our top picks have more competitive interest rates or lower minimum opening deposit requirements.
  • CIT Bank: CIT Bank has a great interest rate on a 6-month term, but it’s just short of the top rates we’ve included.
  • Alliant Credit Union: Alliant Credit Union has high interest rates, but our top picks offer even more competitive rates.
  • Bask Bank: Bask Bank has great interest rates for short-term CDs, but there are banks with even higher rates right now. 
  • Bank5 Connect: Bank5 has a 6-month CD with a high interest rate, but our top choices offer higher rates. The bank’s other CD rates also aren’t as competitive as other financial institutions. 
  • American Express National Bank: American Express lets you open a CD with $0, but its rates aren’t as high as those from other national brands included in our list. 
  • Vio Bank CD: Vio Bank has good CD rates for terms between 6 months and 120 months, but our top picks have even more competitive rates right now.  
  • CFG Bank CD: CFG pays good rates on 1-year, 18-month, 3-year, and 5-year terms, but they’re not quite as high as those on our list.
  • Consumers Credit Union CD: Consumers pays some solid rates, and it’s a good choice if you’re looking for a 10-month term.
  • Rising Bank CD: Rising Bank doesn’t have many terms to choose from, but its rates are decent, especially on its 15-year term.
  • Salem Five Direct High-Yield CD: Salem Five Direct has competitive interest rates on short-term CDs, but they aren’t quite as high as what you’ll earn with our top picks.
  • Limelight Bank Online CD: Limelight’s rates are competitive, but other institutions pay higher rates right now.
  • Chase CD: Chase offers solid interest rates on a 3-month and 12-month term if you qualify for relationship rates by having a Chase checking account. If you don’t qualify for a relationship rate, other financial institutions will likely offer much more competitive CD rates.
  • Marcus No-Penalty CD: Marcus pays a high rate on its 13-month no-penalty CD, but our top picks offer higher interest rates.
  • TIAA Bank Basic CD: TIAA pays a relatively high 3-month CD rate, but you can earn better rates elsewhere.
  • Air Force Federal Credit Union Certificate Account: Air Force Federal Credit Union has a variety of CDs, but its rates have recently dropped and are lower than our top picks.
  • Capital One 360 CD: Capital One 360 lets you open a CD with $0, but its rates have recently dropped and are lower than our top picks.
  • Pentagon Federal Credit Union Money Market Certificate: PenFed offers solid interest rates on CDs, but our top picks have even more competitive CD rates right now.
  • Pure Point Financial CD: Pure Point’s rates are solid, but its $10,000 minimum deposit could be a major drawback for more modest savers.
  • USAA Bank CD: USAA Bank offers a wide range of CD options for military members and families, but rates are mediocre and you’ll need at least $1,000 to open an account.
  • NBKC CD: NBKC pays good rates. But unlike most CDs, NBKC CDs pay variable rates, so rates can go up or down after you’ve opened the account.
  • Bethpage Federal Credit Union Certificate Account: Bethpage CDs have a low minimum opening deposit but our top picks offer more competitive interest rates.
  • Charles Schwab Bank CD: Charles Schwab has brokered CDs, meaning Charles Schwab doesn’t actually own the CD. Instead, Charles Schwab acts as the middleman for you and the bank that owns the CD. Depending on how you bank, you may prefer open a CD directly with the financial institution.

 

 

 

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