Find the best CD rates

A certificate of deposit is a safe and secure way to grow your savings balance.

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If you’re looking for a guaranteed return on the money you invest, a certificate of deposit (CD) offers a secure and reliable solution. But if you want to make your money work as hard as possible to build a larger savings balance, you’ll need to find the financial institution with the best CD rates. The higher the interest rate that applies to your funds, the more money you get when your deposit matures.

To find the best CD rates, you’ll need to compare a range of account options and shop around for the best deal.

Our top pick: CIT Bank Term CDs

  • Earn over 4x the national average on the 1-Year CD
  • No account opening or maintenance fees
  • Daily compounding interest

Our top pick: CIT Bank Term CDs

  • Lock in an interest rate
  • Tap into for retirement income
  • FDIC insured

Compare leading CD rates

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Discover CDs
2%
2%
2.05%
2.05%
2.1%
Barclays Online CDs
2%
2%
2%
2%
2.1%
Ally High Yield CDs
2%
2.05% on CDs of $25,000+

2% on CDs of $5,000 to $24,999

1.9% on CDs of $0 to $4,999
2.1% on CDs of $25,000+

2.05% on CDs of $5,000 to $24,999

1.95% on CDs of $0 to $4,999
2.15%
CIT Bank Term CDs
1.8%
1.85%
1.4%
1.3%
1.7%
Radius Bank CDs
1.55%
1.6%
1.7%
1.85%
2.2%
BBVA CD
1.5%
1%
1%

Compare up to 4 providers

Features of the best CDs

Compare the following factors when deciding on a certificate of deposit:

The interest rate

The interest rate payable on your CD balance is critical when deciding which account offers the best deal. A high interest rate means better returns for you. However, accounts with higher interest rates may have special conditions attached, like high minimums for opening an account or unusually large fees if you need access to your money early.

How often the interest is compounded

How often interest is calculated has an effect on the amount of interest you can earn. For example, an account that compounds interest monthly will end up paying more interest over time than one that compounds interest annually.

Where the interest is paid

Next, look at where the interest your account earns is paid when the deposit matures. For example, will you need to have a linked account with the same bank, or can you have the money sent to other financial institutions?

Minimum balance requirements

Check to see what the minimum and maximum balance limits are for the CD. Usually they’re at least $1,000. Are they suitable for the amount of money you’re looking to save? Compare accounts that match your requirements.

The terms available

Compare how long you’re able to save your money with each account. Terms typically range from six months to five years, so make sure the time period you choose suits your needs.

How did we choose the best CDs?

Certificates of deposit are an effective way to lock away your money and they often pay higher interest rates than savings accounts. But not all CDs are the same and the interest rate is not always the most important factor. In order to find the best CDs, we took a number of important factors into consideration: APY, term options, interest compounding period, where interest is paid, minimum deposit and early withdrawal penalty.

Bottom line

Certificates of deposit provide a secure, convenient way to build a sizable savings balance, but it’s important to find the best interest rates to ensure that the money in your account is working as hard as possible. Spending the time to shop around for the best rates and watching for the best time to open a CD can help you save for a more reliable future.

 

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