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.

Our top pick: Discover CDs

  • Start saving with $2,500
  • 1.75% APY for a 12-month term
  • Flexible terms from 3 months to 10 years

Our top pick: Discover CDs

  • Reach someone helpful 24/7
  • 1.75% APY for a 12-month term
  • Flexible terms from 3 months to 10 years

Marcus by Goldman Sachs CDs: Earn up to 1.9%

Terms: Six months to six years

APY ranges: 0.6% to 1.9%

Minimum deposit requirements: $500

Discover Bank CDs: Earn up to 1.8%

Terms: Three months to 10 years

APY ranges: 0.35% to 1.8%

Minimum deposit requirements: $2,500

Ally High Yield CDs: Earn up to 2.15%

Terms: Three months to five years

APY ranges: 0.75% to 2.15%

Minimum deposit requirements: $0

Synchrony Bank CDs: Earn up to 1.65%

Terms: Three months to five years

APY ranges: 0.25% to 1.65%

Minimum deposit requirements: $2,000

Barclays Online CDs: Earn up to 2.1%

Terms: Three months to five years

APY ranges: 0.35% to 2.1%

Minimum deposit requirements: $0

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. To find the best CDs, we considered the following factors: APY, term options, availability, interest compounding period, and minimum deposit requirements.

What’s changed in 2020?

Marcus by Goldman Sachs CDs quickly rose through the ranks as one of the top-rated CDs on the market. Thanks to its low minimum deposit requirements, variable terms and high interest rates, it made its way onto our top five list of best CDs for 2020.

Compare leading CD rates

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
Discover CDs
Radius Bank CDs

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.

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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