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State Exchange Bank CD rates review

Enjoy a competitive interest rate with an opening deposit as low as $1.’s rating: 1.5 / 5.0


State Exchange Bank CDs offer strong interest rates ranging from 0.4% APY on 4-month CDs to 0.5% APY on 9-month CDs — rates typical for CDs with terms longer than a year. And you only need $1 to open an account, which is staggeringly low when most banks require $500 or $1,000.


Star rate1.5
7-month APY0.47%
9-month APY0.5%
Early withdrawal penaltyEarly withdrawal penalty not advertised
Minimum deposit to open$1
Interest compoundingDaily

Finder’s take

State Exchange Bank CDs are best for those looking for a short-term CD with a high interest rate. You’ll earn 0.4% on its 4-month CD, 0.47% on its 7-month CD and 0.5% APY on its 9-month CD. This rate is higher than most short-term CDs and are more comparable to CDs with longer term lengths.

What’s more, you only need $1 to open your CD with State Exchange Bank. This is one of the lowest minimum opening deposits we’ve seen as the lowest normally average at about $250 to $500.

The downside to State Exchange Bank CDs is that you only have three terms to choose from. But that may not matter too much given that they all earn a competitive rate for their term. But if you can part with your money longer and want a higher rate, you might be able to snag a better APY with CDs that have longer terms, such as Quontic Bank CD’s 1.2% APY on its 5-year CDs or Discover CDs’s 0.75% APY on its 3-year CDs.

How do I open a State Exchange Bank CD?

Sign up for a State Exchange Bank CD in 11 steps:

  • Click Apply now.
  • Visit the provider’s site and select Explore Products in the menu bar. Then under Explore all products, select High Yield CDs.
  • Browse its CD list to select the bank and CD term you wish to open. Select Save now.
  • Enter your email address, password, name and promotional code, if applicable. Select Continue.
  • Read and agree to the terms and conditions. Select Continue.
  • Verify your email address.
  • Enter your date of birth, Social Security number and personal contact information. Select Continue.
  • Follow the prompts to review and submit your application. Once approved, connect your banking information to fund your CD.


State Exchange Bank CDs have the following eligibility criteria:
  • At least 18 years old
  • US citizen or permanent resident
  • $1 opening deposit

Required information

The application process requires:

  • Full name
  • US residential address
  • Date of birth
  • Social Security number
  • Government-issued photo ID
  • Existing bank account credentials

Funding options

After you open a SaveBetter account and choose your CD product, you’ll need to link a bank account to fund your CD.

4 benefits of a State Exchange Bank CD

Opening a State Exchange Bank CD comes with these perks:

  • Low opening deposit. Whereas most CDs require anywhere from $250 to upwards of $2,500, you only need $1 to open a State Exchange Bank CD.
  • Competitive rates. Earn 0.40% APY on 4-month CDs, 0.47% APY on 7-month CDs and an impressive 0.5% APY on 9-month CDs. Interest rates as strong as these are usually reserved for CDs with terms over one year.
  • Interest compounded daily. While some CDs compound your interest monthly, your money will grow faster with State Exchange Bank CDs that compound daily.
  • Kinder early withdrawal penalties. Some banks charge harsh early withdrawal fees equivalent to the entire CD term’s earned interest. But State Exchange Bank only charges three months of simple interest if you need to withdraw your principal early.

3 things to watch out for

Be aware of the following drawbacks before opening a State Exchange Bank CD:

  • Limited CD term choices. While some banks offer CD terms from three months to five years, you can only choose between 4-, 7- or 9-month terms.
  • Must apply through SaveBetter. While the State Exchange Bank offers these CDs, you must open an account and apply through the SaveBetter platform.
  • Limited customer service. Since SaveBetter manages your account, you’ll need to contact its customer support team on weekdays from 9 a.m. to 4 p.m. ET. You won’t find extended hours or weekend support.

If you’re in the market for a different CD term, compare other CD options to find a better fit.

Compare State Exchange Bank with other CDs

Use the table to compare State Exchange Bank CDs with other well-known banks and CD options.

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.

Compare up to 4 providers

How do I cash in a CD?

About 30 days before your CD matures, SaveBetter will email you your CD options, including the possibility of rolling your CD into another CD with the same term at the current interest rate. But if you don’t log in to your account to select an option, your full deposit — your initial principal and any earned interest — will automatically transfer to the external bank that you have on file with SaveBetter.

As with most CDs, if you cash in before the term is up, you’ll pay early withdrawal penalties. The State Exchange Bank charges 90 days’ worth of interest on all CDs with terms less than a year.

How to contact State Exchange Bank customer service?

All questions and concerns about your CD account should be directed to SaveBetter. You can get in touch with customer service by:

  • Calling 844-944-3276 weekdays from 9 a.m. to 4 p.m. ET.
  • Chatting with a rep during the week.
  • Emailing

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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