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With a Vanguard brokerage account, you have a range of CDs to invest in. But their interest rates aren’t competitive and you’ll pay a hefty minimum deposit of $1,000 to open a CD.
|Early withdrawal penalty||Early withdrawal penalty not advertised|
|Minimum deposit to open||$1,000|
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
Vanguard’s CD rates aren’t competitive and to earn the highest rate, you’re looking at locking your money away for seven years. Plus, you’ll need at least $1,000 to open a CD, and the interest only compounds once it hits your money market account upon maturity. You’ll find higher CD rates on shorter terms at other banks like Discover and Marcus by Goldman Sachs.
You’ll need to open a brokerage account with Vanguard to buy CDs. The firm claims it takes 10 minutes to fill out the online form. These are the steps:
To open a CD, you must meet these general requirements:
To whiz through the form, have this info handy:
You can deposit funds into your new account in the following ways:
Buying Vanguard CDs offers a string of benefits, including:
No banking product is perfect. These are the drawbacks of Vanguard CDs:
Vanguard not fitting your needs? Review more of your options with our guide to CDs.
You can reach a Vanguard representative by:
Vanguard specializes in investment products, so it doesn’t offer any straight savings accounts.
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★★★★★ — 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.
Vanguard CD is not currently available on Finder
Have you considered Western Alliance Bank 12 months CDs through SaveBetter?
Get 5.01% APY on a 12 month CD, and earn an APY that’s 14.8x higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
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