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CD Rates
If you're looking for higher interest rates than your basic savings account can offer, then consider investing in a certificate of deposit (CD). Banks and credit unions can offer higher yields in exchange for keeping your money on hold for a period of time - penalties may apply for early withdrawal. Many can also be opened as IRA CDs to help meet retirement goals. However, not all CDs are created equal. Compare NerdWallet's top results to the national average CD rates to see just how much more you could be earning. Use the filters below to find the best CD rate for you!

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* The percentages indicate the highest available APY for each option
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Bank Account Account Type Minimum Balance for APY APY
State Farm Bank, FSB
Federally insured by the FDIC
Certificate of Deposit
4 years
$500 2.00%
Open Now
EverBank
Federally insured by the FDIC
Certificate of Deposit
4 years
$1,500 1.96%
Open Now
ConnectOne Bank
Federally insured by the FDIC
Certificate of Deposit
4 years
$500 1.81%
Open Now
GE Capital Bank
Federally insured by the FDIC
Certificate of Deposit
4 years
$500 1.65%
Open Now
Discover
Federally insured by the FDIC
Certificate of Deposit
4 years
$500 1.65%
Open Now
ableBanking
Federally insured by the FDIC
Certificate of Deposit
4 years
$1,000 1.65%
Open Now
First Internet Bank of Indiana
Federally insured by the FDIC
Certificate of Deposit
4 years
$1,000 1.60%
Open Now
Sallie Mae Bank
Federally insured by the FDIC
Certificate of Deposit
3 years
$2,500 1.45%
Open Now
TIAA Direct
Federally insured by the FDIC
Certificate of Deposit
4 years
$1,000 1.40%
Open Now
CIT Bank
Federally insured by the FDIC
Certificate of Deposit
3 years
$1,000 1.35%
Open Now
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Comparing CD Rates

By John Gower

The best CD rates will out-earn your typical checking or savings account by far. So when it comes to earning higher yields on your cash, certificates of deposit are a useful tool.

CD basics

CDs are commonly offered by banks and credit unions as a way for savers to store extra cash and earn interest on their deposits. However, there are a few critical features that make CDs very different from a regular savings account.

  • CD terms - CDs have specific terms which specify that you are required to keep your money tied up in the account for a certain length of time. Common terms range from 3 months to 5 years, but you can find CDs available for all sorts of time frames. Generally, the higher the CD term, the higher the higher your yield.
  • Early withdrawal penalties - You could be charged to access your money early. Early withdrawal penalties typically apply if you need to pull out your cash before the CD reaches maturity. This fee is usually calculated as a portion of your interest earnings, for example 3 months of interest. Fees vary though and could be much more severe, so we don't recommend CDs to anyone who might need immediate access to their money.
  • Fixed interest rates - CD interest rates are fixed, which means that the APY offered at the time you open the account will apply throughout the term period, no matter if other rates rise or fall. This feature is great news if rates decline while you hold the account; your money will be earning more than you could find elsewhere. However it's pretty bad news if other rates shoot up while you're stuck earning a low yield.

Tips to find higher CD rates

For the most part, the trick to finding the highest CD rates is as simple as shopping around. NerdWallet's CD rates tool above can help you find a CD anywhere from online banks to a local credit union. However, there are a few things to look out for that could help boost your yield even further.

  • Bonus CD rates and promos - banks sometimes offer promotional yields for certain CD terms to attract new customers or nudge deposits toward longer or shorter-term accounts. Keep an eye out for these limited time deals at your local bank or credit union. They may be worth your while.
  • Special types of CDs - Some CDs have unique features such as the option to "bump-up" your interest rate once to twice over the term, or to withdraw penalty-free. CDs like these offer the advantage of entirely or partially negating the downsides associated with CDs, but make sure the rates are still competitive before you choose to open one.
  • CD strategies - Strategies like CD ladders or barbells are slightly more complex approaches, but they allow you to take partial advantage of the higher yields offered by long-term CDs while also maintaining some liquidity through short-term CDs.
  1. [2013-07-17 14:55:44] - SAVEA DOLLAR says: the checking account at MCT is called Kassasi It lowered its rate to 2.5%
  2. [2013-07-17 14:20:16] - SAVEA DOLLAR says: phone #800 846 1751 MCT credit union
  3. [2013-07-17 14:14:43] - SAVEA DOLLAR says: it is is MCT credit union for Port Neches,Nederland, Orange &Bridge city Texas Mid County Teacher;s credit union
  4. [2013-07-17 06:02:06] - me says: there is no "mci credit union" according to google. did you mean mcu? if not, what is mci credit union website address?
  5. [2013-07-16 23:15:42] - SAVEA DOLLAR says: you can get 3,5% at MCI credit union free checking with 1 bill pay or direct deposit &10 debits also TEXAS FIRST BANK OFFERS 2% With same deal up to 10000$ at Texas First bank & 25000$ at MCI credit union
  6. [2013-07-11 21:46:57] - Henry says: Yes, but unless your hiding money under your bed, you're giving a brick and mortar bank your money while getting .001% or some pathetic return for it. To think you'll get several times the rate of return w/ online banks, you don't have to be Einstein to know its stupid to leave your $ with the traditional banks
  7. [2013-06-16 00:14:59] - Matthew Felsted says: Hmm.. This seems to be an insanely bad idea as the national inflation rate is greater than the amount you can earn with the top rate listed on this page. You'd actually lose a ton of money at these rates.
  8. [2013-06-15 22:13:08] - Scott says: Dupont Community Credit Union (mydccu.com) offers Grow Green Checking at 2.75% APY
  9. [2013-06-12 16:11:39] - justpicky says: USAA Federal Saving Bank ........good choice ........ Navy Federal Bank ........ Local Credit Union .......... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Would never bank with Wells Fargo , Citibank , B of A , and there's several others ...Banks are the reason why credit cards went south . And why home mortgages fail . Banks felt they couldn't fail , because they were to big ......The blame for this economy ....because of Greedy CEO's , Mortgage Companies , realtors , and many others including polictians ... What they didn't tell the public .....we're in a 13 year Recession .....2007 - 2020 As far as credit cards they're only good for Emergency , one card is enough not over $1,000 ....

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