Best of

Best Bank CD Rates

Spencer TierneyMay 15, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best Bank CD Rates

Bank1-year APY3-year APY5-year APYMinimum DepositLearn More
Sallie Mae Bank

Sallie Mae Bank

2.45%

2.50%

2.50%

$2,500

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.25%

2.35%

2.45%

$500

at Goldman Sachs Bank USA,

Member, FDIC

Capital One

Capital One

at Capital One,

Member, FDIC

2.30%

1.65%

1.60%

$1

at Capital One,

Member, FDIC

Barclays

Barclays

2.40%

2.45%

2.45%

$0

Popular Direct

Popular Direct

2.20%

2.25%

2.40%

$10,000

TIAA Bank

TIAA Bank

2.36%

2.40%

2.52%

$5,000

Discover

Discover

at Discover,

Member, FDIC

2.40%

2.45%

2.50%

$2,500

at Discover,

Member, FDIC

PurePoint® Financial

PurePoint® Financial

2.25%

2.40%

2.50%

$10,000

Citizens Access

Citizens Access

2.25%

2.35%

2.45%

$5,000

Synchrony Bank

Synchrony Bank

2.40%

2.50%

2.55%

$2,000

Vio Bank

Vio Bank

1.70%

1.85%

1.95%

$500

Bank1-year APY3-year APY5-year APYMinimum DepositLearn More
Sallie Mae Bank

Sallie Mae Bank

2.45%

2.50%

2.50%

$2,500

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.25%

2.35%

2.45%

$500

at Goldman Sachs Bank USA,

Member, FDIC

Capital One

Capital One

at Capital One,

Member, FDIC

2.30%

1.65%

1.60%

$1

at Capital One,

Member, FDIC

Barclays

Barclays

2.40%

2.45%

2.45%

$0

Popular Direct

Popular Direct

2.20%

2.25%

2.40%

$10,000

TIAA Bank

TIAA Bank

2.36%

2.40%

2.52%

$5,000

Discover

Discover

at Discover,

Member, FDIC

2.40%

2.45%

2.50%

$2,500

at Discover,

Member, FDIC

PurePoint® Financial

PurePoint® Financial

2.25%

2.40%

2.50%

$10,000

Citizens Access

Citizens Access

2.25%

2.35%

2.45%

$5,000

Synchrony Bank

Synchrony Bank

2.40%

2.50%

2.55%

$2,000

Vio Bank

Vio Bank

1.70%

1.85%

1.95%

$500

1-year APY

2.45%

3-year APY

2.50%

5-year APY

2.50%

Minimum Deposit

$2,500

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

at Goldman Sachs Bank USA,

Member, FDIC

1-year APY

2.25%

3-year APY

2.35%

5-year APY

2.45%

Minimum Deposit

$500

Capital One

at Capital One,

Member, FDIC

at Capital One,

Member, FDIC

1-year APY

2.30%

3-year APY

1.65%

5-year APY

1.60%

Minimum Deposit

$1

1-year APY

2.40%

3-year APY

2.45%

5-year APY

2.45%

Minimum Deposit

$0

1-year APY

2.20%

3-year APY

2.25%

5-year APY

2.40%

Minimum Deposit

$10,000

1-year APY

2.36%

3-year APY

2.40%

5-year APY

2.52%

Minimum Deposit

$5,000

Discover

at Discover,

Member, FDIC

at Discover,

Member, FDIC

1-year APY

2.40%

3-year APY

2.45%

5-year APY

2.50%

Minimum Deposit

$2,500

1-year APY

2.25%

3-year APY

2.40%

5-year APY

2.50%

Minimum Deposit

$10,000

1-year APY

2.25%

3-year APY

2.35%

5-year APY

2.45%

Minimum Deposit

$5,000

1-year APY

2.40%

3-year APY

2.50%

5-year APY

2.55%

Minimum Deposit

$2,000

1-year APY

1.70%

3-year APY

1.85%

5-year APY

1.95%

Minimum Deposit

$500

Summary of Best Bank CD Rates

Bank1-year APY3-year APY5-year APYMinimum DepositLearn More
Sallie Mae Bank

Sallie Mae Bank

2.45%

2.50%

2.50%

$2,500

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.25%

2.35%

2.45%

$500

at Goldman Sachs Bank USA,

Member, FDIC

Capital One

Capital One

at Capital One,

Member, FDIC

2.30%

1.65%

1.60%

$1

at Capital One,

Member, FDIC

Barclays

Barclays

2.40%

2.45%

2.45%

$0

Popular Direct

Popular Direct

2.20%

2.25%

2.40%

$10,000

TIAA Bank

TIAA Bank

2.36%

2.40%

2.52%

$5,000

Discover

Discover

at Discover,

Member, FDIC

2.40%

2.45%

2.50%

$2,500

at Discover,

Member, FDIC

PurePoint® Financial

PurePoint® Financial

2.25%

2.40%

2.50%

$10,000

Citizens Access

Citizens Access

2.25%

2.35%

2.45%

$5,000

Synchrony Bank

Synchrony Bank

2.40%

2.50%

2.55%

$2,000

Vio Bank

Vio Bank

1.70%

1.85%

1.95%

$500

Bank1-year APY3-year APY5-year APYMinimum DepositLearn More
Sallie Mae Bank

Sallie Mae Bank

2.45%

2.50%

2.50%

$2,500

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.25%

2.35%

2.45%

$500

at Goldman Sachs Bank USA,

Member, FDIC

Capital One

Capital One

at Capital One,

Member, FDIC

2.30%

1.65%

1.60%

$1

at Capital One,

Member, FDIC

Barclays

Barclays

2.40%

2.45%

2.45%

$0

Popular Direct

Popular Direct

2.20%

2.25%

2.40%

$10,000

TIAA Bank

TIAA Bank

2.36%

2.40%

2.52%

$5,000

Discover

Discover

at Discover,

Member, FDIC

2.40%

2.45%

2.50%

$2,500

at Discover,

Member, FDIC

PurePoint® Financial

PurePoint® Financial

2.25%

2.40%

2.50%

$10,000

Citizens Access

Citizens Access

2.25%

2.35%

2.45%

$5,000

Synchrony Bank

Synchrony Bank

2.40%

2.50%

2.55%

$2,000

Vio Bank

Vio Bank

1.70%

1.85%

1.95%

$500

» Want to see more CD options? Check out our list of the best CD rates for banks and credit unions

 

What is a CD?

A CD, or certificate of deposit, is a type of savings account that keeps money locked up for a set period or term, generally three months to five years. The longer the CD term, the higher the rate.

How do CD rates work?

CD rates are quoted as an annual percentage yield, or APY, which is how much the account earns in one year including compound interest. Banks generally compound interest monthly or daily.

» See what CDs can earn you with our CD calculator

When should you get a CD?

You should only get a CD if you know you won’t need those funds during its term. Pulling money out of a CD before its expiration date will likely result in an early withdrawal fee, which is typically a percentage of the interest earned.

What's better: CDs or high-yield savings accounts?

It depends on what’s more important to you: rates or access to your money. The current CD rates tend to be higher than the best savings account rates, but you sacrifice access to money in CDs. If that doesn’t work for you, check out our list of best online savings accounts.

What's better: CDs or investment accounts?

It depends on the level of risk you want to take. Investment, or brokerage, accounts can have higher returns than CDs, but CDs guarantee returns. They’re typically federally insured for up to $250,000 and offer fixed interest rates. Brokerage accounts can be riskier, since you aren’t protected against losses.

How do CDs differ at banks and credit unions?

Banks are for-profit institutions while credit unions are not-for-profit. Your banking needs for CDs can generally be met at either. Some features and services go by different names. At credit unions, CDs are typically known as share certificates.

Do banks or credit unions offer better rates?

On average, you can find credit unions with higher rates than traditional banks. However, online banks tend to be better than both, offering some of the best rates available.

» Curious about other savings options? Check out NerdWallet’s best high-yield online savings accounts

Last updated on May 15, 2019

Methodology

We took a close look at over 50 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more. We excluded banks that offered brokered CDs, since those accounts work differently from standard CDs. Higher rates might be available elsewhere.

 

Financial institutions surveyed include: Ally Bank, American ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVA, BMO Harris, Capital One 360Charles Schwab BankChaseChimeCITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankGoBankGS BankHSBC Bank USAHuntington BankKeyBank, MetaBank, M&T BankMovenPNC, Popular Direct, PurePoint FinancialRadius Bank, Redneck Bank, Regions BankSallie Mae BankSantander BankSimpleState Farm Bank, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaroWells Fargo and Zions Bank.

 

How we rate banks and credit unions