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11 Best CD Rates for June 2020

Spencer TierneyJune 1, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The best CD rates tend to be at online banks and credit unions. Many banks dropped their rates on CDs in response to the Federal Reserve's emergency rate cuts in March 2020. But you can still find yields much higher than the national averages of 0.26% for one-year terms and 0.52% for five-year terms.

If you don’t need immediate access to some of your money, high-yield CDs can be a way to build your savings. They have some of the highest interest rates available for federally insured bank accounts, and the rate is guaranteed for the duration of the CD term.

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

If you'll need access to funds in the short term, consider the best six-month rates or the best one-year rates. Or, if you want more flexibility than typical CDs, scroll down to see no-penalty CDs that let you withdraw when you want.

Here’s a look at some of the highest CD rates on the market.

Summary of Best CD Rates for June 2020

BankNerdWallet Rating 1-year APY3-year APY5-year APYMinimum DepositLearn More
Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member FDIC

1.30%

1.30%

1.35%

$500

at Marcus by Goldman Sachs,

Member FDIC

Alliant Credit Union CD

Alliant Credit Union CD

0.80%

0.85%

0.90%

$1,000

Read review
TIAA Bank CD

TIAA Bank CD

1.30%

1.35%

1.60%

$5,000

Read review
CIT Bank CD

CIT Bank CD

1.25%

1.25%

1.30%

$1,000

Read review
Citizens Access CD

Citizens Access CD

1.30%

1.35%

1.45%

$5,000

Read review
Ally Bank CD

Ally Bank CD

1.25%

1.30%

1.35%

$0

Read review
Discover Bank CD

Discover Bank CD

1.01%

1.15%

1.25%

$2,500

Read review
BMO Harris Bank CD

BMO Harris Bank CD

1.10%

1.15%

1.30%

$5,000

Read review
Bank5 Connect CD

Bank5 Connect CD

1.15%

1.35%

N/A

$500

Read review
Comenity Direct CD

Comenity Direct CD

4.5

/5

1.25%

1.30%

1.35%

$1,500

Live Oak Bank CD

Live Oak Bank CD

3.5

/5

1.35%

1.30%

1.30%

$2,500

Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member FDIC

Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

1-year APY

1.30%

With $500 minimum balance

3-year APY

1.30%

With $500 minimum balance

5-year APY

1.35%

With $500 minimum balance

Minimum Balance

$500

Member FDIC

at Marcus by Goldman Sachs,

Member FDIC


3-year APY

1.30%

With $500 minimum balance

5-year APY

1.35%

With $500 minimum balance

Why we like it

Overview: Marcus is the Goldman Sachs branch launched in 2016 that handles online banking products, including an extensive line-up of CDs with terms from six months to six years. Rates include its one-year CD with 1.30% APY (annual percentage yield) as of 6/3/2020. The minimum is lower than many banks, though some have no minimum. Marcus CD rates from the one-year term onward tend to be better. Live customer service by phone is available every day.

 

Fees: No monthly or opening fees. If you withdraw early from a standard Marcus CD, the penalty is the following: three months’ worth of interest earned for CD terms less than a year, nine months of interest for CD terms of one to five years and one year’s worth of interest for the six-year CD. Marcus also has no-penalty CDs for three terms: seven months, 11 months and 13 months.

 

Other products: Its savings account’s rate is similarly impressive. The bank doesn't, however, offer mobile apps, ATMs, branches or checking accounts, so it’s best for letting the interest on your money grow.

 

Full list of Marcus CD rates:

6-month CD: 0.60% APY

9-month CD: 0.70% APY

1-year CD: 1.30% APY

18-month CD: 1.30% APY

2-year CD: 1.30% APY

3-year CD: 1.30% APY

4-year CD: 1.30% APY

5-year CD: 1.35% APY

6-year CD: 1.35% APY

Read Full Review

Alliant Credit Union CD

Alliant Credit Union CD

1-year APY

0.80%

With $1000 minimum balance

3-year APY

0.85%

With $1000 minimum balance

5-year APY

0.90%

With $1000 minimum balance

Minimum Balance

$1,000

Federally insured by the NCUA


3-year APY

0.85%

With $1000 minimum balance

5-year APY

0.90%

With $1000 minimum balance

Why we like it

Overview: Founded in 1935 in Illinois, the online-focused Alliant Credit Union is one of the largest credit unions nationwide. To become a member, one option is to agree to support Alliant's partner charity Foster Care to Success; Alliant will make a $5 donation on your behalf. Alliant’s certificates have a low minimum deposit of $1,000, and terms stretch from one to five years. Unlike at many banks, you can select a term of any month within that range. Phone support is available 24/7.

 

Fees: No monthly or opening costs. Early withdrawal penalties are more friendly than some banks’ — the penalty for certificates of two-year terms or longer is up to six months of dividends. Some banks require more than a year of dividends, or interest, for similar terms.

 

Other products: Alliant also offers IRA certificates for those saving for retirement as well as high-yield checking and savings accounts and an extensive ATM network.

 

Full list of Alliant Credit Union CD rates:

1-year CD: 0.80% APY

18-month CD: 0.80% APY

2-year CD: 0.80% APY

30-month CD: 1.15% APY

3-year CD: 0.85% APY

4-year CD: 0.90% APY

5-year CD: 0.90% APY

Read Full Review

TIAA Bank CD

TIAA Bank CD

1-year APY

1.30%

With $5000 minimum balance

3-year APY

1.35%

With $5000 minimum balance

5-year APY

1.60%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


3-year APY

1.35%

With $5000 minimum balance

5-year APY

1.60%

With $5000 minimum balance

Why we like it

Overview: TIAA Bank, part of the Fortune 100 company Teachers Insurance and Annuity Association of America, offers a wide range of high-yield CDs from three months to five years. The $5,000 minimum to open is steep compared with some banks, but the rates can be worthwhile. The bank promises that its Yield Pledge CDs have rates within the top 5% of its competitor banks. Although there are some branches, TIAA Bank mainly functions as an online bank with mobile apps and 24/7 customer service by phone.

 

Fees: Early withdrawal penalties vary for every CD term, starting at 22 days of interest for three-month CD and about 15 months of interest for five-year CDs. The penalties are higher than at some banks. No monthly or opening fees.

 

Other products: Apart from its Yield Pledge CDs, TIAA Bank also offers basic and bump rate CDs. Online checking, savings and money market accounts are also available.

 

Full list of TIAA Bank CD rates:

3-month CD: 0.50% APY

6-month CD: 0.90% APY

9-month CD: 1.10% APY

1-year CD: 1.30% APY

18-month CD: 1.30% APY

2-year CD: 1.25% APY

30-month CD: 1.15% APY

3-year CD: 1.35% APY

4-year CD: 1.55% APY

5-year CD: 1.60% APY

Read Full Review

CIT Bank CD

CIT Bank CD

1-year APY

1.25%

With $1000 minimum balance

3-year APY

1.25%

With $1000 minimum balance

5-year APY

1.30%

With $1000 minimum balance

Minimum Balance

$1,000

Member FDIC


3-year APY

1.25%

With $1000 minimum balance

5-year APY

1.30%

With $1000 minimum balance

Why we like it

Overview: CIT Bank is an online bank with three types of CDs, term (or standard), jumbo and no-penalty. The term CDs range from six months to five years, and the minimum is on the lower end. Customer service by phone is available from 8 a.m. to 9 p.m. Eastern Time on weekdays, plus some Saturday hours.

 

Fees: No monthly or opening fees. CIT’s early withdrawal penalties range from three to 12 months’ worth of interest, which is on the lower end for online bank CDs.

 

Other products: CIT also offers checking, money market account and a high-yield savings account.

 

List of CIT Bank CD rates:

6-month CD: 0.72% APY

1-year CD: 1.25% APY

13-month CD: 1.25% APY

18-month CD: 1.25% APY

2-year CD: 1.25% APY

3-year CD: 1.25% APY

4-year CD: 1.30% APY

5-year CD: 1.30% APY

Read Full Review

Citizens Access CD

Citizens Access CD

1-year APY

1.30%

With $5000 minimum balance

3-year APY

1.35%

With $5000 minimum balance

5-year APY

1.45%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


3-year APY

1.35%

With $5000 minimum balance

5-year APY

1.45%

With $5000 minimum balance

Why we like it

Overview: Citizens Access, the online-only offshoot of Citizens Bank, has a variety of CDs with terms ranging from one to five years. The $5,000 minimum to open is high. Phone support is available every day of the week.

 

Fees: No monthly or opening fees. Withdrawing early from a CD has a charge of six months of interest.

 

Other products: Like other online banks with stellar CD options, Citizens Access doesn't have checking or branches, but its savings account has a top APY. Citizens Access doesn’t have mobile apps, but its website is mobile-friendly.

 

Full list of Citizens Access CD rates:

1-year CD: 1.30% APY

2-year CD: 1.30% APY

3-year CD: 1.35% APY

4-year CD: 1.40% APY

5-year CD: 1.45% APY

Read Full Review

Ally Bank CD

Ally Bank CD

1-year APY

1.25%

With $0 minimum balance

3-year APY

1.30%

With $0 minimum balance

5-year APY

1.35%

With $0 minimum balance

Minimum Balance

$0

Member FDIC


3-year APY

1.30%

With $0 minimum balance

5-year APY

1.35%

With $0 minimum balance

Why we like it

Overview: Ally Bank, an online-only institution originally founded by General Motors, offers a high-quality banking experience. It has an unusually diverse set of CDs, including a no-penalty CD and bump-rate CDs. The minimum deposit is $0 for most CDs.

 

Fees: No monthly or opening costs. If you withdraw early from a regular Ally CD, the penalty varies by term: two months of interest for two-year terms and shorter, three months of interest for 18-month and three-year CDs, four months of interest for four-year CDs and five months of interest for five-year CDs.

 

Other products: Ally is a full-service bank with checking, savings, IRA CDs, investing accounts and more. Its website and mobile app are top-notch, and customer service is available 24/7, with wait times listed online.

 

Full list of Ally Bank CD rates:

3-month CD: 0.50% APY

6-month CD: 0.65% APY

9-month CD: 0.75% APY

1-year CD: 1.25% APY

18-month CD: 1.25% APY

2-year CD: 1.25% APY

3-year CD: 1.30% APY

4-year CD: 1.25% APY

5-year CD: 1.35% APY

Read Full Review

Discover Bank CD

Discover Bank CD

1-year APY

1.01%

With $2500 minimum balance

3-year APY

1.15%

With $2500 minimum balance

5-year APY

1.25%

With $2500 minimum balance

Minimum Balance

$2,500

Member FDIC


3-year APY

1.15%

With $2500 minimum balance

5-year APY

1.25%

With $2500 minimum balance

Why we like it

Overview: The credit card issuer and online bank Discover offers a wide range of CDs. CD terms start at three months and extend to 10 years, though there tend to be better rates on terms from one to five years. The minimum to open is $2,500, which is somewhat high.

 

Fees: The penalty for withdrawing early from a Discover CD depends on the CD’s term, starting with three months of interest for terms of less than one year. The biggest penalty is two years of interest for terms of seven to 10 years. Like most CDs, there are no monthly or opening fees.

 

Other products: Discover also boasts CDs for individual retirement accounts (or IRA CDs), an online savings account and a cashback checking account. There are also highly rated mobile apps and 24/7 live customer service.

 

Full list of Discover CD rates:

3-month CD: 0.35% APY

6-month CD: 0.65% APY

9-month CD: 0.70% APY

1-year CD: 1.01% APY

18-month CD: 1.10% APY

2-year CD: 1.10% APY

30-month CD: 1.15% APY

3-year CD: 1.15% APY

4-year CD: 1.15% APY

5-year CD: 1.25% APY

7-year CD: 1.25% APY

10-year CD: 1.25% APY

Read Full Review

BMO Harris Bank CD

BMO Harris Bank CD

1-year APY

1.10%

With $5000 minimum balance

3-year APY

1.15%

With $5000 minimum balance

5-year APY

1.30%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


3-year APY

1.15%

With $5000 minimum balance

5-year APY

1.30%

With $5000 minimum balance

Why we like it

Overview: BMO Harris is a brick-and-mortar bank with a solid line-up of online CD rates, but these rates aren’t available to residents in the following eight states: Arizona, Illinois, Indiana, Kansas, Minnesota, Missouri or Wisconsin. The bank has separate offerings for residents in those states, where it has branches. Its standard CDs have a minimum of $1,000 or $5,000, with the better rates available for CDs with the higher minimum (these are the ones we feature). The bank also offers add-on and bump-rate CDs .

 

Fees: No monthly or opening fees. BMO Harris’s early withdrawal penalties range from three months’ worth of interest for three-month CDs to about 18 months of interest for four-year and five-year CDs. These penalties are on the higher end.

 

Other products: BMO Harris also offers checking and savings as well as a high-yield money market account.

 

Full list of BMO Harris online CD rates:

3-month CD: 0.05% APY

6-month CD: 1.10% APY

9-month CD: 1.10% APY

1-year CD: 1.10% APY

18-month CD: 1.10% APY

2-year CD: 1.15% APY

30-month CD: 1.15% APY

3-year CD: 1.15% APY

4-year CD: 1.15% APY

5-year CD: 1.30% APY

Read Full Review

Bank5 Connect CD

Bank5 Connect CD

1-year APY

1.15%

With $500 minimum balance

3-year APY

1.35%

With $500 minimum balance

5-year APY

N/A

Minimum Balance

$500

Member FDIC


3-year APY

1.35%

With $500 minimum balance

5-year APY

N/A

Why we like it

Overview: Bank5 Connect is the online-only banking arm of the Massachusetts-based BankFive and its CD offering is competitive. Terms range from six months to three years, which is more limited than at some banks; standard online CD ranges often go up to five years. But Bank5 Connect makes up for this with a low minimum and solid rates across the board. Its two-year CD is an add-on CD, meaning that you can deposit additional funds throughout the term.

 

Fees: No monthly or opening fees. Bank5 Connect has a lower early withdrawal penalty than many online banks: three months of interest for six-month CDs and six months of interest for CDs with longer terms.

 

Other products: Bank5 Connect also has high-yield checking and savings accounts.

 

Bank5 Connect CD rates:

6-month CD: 0.75% APY

1-year CD: 1.15% APY

18-month CD: 1.05% APY

21-month CD: 1.35% APY

2-year CD: 1.25% APY

3-year CD: 1.35% APY

Read Full Review
Comenity Direct CD

Comenity Direct CD

4.5

NerdWallet rating 
Comenity Direct CD

1-year APY

1.25%

With $1500 minimum balance

3-year APY

1.30%

With $1500 minimum balance

5-year APY

1.35%

With $1500 minimum balance

Minimum Balance

$1,500

Member FDIC


3-year APY

1.30%

With $1500 minimum balance

5-year APY

1.35%

With $1500 minimum balance

Why we like it

Overview: Comenity Direct is an online-only banking division established in 2018 as part of Comenity Bank and Comenity Capital Bank, which have been in business for over 30 years and manage over 160 credit card programs in the U.S. Comenity Direct’s suite of online CDs have rates worth considering for terms from one to five years. The $1,500 minimum balance is somewhat high.

 

Fees: No monthly or opening fees. Comenity Direct charges a penalty for early withdrawals that’s somewhat steeper than some online banks: about six months of interest for CD terms from one to three years and one year of interest for four- and five-year CDs.

 

Other products: Comenity Direct also features a high-yield savings account.

 

Comenity Direct CD rates:

1-year CD: 1.25% APY

2-year CD: 1.30% APY

3-year CD: 1.30% APY

4-year CD: 1.30% APY

5-year CD: 1.35% APY

Live Oak Bank CD

Live Oak Bank CD

3.5

NerdWallet rating 
Live Oak Bank CD

1-year APY

1.35%

With $2500 minimum balance

3-year APY

1.30%

With $2500 minimum balance

5-year APY

1.30%

With $2500 minimum balance

Minimum Balance

$2,500

Member FDIC


3-year APY

1.30%

With $2500 minimum balance

5-year APY

1.30%

With $2500 minimum balance

Why we like it

Overview: Live Oak Bank is a North Carolina-based bank founded in 2008 with a focus on high-yield savings products as well as small business loans. Its CDs range from terms of six months to five years and have strong rates. The opening minimum of $2,500 is somewhat high, and there’s a maximum amount, $250,000, which is also the maximum that can be federally insured in any non-joint bank account. CDs can only be opened online.

 

Fees: No monthly or opening fees. Live Oak Bank charges for early withdrawals: about three months of interest for CD terms shorter than two years and about six months of interest for CD terms of two years and longer.

 

Other products: Live Oak Bank also boasts a high-yield savings account.

 

Live Oak Bank CD rates:

6-month CD: 1.10% APY

1-year CD: 1.35% APY

18-month CD: 1.35% APY

2-year CD: 1.35% APY

3-year CD: 1.30% APY

4-year CD: 1.30% APY

5-year CD: 1.30% APY

No-penalty CD rates this month

If you withdraw money from a CD before the term ends, you generally pay a penalty of at least several months' worth of interest earned. But some providers have CDs without this early withdrawal penalty, though rates are slightly lower than other CD rates. Here are some:

  • Marcus by Goldman Sachs, 11-month no-penalty CD, 1.10% APY.
  • Ally Bank, 11-month no penalty-CD, 1.50% APY.
  • CIT Bank, 11-month no-penalty CD, 1.15% APY.

» See more details on our list of the best no-penalty CD rates.

[Back to top]

What is a no-penalty CD?

A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, but you might need the money sooner than you expect.

What happens if I withdraw from a CD early?

Most CDs have an early withdrawal penalty that tends to range from several months' to a year's worth of interest earned, depending on the CD term length and the bank's policy. Check our article on CD early withdrawal penalties for a list of many banks' penalties and a calculator that shows the cost of specific early withdrawal scenarios. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee.

Here's our list of best CD rates from top banks and credit unions for June 2020

  • Alliant Credit Union: 0.80% - 0.90% APY, 1 - 5 years, $1,000 minimum to open
  • TIAA Bank: 0.50% - 1.60% APY, 3 months - 5 years, $5,000 minimum to open
  • CIT Bank: 0.72% - 1.30% APY, 6 months - 5 years, $1,000 minimum to open
  • Citizens Access: 1.30% - 1.45% APY, 1 - 5 years, $5,000 minimum to open
  • Ally Bank: 0.50% - 1.35% APY, 3 months - 5 years, no minimum to open
  • Discover Bank: 0.35% - 1.25% APY, 3 months - 10 years, $2,500 minimum to open
  • BMO Harris: 0.05% - 1.30% APY, 3 months - 5 years, $5,000 minimum to open
  • Goldman Sachs Bank: 0.60% - 1.35% APY, 6 months - 6 years, $500 minimum to open
  • Bank5 Connect: 0.75% - 1.35% APY, 6 months - 3 years, $500 minimum to open
  • Comenity Direct: 1.25% - 1.35% APY, 1 - 5 years, $1,500 minimum to open
  • Live Oak Bank: 1.10% - 1.30% APY, 6 months - 5 years, $2,500 minimum to open

Last updated on June 1, 2020

Methodology

On a monthly basis, we compare rates at over 20 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we take a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; 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 favored those with the highest CD rates. We excluded banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere. Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO HarrisCapital One 360Charles Schwab BankChaseChimeCIBC U.S., CITCitibankCitizens AccessCitizens Bank, Comerica Bank, Comenity Direct, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBank, Live Oak Bank, M&T BankNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular DirectPurePoint FinancialRadius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit UnionSimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaro, Vio BankWells Fargo and Zions Bank.

Frequently asked questions