BEST OF

10 Best CD Rates for November 2020

Spencer TierneyNovember 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 higher than the national averages of 0.17% for one-year terms and 0.34% 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 November 2020

Discover Bank CD

4.0

NerdWallet rating 
Discover Bank CD

1-year APY

0.50%

With $2,500 minimum balance

3-year APY

0.55%

With $2,500 minimum balance

5-year APY

0.60%

With $2,500 minimum balance

Minimum Balance

$2,500

Member FDIC


3-year APY

0.55%

With $2,500 minimum balance

5-year APY

0.60%

With $2,500 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: 0.20% APY

6-month CD: 0.25% APY

9-month CD: 0.30% APY

1-year CD: 0.50% APY

18-month CD: 0.50% APY

2-year CD: 0.50% APY

30-month CD: 0.55% APY

3-year CD: 0.55% APY

4-year CD: 0.55% APY

5-year CD: 0.60% APY

7-year CD: 0.60% APY

10-year CD: 0.60% APY

Read Full Review

Synchrony Bank CD

4.5

NerdWallet rating 
Synchrony Bank CD

1-year APY

0.60%

With $2,000 minimum balance

3-year APY

0.70%

With $2,000 minimum balance

5-year APY

0.80%

With $2,000 minimum balance

Minimum Balance

$2,000

Member FDIC


3-year APY

0.70%

With $2,000 minimum balance

5-year APY

0.80%

With $2,000 minimum balance

Why we like it

Overview: An online bank owned by a Fortune 500 company, Synchrony Bank has more CD terms than many banks, with eight terms under two years. This can be helpful for creating a short-term CD ladder, which is a more flexible approach to saving in CDs than holding funds only in long-term CDs. Synchrony CD rates have a minimum of $2,000, which is a somewhat hefty opening requirement. Customer service is available by phone every day.

Fees: Early withdrawal penalties include: three months of interest for CDs of one-year terms or shorter, six months of interest for CDs between one-year and four-year terms, and one year of interest for five-year CDs. No monthly or opening costs.

Other products: Synchrony Bank offers IRA CDs for the retirement-minded as well as a money market account and high-yield savings account that has a program for extra banking perks, including unlimited ATM fee reimbursements. It doesn’t have checking accounts.

Full list of Synchrony Bank CD rates:

3-month CD: 0.15% APY

6-month CD: 0.25% APY

9-month CD: 0.35% APY

1-year CD: 0.60% APY

18-month CD: 0.60% APY

2-year CD: 0.65% APY

3-year CD: 0.70% APY

4-year CD: 0.70% APY

5-year CD: 0.80% APY

Read Full Review

Ally Bank High Yield CD

5.0

NerdWallet rating 
Ally Bank High Yield CD

1-year APY

0.65%

With $0 minimum balance

3-year APY

0.75%

With $0 minimum balance

5-year APY

1.00%

With $0 minimum balance

Minimum Balance

$0

Member FDIC


3-year APY

0.75%

With $0 minimum balance

5-year APY

1.00%

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: 0.20% APY

6-month CD: 0.40% APY

9-month CD: 0.50% APY

1-year CD: 0.65% APY

18-month CD: 0.70% APY

2-year CD: 0.70% APY

3-year CD: 0.75% APY

4-year CD: 0.70% APY

5-year CD: 1.00% APY

Read Full Review

TIAA Bank Basic CD

3.5

NerdWallet rating 
TIAA Bank Basic CD

1-year APY

0.40%

With $1,000 minimum balance

3-year APY

0.60%

With $1,000 minimum balance

5-year APY

0.70%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


3-year APY

0.60%

With $1,000 minimum balance

5-year APY

0.70%

With $1,000 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 Basic CDs with terms from three months to five years. The $1,000 minimum to open is somewhat low compared with some banks, and the rates can be worthwhile. 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: TIAA Bank also offers bump rate CDs. Online checking, savings and money market accounts are also available.

Full list of TIAA Bank CD rates:

3-month CD: 0.25% APY

6-month CD: 0.30% APY

9-month CD: 0.35% APY

1-year CD: 0.40% APY

18-month CD: 0.45% APY

2-year CD: 0.50% APY

30-month CD: 0.55% APY

3-year CD: 0.60% APY

4-year CD: 0.65% APY

5-year CD: 0.70% APY

Read Full Review

TAB Bank CD

5.0

NerdWallet rating 
TAB Bank CD

1-year APY

0.60%

With $1,000 minimum balance

3-year APY

0.75%

With $1,000 minimum balance

5-year APY

0.85%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


3-year APY

0.75%

With $1,000 minimum balance

5-year APY

0.85%

With $1,000 minimum balance

Why we like it

Overview: TAB Bank is an online bank with roots in Ogden, Utah, since 1998 and started out by serving the trucking industry. TAB stands for Transportation Alliance Bank. Its CDs have competitive yields and range from terms of six months to five years. The opening minimum of $1,000 is on the lower end among online banks.

Fees: No opening or monthly fees. If you withdraw before the term ends, you’ll pay a penalty of either about three months’ worth of interest on CD terms one year or shorter; or about six months’ interest on CD terms longer than a year.

Other products: TAB Bank offers a full suite of financial products including checking, high-yield savings, and money market accounts.

List of all TAB Bank CD rates:

6-month CD: 0.50% APY

9-month CD: 0.50% APY

1-year CD: 0.60% APY

18-month CD: 0.65% APY

2-year CD: 0.70% APY

3-year CD: 0.75% APY

4-year CD: 0.80% APY

5-year CD: 0.85% APY

Read Full Review

Connexus Credit Union CD

4.5

NerdWallet rating 
Connexus Credit Union CD

1-year APY

0.71%

With $5,000 minimum balance

3-year APY

0.90%

With $5,000 minimum balance

5-year APY

1.01%

With $5,000 minimum balance

Minimum Balance

$5,000

Federally insured by the NCUA


3-year APY

0.90%

With $5,000 minimum balance

5-year APY

1.01%

With $5,000 minimum balance

Why we like it

Overview: Membership at Connexus Credit Union, founded in 1935 in Wisconsin, is open to anyone who makes a one-time $5 donation to the nonprofit Connexus Association. Connexus share certificates, the equivalent of bank CDs, are limited to four terms: one-year, two-year, three-year and five-year CDs. The $5,000 minimum opening deposit is high. As with bank CDs, money in these certificates is federally insured. Phone support is available every day, about 15 hours on weekdays, as well as live chat, and branches are in four states.

Fees: If you withdraw early from a Connexus share certificate, there’s a penalty: three months of dividends (credit unions’ word for “interest”) for a one-year term, six months of dividends for two-year and three-year terms and one year of dividends for a five-year term. There are no monthly or opening fees, except the $5 donation to join the credit union.

Other products: Connexus also provides retirement share certificates, as well as checking and savings accounts.

Full list of Connexus CD rates:

1-year share certificate: 0.71% APY

2-year share certificate: 0.81% APY

3-year share certificate: 0.90% APY

5-year share certificate: 1.01% APY

Read Full Review

Consumers Credit Union CD

4.0

NerdWallet rating 
Consumers Credit Union CD

1-year APY

0.50%

With $250 minimum balance

3-year APY

0.65%

With $250 minimum balance

5-year APY

0.75%

With $250 minimum balance

Minimum Balance

$250

Federally insured by the NCUA


3-year APY

0.65%

With $250 minimum balance

5-year APY

0.75%

With $250 minimum balance

Why we like it

Overview: Consumers Credit Union is an Illinois-based financial institution founded in 1930 that served members of a food cooperative. Consumers’ certificates, its equivalent of CDs, stretch from terms of three months to five years, with more uncommon lengths than many banks have including nine and 20 months. As is typical, rates tend to be higher the longer the term. The opening minimum of $250 is low compared to other institutions, and Consumers offers jumbo certificates as well with a minimum of $100,000 and slightly higher rates. To join, you need to pay a one-time $5 fee to the credit union’s sponsor, the Consumers Cooperative Association, and open a savings account with at least $5.

Fees: No opening or monthly fees. For early withdrawals, the penalty is about two months of dividends, what credit unions call interest, for CDs of one year or less and about six months of dividends for CDs longer than one year.

Other products: Consumers Credit Union provides checking, savings, loans and many other banking products.

Consumers Credit Union CD rates:

3-month CD: 0.35% APY

6-month CD:0.45% APY

9-month CD: 0.60% APY

1-year CD: 0.50% APY

18-month CD: 0.50% APY

20-month CD: 1.00% APY

2-year CD: 0.55% APY

30-month CD: 0.60% APY

3-year CD: 0.65% APY

4-year CD: 0.70% APY

5-year CD: 0.75% APY

Read Full Review
Marcus by Goldman Sachs High-Yield CD

at Marcus by Goldman Sachs,

Member FDIC

Marcus by Goldman Sachs High-Yield CD

4.5

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

1-year APY

0.65%

With $500 minimum balance

3-year APY

0.65%

With $500 minimum balance

5-year APY

0.70%

With $500 minimum balance

Minimum Balance

$500

Member FDIC

at Marcus by Goldman Sachs,

Member FDIC


3-year APY

0.65%

With $500 minimum balance

5-year APY

0.70%

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 0.65% APY (annual percentage yield) as of 10/9/2020. 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: 0.25% APY

9-month CD: 0.35% APY

1-year CD: 0.65% APY

18-month CD: 0.65% APY

2-year CD: 0.65% APY

3-year CD: 0.65% APY

4-year CD: 0.65% APY

5-year CD: 0.70% APY

6-year CD: 0.70% APY

Read Full Review

Citizens Access Online CD

4.0

NerdWallet rating 
Citizens Access Online CD

1-year APY

0.20%

With $5,000 minimum balance

3-year APY

0.25%

With $5,000 minimum balance

5-year APY

0.35%

With $5,000 minimum balance

Minimum Balance

$5,000

Member FDIC


3-year APY

0.25%

With $5,000 minimum balance

5-year APY

0.35%

With $5,000 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: 0.20% APY

2-year CD: 0.20% APY

3-year CD: 0.25% APY

4-year CD: 0.30% APY

5-year CD: 0.35% APY

Read Full Review
Comenity Direct CD

Comenity Direct CD

4.5

NerdWallet rating 
Comenity Direct CD

1-year APY

0.60%

With $1,500 minimum balance

3-year APY

0.85%

With $1,500 minimum balance

5-year APY

0.90%

With $1,500 minimum balance

Minimum Balance

$1,500

Member FDIC


3-year APY

0.85%

With $1,500 minimum balance

5-year APY

0.90%

With $1,500 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: 0.60% APY

2-year CD: 0.75% APY

3-year CD: 0.85% APY

4-year CD: 0.85% APY

5-year CD: 0.90% APY

What's involved in opening a CD?

You'll need to decide on what term and type of CD to get and whether to open a single or joint account. To see all five steps, check out this guide to opening a CD account.

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, 0.45% APY.

  • Ally Bank, 11-month no penalty-CD, 1.50% APY.

  • CIT Bank, 11-month no-penalty CD, 0.30% APY.

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

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 November 2020

  • Goldman Sachs Bank: 0.25% - 0.70% APY, 6 months - 6 years, $500 minimum to open

  • Comenity Direct: 0.60% - 0.90% APY, 1 - 5 years, $1,500 minimum to open

  • TAB Bank: 0.50% - 0.85% APY, 6 months - 5 years, $1,000 minimum to open

  • Ally Bank: 0.20% - 1.00% APY, 3 months - 5 years, no minimum to open

  • TIAA Bank: 0.25% - 0.70% APY, 3 months - 5 years, $1,000 minimum to open

  • Connexus Credit Union: 0.71% - 1.01% APY, 1 - 5 years, $5,000 minimum to open

  • Discover Bank: 0.20% - 0.60% APY, 3 months - 10 years, $2,500 minimum to open

  • Synchrony: 0.15% - 0.80% APY, 3 months - 5 years, $2,000 minimum to open

  • Consumers Credit Union: 0.35% - 0.75% APY, 3 months - 5 years, $250 minimum to open

  • Citizens Access: 0.20% - 0.35% APY, 1 - 5 years, $5,000 minimum to open

Last updated on November 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 Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Comenity Direct, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, Live Oak Bank, M&T Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Vio Bank, Wells Fargo and Zions Bank.

Frequently asked questions