BEST OF

12 Best CD Rates for November 2021

Spencer TierneyNov 1, 2021

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The best CD rates provide a stable way to grow fixed sums of savings faster than other CDs or savings accounts.

Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Online banks and credit unions tend to have the best yields on certificates of deposit. You can find rates two to three times higher than the national averages of 0.14% for one-year terms and 0.24% for five-year terms. Although many CD interest rates dropped during the first year of the pandemic, there have been some rate increases since July 2021. For more on rate changes, see our analysis of current CD rates.

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.

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 2021

Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

4.0

NerdWallet rating 
Discover Bank CD

Minimum Deposit

$2,500

Member FDIC

1-year APY

0.55%

3-year APY

0.75%

5-year APY

1.00%
Learn more

at Discover Bank, Member FDIC


3-year APY

0.75%

5-year APY

1.00%

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: 0.55% APY

18-month CD: 0.60% APY

2-year CD: 0.65% APY

30-month CD: 0.70% APY

3-year CD: 0.75% APY

4-year CD: 0.80% APY

5-year CD: 1.00% APY

7-year CD: 1.00% APY

10-year CD: 1.00% APY

Read Full Review
Quontic Bank CD
Learn more

at Quontic Bank, Member FDIC

Quontic Bank CD

5.0

NerdWallet rating 
Quontic Bank CD

Minimum Deposit

$500

Member FDIC

1-year APY

0.50%

3-year APY

1.00%

5-year APY

1.11%
Learn more

at Quontic Bank, Member FDIC


3-year APY

1.00%

5-year APY

1.11%

Why we like it

Overview: With roots as a community development financial institution in New York City, Quontic Bank expanded to become a digital bank with a stellar lineup of high-yield CDs. The minimum of $500 is on the lower end. Terms go from six months to five years.

Fees: There are no monthly or opening fees, but early withdrawal fees are on the steep end. For three-year CDs, the penalty is two years of interest. For CDs shorter than three years, the penalty is the full amount of interest that would’ve been earned for a given term. For example, a two-year CD withdrawn three months early has a penalty of two years of interest, and the amount not yet earned, the three months’ worth, would be taken from the CD’s original deposit.

Other products: Quontic Bank also offers a high-yield savings account, several types of rewards checking accounts, mortgages and more.

Quontic Bank CD rates:

6-month CD: 0.45% APY

1-year CD: 0.50% APY

2-year CD: 0.75% APY

3-year CD: 1.00% APY

5-year CD: 1.11% APY

Read Full Review
Comenity Direct CD
Learn more

at Comenity Direct, Member FDIC

Comenity Direct CD

5.0

NerdWallet rating 
Comenity Direct CD

Minimum Deposit

$1,500

Member FDIC

1-year APY

0.65%

3-year APY

0.80%

5-year APY

0.85%
Learn more

at Comenity Direct, Member FDIC


3-year APY

0.80%

5-year APY

0.85%

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: 0.65% APY

2-year CD: 0.70% APY

3-year CD: 0.80% APY

4-year CD: 0.80% APY

5-year CD: 0.85% APY

Read Full Review

TIAA Bank Basic CD

5.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum Deposit

$1,000

Member FDIC

1-year APY

0.55%

3-year APY

0.70%

5-year APY

0.85%

3-year APY

0.70%

5-year APY

0.85%

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: 0.35% APY

6-month CD: 0.40% APY

9-month CD: 0.45% APY

1-year CD: 0.55% APY

18-month CD: 0.60% APY

2-year CD: 0.60% APY

30-month CD: 0.65% APY

3-year CD: 0.70% APY

4-year CD: 0.75% APY

5-year CD: 0.85% APY

Read Full Review

TAB Bank CD

5.0

NerdWallet rating 
TAB Bank CD

Minimum Deposit

$1,000

Member FDIC

1-year APY

0.50%

3-year APY

0.65%

5-year APY

0.75%

3-year APY

0.65%

5-year APY

0.75%

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: 0.40% APY

9-month CD: 0.40% APY

1-year CD: 0.50% APY

18-month CD: 0.55% APY

2-year 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

Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum Deposit

$0

Member FDIC

1-year APY

0.55%

3-year APY

0.75%

5-year APY

0.85%

3-year APY

0.75%

5-year APY

0.85%

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 no minimum opening deposit or balance 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: 0.55% APY

18-month CD: 0.70% APY

2-year CD: 0.65% APY

3-year CD: 0.75% APY

4-year CD: 0.75% APY

5-year CD: 0.85% APY

Read Full Review

Ally Bank High Yield CD

5.0

NerdWallet rating 
Ally Bank High Yield CD

Minimum Deposit

$0

Member FDIC

1-year APY

0.55%

3-year APY

0.65%

5-year APY

0.80%

3-year APY

0.65%

5-year APY

0.80%

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: 0.15% APY

6-month CD: 0.20% APY

9-month CD: 0.30% APY

1-year CD: 0.55% APY

18-month CD: 0.60% APY

2-year CD: 0.55% APY

3-year CD: 0.65% APY

4-year CD: 0.55% APY

5-year CD: 0.80% APY

Read Full Review

Connexus Credit Union CD

4.5

NerdWallet rating 
Connexus Credit Union CD

Minimum Deposit

$5,000

Federally insured by the NCUA

1-year APY

0.61%

3-year APY

0.81%

5-year APY

1.21%

3-year APY

0.81%

5-year APY

1.21%

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: 0.61% APY

2-year share certificate: 0.71% APY

3-year share certificate: 0.81% APY

5-year share certificate: 1.21% APY

Read Full Review

Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

Minimum Deposit

$500

Member FDIC

1-year APY

0.55%

3-year APY

0.75%

5-year APY

1.00%

3-year APY

0.75%

5-year APY

1.00%

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 0.55% APY (annual percentage yield) as of 11/19/2021. 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: 0.15% APY

9-month CD: 0.55% APY

1-year CD: 0.55% APY

18-month CD: 0.55% APY

2-year CD: 0.70% APY

3-year CD: 0.75% APY

4-year CD: 0.80% APY

5-year CD: 1.00% APY

6-year CD: 1.00% APY

Read Full Review

Sallie Mae Bank CD

4.5

NerdWallet rating 
Sallie Mae Bank CD

Minimum Deposit

$2,500

Member FDIC

1-year APY

0.60%

3-year APY

0.70%

5-year APY

0.80%

3-year APY

0.70%

5-year APY

0.80%

Why we like it

Overview: The online banking arm of student loan provider Sallie Mae focuses on short-term CDs, with 11 options from six months to five years. The $2,500 minimum is somewhat hefty. Phone support is available only on weekdays.

Fees: Withdrawing early results in a penalty, either three months of interest for CDs of one year or shorter or six months of interest for CDs of longer terms. No monthly or opening fees.

Other products: Sallie Mae also has a money market account, a high-yield savings account and a goal-oriented savings account.

Full list of Sallie Mae CD rates:

6-month CD: 0.30% APY

9-month CD: 0.30% APY

11-month CD: 0.30% APY

1-year CD: 0.60% APY

13-month CD: 0.45% APY

15-month CD: 0.45% APY

18-month CD: 0.65% APY

2-year CD: 0.60% APY

30-month CD: 0.60% APY

3-year CD: 0.70% APY

5-year CD: 0.80% APY

Read Full Review

PenFed Credit Union CD

5.0

NerdWallet rating 
PenFed Credit Union CD

Minimum Deposit

$1,000

Federally insured by the NCUA

1-year APY

0.60%

3-year APY

1.00%

5-year APY

1.25%

3-year APY

1.00%

5-year APY

1.25%

Why we like it

Overview: Pentagon Federal Credit Union has served people affiliated with the military since 1935, and opened its doors to anyone in 2019. Its money market certificates, its CD equivalent, have terms from six months to seven years, with a relatively low minimum deposit of $1,000. Phone support is available every day, tailored to Eastern hours.

Fees: No monthly or opening fees. Withdrawing early mostly results in losing one year of dividends or 30% of total dividends that would have been earned if the certificate completed its term. This is a steep cost.

Other products: PenFed has interest checking and high-yield savings accounts, plus a huge ATM network, branches near military bases, and highly-rated mobile apps.

List of all PenFed money market certificate rates:

6-month CD: 0.40% APY

1-year CD: 0.60% APY

15-month CD: 0.60% APY

18-month CD: 0.60% APY

2-year CD: 0.65% APY

3-year CD: 1.00% APY

4-year CD: 0.75% APY

5-year CD: 1.25% APY

7-year CD: 1.50% APY

Read Full Review

Lake Michigan Credit Union Certificate of Deposit

4.5

NerdWallet rating 
Lake Michigan Credit Union Certificate of Deposit

Minimum Deposit

$500

Federally insured by the NCUA

1-year APY

0.30%

3-year APY

0.65%

5-year APY

0.85%

3-year APY

0.65%

5-year APY

0.85%

Why we like it

Overview: Lake Michigan Credit Union is among the 20 largest credit unions nationwide with solid CD rates for a range of terms from three months to five years.

Fees: There are no monthly or opening fees, but there are early withdrawal penalties. For CDs shorter than one year, the penalty can be up to 90 days of interest. For CDs with longer terms, the penalty can be up to 180 days of interest.

Other products: LMCU also has a high-interest checking account, a savings account with budgeting tools, mortgages, and more.

Lake Michigan Credit Union CD rates:

3-month CD: 0.15% APY

6-month CD: 0.15% APY

1-year CD: 0.30% APY

3-year CD: 0.65% APY

5-year CD: 0.85% APY

Read Full Review

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

CD definition

A certificate of deposit is a bank account that requires you to lock funds away for a fixed period of months or years in exchange for a fixed interest rate that can be higher than other bank accounts. See more about what CDs are.

Best CD rates for November 2021

  • Quontic Bank: 0.45% - 1.00% APY, 6 months - 3 years, $500 minimum to open

  • Comenity Direct: 0.65% - 0.85% APY, 1 - 5 years, $1,500 minimum to open

  • TIAA Bank: 0.35% - 0.85% APY, 3 months - 5 years, $1,000 minimum to open

  • TAB Bank: 0.40% - 0.75% APY, 6 months - 5 years, $1,000 minimum to open

  • Synchrony Bank: 0.15% - 0.85% APY, 3 months - 5 years, $2,000 minimum to open

  • Ally Bank: 0.15% - 0.80% APY, 3 months - 5 years, no minimum to open

  • Connexus Credit Union: 0.61% - 1.21% APY, 1 - 5 years, $5,000 minimum to open

  • Marcus by Goldman Sachs: 0.15% - 1.00% APY, 6 months - 6 years, $500 minimum to open

  • Sallie Mae Bank: 0.30% - 0.80% APY, 6 months - 5 years, $2,500 minimum to open

  • Pentagon Federal Credit Union: 0.40% - 1.50% APY, 6 months - 7 years, $1,000 minimum to open

  • Discover Bank: 0.20% - 1.00% APY, 3 months - 10 years, $2,500 minimum to open

  • Lake Michigan Credit Union: 0.15% - 0.85% APY, 3 months - 5 years, $500 minimum to open

How do CDs work?

Learn more about the journey of choosing, opening and closing CDs:

For choosing CDs:

For opening CDs:

For closing CDs:

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.

Best no-penalty CD rates

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, 0.35% APY.

  • Ally Bank, 11-month no penalty-CD, 0.50% 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 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. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee. Learn more about different types of CDs.

Last updated on November 1, 2021

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, 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. See our criteria for evaluating banks and credit unions.

Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, BMO Harris, Boeing Employees Credit Union, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Comenity Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E*TRADE Bank, Fifth Third Bank, First Foundation Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GoBank, Golden 1 Credit Union, Goldman Sachs Bank USA, HSBC Bank, Huntington Bank, KeyBank, LendingClub, Lake Michigan Credit Union, Live Oak Bank, M&T Bank, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees' Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TAB Bank, TCF Bank, TD Bank, TIAA Bank, U.S. Bank, UFB Direct, Union Bank, USAA, Varo, Vio Bank, Wells Fargo, Woodforest National Bank and Zions Bank.

Frequently asked questions