Best of
5 Best No-Penalty CD Rates for March 2020
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Summary of Best No-Penalty CD Rates for March 2020
| Bank | APY | Minimum Deposit | Learn More |
|---|---|---|---|
 Citizens Access CD at Citizens Access, Member, FDIC | 1.35% | $5,000 | at Citizens Access, Member, FDIC |
 Ally Bank CD | 1.55% | $25,000 | Read review |
 CIT Bank CD | 1.70% | $1,000 | Read review |
 PurePoint® Financial CD | 0.95% | $10,000 | Read review |
 Marcus by Goldman Sachs CD | 1.70% | $500 | Read review |
at Citizens Access,
Member, FDIC
Citizens Access CD
APY
With $5000 minimum balance
Minimum Balance
Member, FDIC
at Citizens Access,
Member, FDIC
Ally Bank CD
APY
With $25000 minimum balance
Minimum Balance
Member, FDIC
CIT Bank CD
APY
With $1000 minimum balance
Minimum Balance
Member, FDIC
PurePoint® Financial CD
APY
With $10000 minimum balance
Minimum Balance
Member, FDIC
Marcus by Goldman Sachs CD
APY
With $500 minimum balance
Minimum Balance
Member, FDIC
No-penalty CDs: Pros and cons
No-penalty CDs can be a solid option, but see if the positives outweigh the negatives.
Pros
- High rates without penalty: CDs typically have higher rates than savings accounts, but most CDs make you commit to keeping your money locked up for a set period. No-penalty CDs give you the flexibility to withdraw early without losing any money.
- Opportunity to withdraw fee-free if rates go up: CD rates tend to be fixed once you open a CD, so you can miss out if a bank starts offering higher rates. But you don’t have to wait for a no-penalty CD to end its term to put your money into another CD with a higher rate.
» Want to see more CD options? Check out our list of the best CD rates overall
Cons
- Not the highest CD rates: You can find much better yields by comparing the best six-month and one-year CD rates.
- No partial withdrawals generally: If you withdraw early from a no-penalty CD, you might have to withdraw the entire balance and close the account.
- No multiple deposits: This is standard for all CDs, but if you find the flexibility of no-penalty CDs appealing but want to keep contributing savings, your best bet is a high-yield savings account. See the best online options.
Last updated on March 2, 2020
Methodology
We featured easy-to-join financial institutions that NerdWallet has vetted and reviewed with the highest rates for no-penalty CDs. Higher rates might be available elsewhere.
To recap our selections...
NerdWallet's Best No-Penalty CD Rates for March 2020
- Citizens Access CD: 1.35% APY
- Ally Bank CD: 1.55% APY
- CIT Bank CD: 1.70% APY
- PurePoint® Financial CD: 0.95% APY
- Marcus by Goldman Sachs CD: 1.70% APY
