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4 Best No-Penalty CD Rates for December 2019

Spencer TierneyDecember 1, 2019

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Summary of Best No-Penalty CD Rates for December 2019

BankAPYMinimum DepositLearn More
Ally Bank

Ally Bank

1.90%

$25,000

CIT Bank

CIT Bank

1.80%

$1,000

Goldman Sachs Bank USA

Goldman Sachs Bank USA

1.90%

$500

PurePoint® Financial

PurePoint® Financial

1.90%

$10,000

BankAPYMinimum DepositLearn More
Ally Bank

Ally Bank

1.90%

$25,000

CIT Bank

CIT Bank

1.80%

$1,000

Goldman Sachs Bank USA

Goldman Sachs Bank USA

1.90%

$500

PurePoint® Financial

PurePoint® Financial

1.90%

$10,000

Ally Bank

Ally Bank

APY

1.90%

With $25000 minimum balance

Minimum Balance

$25,000

Member, FDIC


Why we like it

Ally's 11-month no-penalty CD has three tiers, depending on how much money you deposit: 1.65% APY for deposits below $5,000, 1.70% APY for deposits from $5,000 to $24,999 and 1.90% APY for deposits of $25,000 or higher. For more details, see our review of Ally's CD rates.

Read Full Review

CIT Bank

CIT Bank

APY

1.80%

With $1000 minimum balance

Minimum Balance

$1,000

Member, FDIC


Why we like it

CIT has a stellar 1.80% for its 11-month no-penalty CD and a low opening minimum.

Read Full Review

Goldman Sachs Bank USA

Goldman Sachs Bank USA

APY

1.90%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC


Why we like it

Marcus offers a 7-month rate of 1.90% APY as well as a 13-month no-penalty CD with a 1.65% APY and an 11-month rate of 1.70% APY.

Read Full Review

PurePoint® Financial

PurePoint® Financial

APY

1.90%

With $10000 minimum balance

Minimum Balance

$10,000

Member, FDIC


Why we like it

PurePoint has one of the steepest minimums among online bank CDs, but the 1.90% APY for its 13-month no-penalty CD is competitive. It offers two other no-penalty options: an 11-month rate of 1.65% and 14-month rate of 1.75%.

Read Full Review

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 December 1, 2019

Methodology

We featured easy-to-join financial institutions that we've reviewed with the highest rates currently listed on NerdWallet's CD rates tool. For the ZIP code and minimum deposit requirement, we used 94103 and $10,000, respectively. We also included select, standout rates from other trusted online financial institutions that we have reviewed. Higher rates might be available elsewhere

To recap our selections...

NerdWallet's Best No-Penalty CD Rates for December 2019