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5 Best No-Penalty CD Rates for March 2020

Spencer TierneyMarch 2, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best No-Penalty CD Rates for March 2020

BankAPYMinimum DepositLearn More
Citizens Access CD

Citizens Access CD

at Citizens Access,

Member, FDIC

1.35%

$5,000

at Citizens Access,

Member, FDIC

Ally Bank CD

Ally Bank CD

1.55%

$25,000

Read review
CIT Bank CD

CIT Bank CD

1.70%

$1,000

Read review
PurePoint® Financial CD

PurePoint® Financial CD

0.95%

$10,000

Read review
Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

1.70%

$500

Read review
Citizens Access CD

at Citizens Access,

Member, FDIC

Citizens Access CD

Citizens Access CD

APY

1.35%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC

at Citizens Access,

Member, FDIC


Why we like it

Citizens Access, the online division of Citizens Bank, has an 11-month no-penalty CD with a rate similar to its online savings account. The minimum to open is $5,000, which is somewhat steep.

Read Full Review

Ally Bank CD

Ally Bank CD

APY

1.55%

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: 1.40% APY for deposits below $5,000, 1.50% APY for deposits from $5,000 to $24,999 and 1.55% APY for deposits of $25,000 or higher. For more details, see our review of Ally's CD rates.

Read Full Review

CIT Bank CD

CIT Bank CD

APY

1.70%

With $1000 minimum balance

Minimum Balance

$1,000

Member, FDIC


Why we like it

CIT has a stellar 1.70% for its 11-month no-penalty CD and a low opening minimum.

Read Full Review

PurePoint® Financial CD

PurePoint® Financial CD

APY

0.95%

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 0.95% APY for its 13-month no-penalty CD is competitive. It offers two other no-penalty options: an 11-month rate of 1.01% and 14-month rate of 0.90%.

Read Full Review

Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

APY

1.70%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC


Why we like it

Marcus offers a 7-month rate of 1.70% APY (annual percentage yield) as of 3/11/2020 as well as a 13-month no-penalty CD with a 1.50% APY and an 11-month rate of 1.60% APY.

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 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