Best of
5 Best No-Penalty CD Rates for January 2020
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Summary of Best No-Penalty CD Rates for January 2020
| Bank | APY | Minimum Deposit | Learn More |
|---|---|---|---|
 Goldman Sachs Bank USA | 1.90% | $500 | |
 Citizens Access | 1.85% | $5,000 | |
 Ally Bank | 1.85% | $25,000 | |
 CIT Bank | 1.80% | $1,000 | |
 PurePoint® Financial | 1.90% | $10,000 |
| Bank | APY | Minimum Deposit | Learn More |
|---|---|---|---|
Goldman Sachs Bank USA | 1.90% | $500 | |
Citizens Access | 1.85% | $5,000 | |
Ally Bank | 1.85% | $25,000 | |
CIT Bank | 1.80% | $1,000 | |
PurePoint® Financial | 1.90% | $10,000 |
Goldman Sachs Bank USA
APY
With $500 minimum balance
Minimum Balance
Member, FDIC
Citizens Access
APY
With $5000 minimum balance
Minimum Balance
Member, FDIC
Ally Bank
APY
With $25000 minimum balance
Minimum Balance
Member, FDIC
CIT Bank
APY
With $1000 minimum balance
Minimum Balance
Member, FDIC
PurePoint® Financial
APY
With $10000 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 January 2, 2020
Methodology
To recap our selections...
NerdWallet's Best No-Penalty CD Rates for January 2020
- Goldman Sachs Bank USA: 1.90% APY
- Citizens Access: 1.85% APY
- Ally Bank: 1.85% APY
- CIT Bank: 1.80% APY
- PurePoint® Financial: 1.90% APY
