Best-Of Awards 2026 Methodologies

Best Bank or Credit Union for CDs

How we picked the companies to evaluate:

We evaluated more than 100 financial institutions, including the largest U.S. retail banks based on assets and internet search traffic, and the nation’s largest credit unions, based on assets and membership; 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. To be considered, financial institutions must make products available to all consumers and/or have broad membership requirements. Some of the providers are NerdWallet partners, but this did not influence our selection of the winner.

How we chose the winner:

Financial institutions that offer certificates of deposit were rated on the following factors: 6-month APY (contributed to 15% of the rating), 1-year APY (contributed to 25% of the rating), 3-year APY (25%), 5-year APY (25%) and minimum opening deposit (10%). Also, up to 10% extra credit was given for offering no-penalty CDs or other specialty CDs (step-up CD, bump-up CD or add-on CD). CD ratings are evaluated on a slight curve to ensure 5-star CD ratings are possible and representative of the best in the market. In case of a tie, banks were compared by category or criteria in the following order until one institution remained:

• Three of four CD APY subcategory ratings are 5 stars.
• Overall bank star rating.
• 1-year CD rates.
• Banking experience.
• Early withdrawal penalty.

How we verified our data:

NerdWallet writers and editors confirmed fees, rates, policies and other key features on each financial institution’s website. If an institution’s website was missing information, we contacted a representative directly for confirmation.


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