ADVERTISEMENT: Products from our partners
Standout CD rates
CDs are an excellent way to earn money for doing virtually nothing. They often pay more in interest than your average savings account — sometimes as much as 12 times more. And thankfully, it only takes minutes to find the best one for you. Check out the offers from our partners and start earning more interest today.
The key difference between CDs and savings accounts
CDs typically have a higher APY – though nowadays the differences are slim – but require you to leave your money untouched for the length of the CD term. Savings accounts, on the other hand, offer you access to your cash whenever you want. If you want instant access to your money, a savings account might be the better option.
Get personalized rates
CD rates hinge on a few basic inputs, so be sure to enter your info below.
Bank | Terms | APY | CTA |
|---|---|---|---|
 NerdWallet rating | 1 year $2500 minimum balance | APY 0.50% | At Discover Bank, Member FDIC |
View Details | |||
 NerdWallet rating | 1 year $1500 minimum balance | APY 0.70% | At Comenity Direct, Member FDIC |
View Details | |||
How we rate banks and credit unions
Standout Savings Accounts
Savings accounts offer you access to your cash whenever you want. If you want instant access to your money, a savings account might be the better option than a CD.
| Bank | APY | Monthly Fee | Details |
|---|---|---|---|
 at American Express National Bank, Member FDIC | 0.40% With $0 minimum balance | $0 | Pros
Cons
|
 at Marcus by Goldman Sachs, Member FDIC | 0.50% With $0 minimum balance | $0 | Pros
Cons
|
Why online banks dominate the list
The most important factor for virtually every CD-shopper is the APY. And, as it happens, online banks are offering massive APYs — as much as 12x the average APY* — plus, they also offer rock-bottom maintenance fees.
*12x more interest based on the national average annual percentage yield ("APY") of 0.05% (as reported by the Federal Deposit Insurance Corporation as of September 1, 2020) as compared to online banks with interest-bearing CD account APYs of 0.60% or more. Estimated annual earnings result assumes principal and interest remain on deposit for one year and interest rates and APY do not change. Estimated annual earnings are for informational purposes only. Interest rates and APY are subject to change and specific results cannot be guaranteed.
1 The national average annual percentage yield ("APY") is listed as 0.05% as reported by the Federal Deposit Insurance Corporation as of September 1, 2020.
