Best CD Rates
CDs have a simple format that is easy to understand. This kind of account is similar to a savings account in that it accrues interest for a specific time but often prohibits withdrawals before the end of the term. Here are the best CD rates companies to consider:
Last Updated April 2024
- Best For - Customers who want competitive CD rates with other online banks with no minimum deposit requirement.
- Minimum Deposit - None
- Range of CD Terms - 6-60 months
- Rating - 4.1/5
Capital One offers various CD (certificate of Deposit) products with varying terms and interest rates. CD terms range from 6 to 60 months and interest rates are competitive compared to other financial institutions. As of the knowledge cutoff, the interest rates for Capital One CDs ranged from 0.10% APY for a 6-month CD to 0.70% APY for a 60-month CD.
The minimum Deposit required to open a CD with Capital One is $1,000. One of the benefits of CDs is that they are FDIC-insured, meaning up to $250,000 is protected per depositor per institution. Customers can open CDs online or in person at a Capital One branch. It is important to note that the accounts typically have penalties for early withdrawal, so customers should carefully consider their investment needs and goals before opening a CD account.
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- Best For - Customers not looking for the best rates but still want access to an extensive network of ATMs and reliable support.
- Minimum Deposit - $500
- Term Lengths - 1-60 Months
US Bank is a reputable financial institution that offers CD accounts with competitive rates and flexible terms. US Bank CD rates vary depending on the term length and the amount deposited. Generally, the longer the term length and the higher the deposit amount, the higher the interest rate. For example, as of my knowledge cutoff date in September 2021, US Bank offered a 12-month CD with a 0.05% APY for deposits less than $10,000 and a 0.15% APY for deposits over $10,000.
US Bank CD accounts are FDIC insured up to the maximum allowed by law, currently $250,000 per depositor, per insured bank. Withdrawals from a CD account before the end of the term may result in penalties, so it is important to carefully consider the term length before opening a CD account.
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- Best For - Savers looking to earn a higher interest rate on their savings with minimal fees and a guaranteed return.
- Minimum Deposit - $500
- Rating - 4.6/5
Marcus by Goldman Sachs is a popular online bank that offers competitive CD rates. With Marcus CD rates account, you can earn interest on your savings while enjoying peace of mind with a fixed rate and term. The minimum Deposit to open a Marcus CD is $500 and terms range from six months to six years. Your interest rate depends on your chosen term, with longer terms generally offering higher rates.
The best part about Marcus CD is that there are no fees to open or maintain the account and you can choose to have your interest compounded and paid out monthly, quarterly or annually. Additionally, Marcus offers a 10-day CD rate guarantee, which means that if the rate for your chosen term goes up within 10 days of opening your CD, Marcus will automatically adjust your rate to the higher one.
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