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A certificate of deposit (CD) is a savings account that generally pays a higher interest rate than traditional savings accounts. In exchange, you agree to keep your money in the CD for a set period of time, known as the term. Withdraw money from your account before the CD arrives
What Bank Has The Best Interest Rate
Choosing the right CD comes down to a few different factors, plus finding the highest APY for a term you’re comfortable with. To help make your decision a little easier, I highly recommend it.
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The editorial team ranked more than 40 CDs and compiled a list of our top 10 picks. We weigh minimum deposits to open an account, annual percentage yields (APYs) over one-, three-, and five-year terms, compounding frequency, and customer service options.
Here’s our roundup of the top 10 CDs, including the key figures you need to know before opening an account. All rates below are current as of May 5, 2023 and are subject to change.
1. CFG Bank – For the saver looking for the highest APYs across the board
About: Founded in 2009, CFG Bank is a Maryland-based bank that offers one to five year CDs, as well as money market accounts, traditional checking accounts, and commercial banking products. They have a handful of physical locations in Maryland, though customers can also bank with CFG online or through the mobile app.
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Minimum Initial Deposit: $500 Penalty: There is an early withdrawal penalty equal to 90 to 180 days interest, depending on the term of your CD. why we chose it
In addition to a high APY, CFG earned the top spot on our list for having some of the highest APYs across all three CD terms and for its lowest minimum initial deposit compared to other CD products on the market. Another advantage: interest can be withdrawn when necessary. Clients can request that their interest be mailed to them each month in the form of a check, or they can choose to transfer the interest earned to another account. Customer service representatives can be reached by phone, Monday through Friday, 8:30 a.m. to 8:30 p.m. m. to 5:00 p.m. m. ET and clients can also contact CFG 24/7 via email or through the bank’s online and mobile banking platforms.
While our methodology only considered 1-, 3-, and 5-year CDs, here are the other available CD terms if you’re looking for more options:
About: Barclays is a London-based bank that provides online services to customers in the United States. Although it does not have a physical location in the US,
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Minimum Initial Deposit: $0 Penalty: There is an early withdrawal penalty associated with these accounts which is equal to 90 to 180 days of simple interest, depending on the terms of your account. Barclays also offers a mobile app for 24/7 banking. why we chose it
Barclays CDs have competitive APYs with no hidden monthly fees or minimum balances to open an account. You can choose to keep the interest earned in your CD account or transfer it to a separate Barclays account or verified external bank account. US customers can reach a Barclays representative by calling their toll-free number between 8:00 a.m. and 5:00 p.m. and 8:00 p.m. ET seven days a week. They can also access their account online 24/7.
3. Ally Bank: For the saver who likes to have access to a customer service representative at all times
About: Ally Bank is an online-only bank offering checking, savings, mortgages, auto products and more. Your CD ranges from three months to five years.
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Minimum Initial Deposit: $0 Penalty: There is an early withdrawal penalty of between 60 and 150 days interest, depending on the terms of your account. why we chose it
Ally’s CD offers give savers a wide variety of term options and let them decide how much they’re willing to save, with a $0 minimum deposit to open an account. Clients are not subject to any monthly maintenance fees and interest on these accounts is calculated daily. Bonus: Ally Bank offers customers 24/7 phone, chat, and email support.
About: Bread Savings, formerly Comenity Direct Bank, is an online-only bank offering certificates of deposit for one to five years, as well as a high-yield savings account.
Minimum Initial Deposit: $1,500 Penalty: Early withdrawal penalties apply to Bread CD accounts. For terms of less than one year, the penalty is 90 days of simple interest. For periods of one to three years, the penalty is 180 days of simple interest. For terms greater than four years, the penalty is 365 days of simple interest. why we chose it
Bank With The Best Deposit Offer And Interest Rates. Favorable Offers For Deposit, Loan And Interest Rates. Financial Markets And Banking Competition Stock Photo
While the initial deposit for the Bread CD is over $1,000, customers can take advantage of competitive APYs (well above 4% and up to 5% over their 1-year term), plus accrued interest is calculated daily. Account holders are not charged for certain CD services, such as ACH transfers, monthly maintenance, and incoming wire transfers, but will be charged $25 for outgoing wire transfers, $15 for official check requests, and $5 for paper statements. Customers can pay with Bread online or through its mobile app. For assistance, a Bread Savings customer service representative can be reached by phone weekdays between 7:00 a.m. and 5:00 p.m. m. and 9:00 p.m. m. CT, and on weekends and most holidays from 9 a.m. to 5 p.m. m. to 5 p.m. m. CONNECTICUT.
About: BMO Harris is the eighth largest bank in North America by assets, currently serving more than 12 million customers. Its products and services include checking accounts, savings accounts, money market accounts, CDs, retirement accounts, credit cards, and more.
Minimum initial deposit: $1,000 Penalty: There is a penalty for early withdrawal of between 180 and 545 days of interest, depending on the conditions of your account. why we chose it
BMO Harris CDs made our list for their competitive CD rates and frequency of compounding. One downside: The early withdrawal penalty associated with some of these CDs is significantly higher than some of our other options, so savers should be careful when withdrawing funds early. Interest on your balance is compounded daily. BMO Harris representatives are available to assist you by phone from 7:00 a.m. to 5:00 p.m. m. to 10:00 p.m. CT Monday through Friday and 8 a.m. to 8 p.m. m. to 8 p.m. m. Saturdays and Sundays. The bank also provides a contact form for email support on its website.
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About: Quontic Bank is a digital bank that started as a community bank in New York City in 2009. It is an FDIC-insured bank that offers online and mobile banking platforms and offers a range of checking accounts, savings and mortgage products. .
Minimum Initial Deposit: $500 Penalty: For CDs redeemed within the first year, the penalty is equal to the interest for the life of your CD. CDs between 12 and 24 months will incur a penalty equal to one year of interest. For CDs of 24 months or more, the penalty is equal to two years of interest. why we chose it
Quontic Bank CDs are on our list for several reasons. High APYs combined with no monthly fees and a $500 minimum deposit make these CDs a viable option for savers who want to earn interest on their funds without surprise fees. The downside: Customer service representatives are only available weekdays via live chat, email, and phone between 9:00 a.m. and 5:00 p.m. and 6:00 p.m. m. ET For savers who may need support at night or on weekends, this could be an inconvenience.
7. Sync Bank – For the saver who is just starting out but wants to take advantage of higher APYs
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About: Synchrony Bank is an online bank that offers a wide range of savings and credit products. Customers can complete the banking transaction online or through the mobile app. Your CD ranges from three months to five years.
Minimum Initial Deposit: $0 Penalty: An early withdrawal penalty applies to the principal amount withdrawn between 90 and 365 days simple interest, depending on the terms of your account. why we chose it
Synchrony CD accounts do not require a minimum deposit, which means that new savers can deposit whatever amount they are comfortable with into an account and start letting the magic of compound interest work for them. Interest compounds daily and you can withdraw the interest paid during the current term of your CD at any time without penalty. You can contact Synchrony Bank by phone, chat or email or download their mobile app for 24/7 banking.
About: Pentagon Federal Credit Union (PenFed) is a Virginia-based credit union that offers online banking options in addition to some brick-and-mortar locations across the US. US customers can benefit from its wide range of products finances, including checking and savings accounts. , credit cards, car loans, home loans and more.
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Minimum Initial Deposit: $1,000 Penalty: For CDs redeemed in the first year, all dividends will be forfeited. For certificates redeemed after the first year but before maturity, the penalty is equal to 30% of what would have been earned if the certificate had been held to maturity, not to exceed the total dividends earned. why we chose it
PenFed CDs earned a spot on our list
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