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- Certificates of Deposit
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September 2024: Best Certificates of Deposit from Our Partners
A certificate of deposit (CD) is a type of savings account that provides an easy way to save money while earning interest. There are various types of CDs, each with different interest rates and terms. You can open CDs at traditional banks, credit unions or online banks. The process isn't difficult and requires a few simple steps. Generally, the most competitive terms are offered online, so if you have long-term goals, consider one of the CDs below.
our choice
- Low minimum deposit of only $1,000; no maximum302
- Jumbo certificates may be available for a higher rate if you deposit $75,000 or more302
- Choose from a variety of maturity dates including 12-month and 60-month terms302
- Dividends compounded every month and at maturity302
- Funds are insured up to $250,000 by NCUA
our choice
- Deposit a minimum of $500 with a guaranteed Annual Percentage Yield.339
- Collect dividends that are compounded and credited monthly.
- Your funds are insured for $250,000 on individual accounts by the federal government.
- At the end of your certificate’s term, withdraw your money plus the dividends you’ve earned, or roll over your earnings into a new certificate.
our choice
- CD Rates as high as 5.00% APY.
- Fund your account up to $500,000 online, with new money only.
- $500 minimum deposit required to open.
- Your money is held for a fixed time period**.
- All accounts are FDIC insured up to $250,000 per depositor, per account ownership category.
- CDs are only available to open online and to consumers.
our choice
- Federally insured by NCUA. No fees. $1 minimum to open.
- 24/7 online access to funds.
- Known for returning profits to members in the form of better rates and lower fees.
- 4.60% APY 10-Month Certificate — that's 1.4x6 higher than national average.
our choice
- CD Rates as high as 5.00%.
- Fund your account up to $500,000.
- $500 minimum deposit required to open.
- Your money is held for a fixed time period**.
- Great for saving for a home down payment, college, or a big purchase.
- All accounts are FDIC insured up to $250,000 per depositor, per account ownership category.
- Valley Direct CDs must be opened online only.
our choice
- 5.05% APY High-Yield CD, 2.7x6 times the national average APY.
- No fees. $1 minimum deposit. 24/7 online access to funds.
- Lemmata gives back through charitable donations when you save.
- Deposits are FDIC insured through California Bank of Commerce.
questionsABOUT
CERTIFICATES OF DEPOSIT
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certificate of deposit: WHAT IS IT AND
HOW DOES IT WORK?
A certificate of deposit is a form of time deposit. When you open a CD, you agree to keep your funds in the bank for the term you choose and get a higher interest rate in return. The rates are predetermined, meaning they remain the same throughout the term. What makes them more attractive is that they offer the highest interest rate compared to regular savings accounts.
Typically, a minimum opening deposit of around $1,000 is required when you open a CD, but the amount can vary within banking institutions.
Certificates of deposit have a maturity date, meaning that you can't withdraw money without paying a penalty and usually can't add to them until the date on which the final payment is due. CD terms can be anywhere from a few months to five years after you open the account.
You can take money out of the CD at any time, but if you withdraw funds before the CD matures, you will have to pay an early withdrawal penalty. Generally, different banks give a grace period of four to six days to withdraw money with no penalty after you deposit money into your account.
When the CD matures, you'll have about a week to withdraw your funds. After that, most CDs automatically renew for the same or similar term, but the rate will unlikely be your original rate and will be based on the rate for new CDs for that term.
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CERTIFICATES OF DEPOSIT🜂
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