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4 banks that offer the best CD rates

A certificate of deposit (CD) is offered by financial institutions. It is like a savings account that pays a certain interest rate on an amount of money. Generally, institutions offer several time periods for the same ranging from 3 to 60 months. Interest rates go higher when you choose a longer time period.

The best CD rates are those which give the customer a higher annual percentage yield (APY), require a minimum deposit, have low monthly fees, and fewer penalties to pay for early withdrawals.

The highest CD rates offered by popular financial institutions in the country are given below:

Goldman Sachs (0.60% to 3.10%)
The bank pretty much ticks all the boxes, courtesy its online consumer bank, Marcus. It gives customers the highest APY within just 10 days of opening an account if they make a deposit of $500. Funds in the bank are also Federal Deposit Insurance Corporation (FDIC)-insured. 0.60% for 6 months while 3.10% for 60 months are amongst the 10 best CD rates in the market.

Synchrony Bank (0.75% to 2.85%)
The bank’s CD rates go as low as 0.75% for 3 months, while its highest rate of 2.85% is for 60 months. With a minimum deposit of $2000, it gives customers the option to not commit to a long-term and yet receives the maximum interest in a market with surging interest rates.

Barclays Bank (2.40% to 3%)
The biggest advantage of Barclays is that it offers CD rates on a yearly basis and its APY of 2.40% is amongst the highest 1-year CD rates in the country, with no minimum deposit to be paid. The interest will be accumulated within 14 days of opening the account. It offers one of the best 5-year CD rates of 3%, which is quite competitive in the market and has an added advantage.

Capital One Bank (0.60% to 2.90%)
From 0.60% in 6 months to 2.90% in 60 months, Capital One also ensures that customers do not need to pay any minimum deposit to open as many as 50 accounts. With no market risk, since the rates remain the same and a high APY, they are guaranteed to get returns with each deposit being FDIC-insured. The CDs are available for purchase on its official website.

Before investing, it is important to note that the CD rates offered by these financial institutions are approximate and subject to change. One may also consider investing in 1-year jumbo CDs. Jumbo CDs have higher denominations than the regular CDs. These enable one to deposit a certain amount of money and earn interest in return.

Disclaimer:

The information available on this website is a compilation of research, available data, expert advice, and statistics. However, the information in the articles may vary depending on what specific individuals or financial institutions will have to offer. The information on the website may not remain relevant due to changing financial scenarios; and so, we would like to inform readers that we are not accountable for varying opinions or inaccuracies. The ideas and suggestions covered on the website are solely those of the website teams, and it is recommended that advice from a financial professional be considered before making any decisions.

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