A Certificate of Deposit is an agreement between you and your bank in which you promise to not withdraw any amount within a specific period of time, and in return, the bank gives you a higher rate of interest on the money used to fund the Certificate of Deposit. According to the deposit terminology, the term CD rates refer to the rate of interest on Certificates of Deposit. The factors affecting the bank CD rates are the length of time until the CD matures, and the current interest rate environment.

CD rates offered by Marcus by Goldman Sachs
Marcus by Goldman Sachs is the consumer lending platform by Goldman Sachs Bank, USA which is a large investment bank. Goldman offers very competitive rates and your funds are FDIC insured. The best thing is that there is only a $500 minimum deposit required. It offers the best CD rates in the market today. The following are their rates:

• 6-month: 0.60% APY
• 9-month: 0.70% APY
• 12-month: 2.55% APY
• 18-month: 2.55% APY
• 2-year: 2.60% APY
• 3-year: 2.65% APY
• 5-year: 3.10% APY
• 6-year: 3.15% APY

CD rates offered by Synchrony Bank
Synchrony was once a part of GE, and now it has an online bank which offers competitive rates. Your deposit can be insured up to the FDIC limit. In the environment of rising rates, this is the best way to get a high-interest rate without locking yourself into a long term. Following are the rates offered by Synchrony Bank:

• 3-months: 0.75% APY
• 6-months: 1.00% APY
• 9-months: 1.25% APY
• 12-months: 2.45% APY
• 13-months: 2.65% APY
• 18-months: 2.55% APY
• 24-months: 2.65% APY
• 36-months: 2.70% APY
• 48-months: 2.80% APY
• 60-months: 3.00% APY

CD rates offered by Barclays
It is one of the oldest banks in the world. Even though they are based in London, they also have a presence in the country and pay competitive rates on their CDs and savings account. Currently, they are offering the highest CD rates in the market. They do not require a minimum balance to open an account or to earn the APY. Following are the rates offered by the Barclays:

• 1-year: 2.45% APY
• 2-year: 2.50% APY
• 3-year: 2.55% APY
• 4-year: 2.65% APY
• 5-year: 3.00% APY

CD rates offered by Ally Bank
It is one of the largest Internet-only banks in the country. Ally is best for people with fewer funds. There is no minimum deposit required to open a CD and all deposits are insured up to the legal limit.
Following are the rates offered by the ally:

• 3-months: 0.75% APY (less than $5k); 0.75% APY ($5k minimum deposit) and 0.75% APY ($25k minimum deposit)
• 6-months: 1.00% APY (less than $5k); 1.00% APY ($5k minimum deposit) and 1.00% APY ($25k minimum deposit)
• 9-months: 1.25% APY (less than $5k); 1.25% APY ($5k minimum deposit) and 1.25% APY ($25k minimum deposit)
• 12-months: 2.25% APY (less than $5k); 2.40% APY ($5k minimum deposit) and 2.50% APY ($25k minimum deposit)
• 18-months: 2.35% APY (less than $5k); 2.45% APY ($5k minimum deposit) and 2.55% APY ($25k minimum deposit)
• 3-year: 2.50% APY (less than $5k); 2.55% APY ($5k minimum deposit) and 2.60% APY ($25k minimum deposit)
• 5-year: 2.75% APY (less than $5k); 2.90% APY ($5k minimum deposit) and 3.00% APY ($25k minimum deposit)

CD rates offered by the CIT Bank

• CIT Bank was established in 2009 and has grown rapidly to procure over $42 billion in assets.
• Currently, they are offering one of the highest CD rates.
• You can earn a 2.50% APY with a $1,000 minimum deposit amount on a 12-month CD.

Average interest rates for a CD
Interest rates vary on a daily basis hence it is essential to shop carefully to obtain the best CD rates and maximize earnings. According to the Federal Deposit Insurance Corporation (FDIC) – as of the current publication, the average CD rates on the deposit fund less than $100,000 are:

• 1 month CD: 0.07%
• 3 month CD: 0.11%
• 6 month CD: 0.18%
• 1 year CD: 0.31%
• 2 year CD: 0.47%
• 3 year CD: 0.62%
• 4 year CD: 0.73%
• 5 year CD: 0.92%