MoneyRates.com can help you quickly narrow your search for the best CD rates available.

This Week's National Average Rates

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Just 4 minutes spent on this page could earn you extra money for months or years to come.

That's because people who shop for bank rates know two things:

There is generally a wide difference between the rates most banks offer and the top rates available. The top rates available are offered by banks that consistently offer the top rates.

So when it comes to certificates of deposit (CDs), shopping for a higher rate can be especially rewarding.

That's because, if you find a higher rate today, it can continue to pay off for you over the life of that CD.

Compare featured CD accounts: Picks of September 2020 Marcus by Goldman Sachs : 0.85% APY, $500 minimum balance for APY

Compare CD Rates: Who Has the Best CD Rates Now?

A large number of banks offer CDs, and many compete to have the best CD rates. Use the MoneyRates CD rate-finder tool below to sort through the massive list and find a CD that suits your financial situation and goals.

Select the type of account, deposit amount, and desired CD length. The results show the top rates from our featured banks, but each listing can be expanded to reveal more rates. Click + to see all CD rates for each bank.

A second table below shows more CD products that meet your specifications. (Rates in this table may be higher or lower than the featured-bank rates.) Click + to see more offers.

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Account Type: Select Money Market Accounts Certificates of Deposit Interest Checking Savings + MMA Zip Code Valid zip code required Amount: Select Select < $5,000 $5,000 to $9,999 $10,000 to $14,999 $15,000 to $24,999 $25,000 to $49,999 $50,000 to $99,999 $100,000+ (Jumbo) Select < $5,000 $5,000 to $9,999 $10,000 to $24,999 $25,000 to $49,999 $50,000 to $99,999 $100,000+ (Jumbo) Credit Rating: Select Select Excellent 720+ Good 640-719 Fair 550-639 Poor 500-549 Very Poor < 499 More Filters (4) Purpose Of Account: Select Select Earn interest For monthly expenses Rainy day fund Save for a purchase Save for retirement Short term account Select Retirement Extra Cash Parking money short term <=1Yr Need money later >1 yr Other Household Income: Select Select $60,000 - $90,000 $90,000 - $120,000 $120,000 - $150,000 $150,000+ Currently Banking With: None Capital One

Capital One Barclays

Barclays Synchrony Bank

Synchrony Bank Ally Bank

Ally Bank CIT Bank

CIT Bank HSBC

HSBC Sallie Mae Bank

Sallie Mae Bank American Express National Bank

American Express National Bank Discover Bank

Discover Bank Other Deposit Frequency Select Select One Time Monthly Infrequent Other Term: Select Select 6 months 9 months 1 year 1.5 years 2 years 3 years 4 years 5 years

Advertiser Disclosure Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available. *APY (Annual Percentage Yield).

Bank/Institution APY* Minimum to earn APY Marcus by Goldman Sachs 0.85% $ 500 Type: CD Advertiser Comments X Low $500 minimum deposit

Terms from 6 months to 6 years

Choose your monthly interest disbursement

Chase (Rate in NY) $ 1,000 Type: CD Wells Fargo Bank (Rate in NY) $ 2,500 Type: CD Fifth Third Bank $ 500 Type: CD Bank of America (Rate in NY) $ 1,000 Type: CD PNC Bank (Rate in NY) $ 1,000 Type: CD US Bank (Rate in CA) $ 500 Type: CD Union Bank $ 350 Type: CD USAA Bank $ 1,000 Type: CD Citibank $ 500 Type: CD TD Bank (Rate in NY) $ 250 Type: CD HSBC $ 1,000 Type: CD Associated Bank $ 1,000 Type: CD BB&T $ 1,000 Type: CD Bank of Blue Valley $ 1,000 Type: CD First Citizens Bank $ 500 Type: CD Amegy Bank of Texas $ 1,000 Type: CD Bank of America (Rate in IL) $ 1,000 Type: CD Charles Schwab Bank $ 0 Type: CD Bank of America (Rate in CA) $ 1,000 Type: CD Commercial Bank and Trust of Pennsylvania $ 500 Type: CD The First Bank and Trust Company of Murphysboro $ 1,000 Type: CD Fulton Bank $ 1,000 Type: CD Bank of Oklahoma $ 1,000 Type: CD Genesee Regional Bank $ 500 Type: CD First National Bank of Omaha $ 500 Type: CD KeyBank (Rate in OH) $ 2,500 Type: CD The Huntington National Bank (Rate in OH) $ 1,000 Type: CD California First National Bank $ 5,000 Type: CD KeyBank (Rate in NY) $ 2,500 Type: CD Commerce Bank (Rate in IL) $ 1,000 Type: CD Central Pacific Bank $ 500 Type: CD SunTrust Bank $ 2,000 Type: CD Columbia Bank $ 500 Type: CD FirstBank $ 500 Type: CD Watertown Savings Bank (watertownsavings.com) $ 1,000 Type: CD First Midwest Bank $ 1,000 Type: CD American Savings Bank $ 1,000 Type: CD TCF Bank (Rate in MN) $ 500 Type: CD City National Bank $ 2,500 Type: CD Busey Bank $ 1,000 Type: CD Northwest Bank $ 500 Type: CD North Country Savings Bank $ 1,000 Type: CD First Commonwealth Bank $ 500 Type: CD Bank of the West $ 2,500 Type: CD Comerica Bank (Rate in CA) $ 1,000 Type: CD Bridge Community Bank $ 500 Type: CD US Bank (Rate in IL) $ 500 Type: CD Superior Savings Bank $ 500 Type: CD BMO Harris Bank $ 1,000 Type: CD First Hawaiian Bank $ 500 Type: CD Regions Bank $ 500 Type: CD 1st Source Bank $ 500 Type: CD Abington Bank $ 500 Type: CD Bremer Bank $ 500 Type: CD Flagstar Bank $ 500 Type: CD Citizens Trust Bank $ 500 Type: CD National Bank of Arizona $ 1,000 Type: CD Greenville National Bank $ 1,000 Type: CD Peoples National Bank $ 500 Type: CD Standing Stone National Bank $ 500 Type: CD The Farmers National Bank of Canfield $ 500 Type: CD Nevada State Bank $ 1,000 Type: CD Atlantic Union Bank $ 1,000 Type: CD Bank of Hawaii $ 2,500 Type: CD The First $ 500 Type: CD PNB Community Bank $ 1,000 Type: CD Provident Bank (myprovident.com) $ 1,000 Type: CD Raymond James Bank $ 1,000 Type: CD Bryn Mawr Trust $ 1,000 Type: CD Frost Bank $ 1,000 Type: CD People's United Bank $ 1,000 Type: CD Gulf Coast Bank and Trust Company $ 2,000 Type: CD The First Central National Bank $ 1,000 Type: CD The National Bank of Blacksburg $ 500 Type: CD Main Bank $ 1,000 Type: CD United Bank $ 500 Type: CD WaterStone Bank SSB $ 1,000 Type: CD Trustco Bank $ 500 Type: CD North American Savings Bank $ 1,000 Type: CD S and T Bank $ 1,000 Type: CD HomeStreet Bank $ 500 Type: CD Sandy Spring Bank $ 1,000 Type: CD O Bee Credit Union $ 500 Type: CD Vio Bank $ 500 Type: CD Peoples Bank (peoplesbank-wa.com) $ 500 Type: CD Eastern Bank $ 500 Type: CD The Adirondack Trust Company $ 500 Type: CD Seacoast Commerce Bank $ 10,000 Type: CD PeoplesBank (bankatpeoples.com) $ 1,000 Type: CD Howard Bank $ 500 Type: CD Chemung Canal Trust Company $ 1,000 Type: CD Heritage Bank (heritagebanknw.com) $ 2,500 Type: CD National Exchange Bank and Trust $ 1,000 Type: CD MidFirst Bank $ 1,000 Type: CD Washington Federal $ 1,000 Type: CD Arvest Bank $ 1,000 Type: CD State Farm Bank (Rate in NY) $ 500 Type: CD Citizens and Northern Bank $ 1,000 Type: CD Tompkins Trust Company $ 1,000 Type: CD Pioneer Bank $ 500 Type: CD

Rates / Annual Percentage Yield terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit unions are member FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.

CD Rate History - Average APY (%) Rate Trend over Time

Chart

Rate Table Product : Select 6-Months CD 1-Year CD 1.5-Years CD 2-Years CD 3-Years CD 4-Years CD 5-Years CD Period : Select Past 3 Months Past 6 Months Past Year Past 2 Years Past 3 Years Past 4 Years Past 5 Years Past 6 Years Past 7 Years Average APY(%) Period -

5 years Product -

1 year Jun 2020 0.357% May 2020 0.429% Apr 2020 0.491% Mar 2020 0.522% Feb 2020 0.825% Jan 2020 0.846% Dec 2019 0.869% Nov 2019 0.857% Oct 2019 0.897% Sep 2019 0.948% Aug 2019 0.988% Jul 2019 1.091% Jun 2019 1.137% May 2019 1.129% Apr 2019 1.119% Mar 2019 1.144% Feb 2019 1.132% Jan 2019 1.119% Dec 2018 1.099% Nov 2018 1.066% Oct 2018 1.038% Sep 2018 0.995% Aug 2018 1.009% Jul 2018 0.998% Jun 2018 0.892% May 2018 0.832% Apr 2018 0.809% Mar 2018 0.779% Feb 2018 0.734% Jan 2018 0.645% Dec 2017 0.587% Nov 2017 0.569% Oct 2017 0.565% Sep 2017 0.538% Aug 2017 0.549% Jul 2017 0.523% Jun 2017 0.507% May 2017 0.495% Apr 2017 0.473% Mar 2017 0.477% Feb 2017 0.46% Jan 2017 0.429% Dec 2016 0.421% Nov 2016 0.415% Oct 2016 0.418% Sep 2016 0.425% Aug 2016 0.428% Jul 2016 0.396% Jun 2016 0.427% May 2016 0.436% Apr 2016 0.425% Mar 2016 0.402% Feb 2016 0.384% Jan 2016 0.387% Dec 2015 0.357% Nov 2015 0.346% Oct 2015 0.344% Sep 2015 0.348%

Disclosure: MoneyRates.com collects rates on a weekly basis and averages the last rate collected every month for each bank’s products to produce this dataset.

Current CD Rate Trends

In 2019, CD rates started to decline after rising steadily in recent years. This represented a turning point for CD rates.

The Federal Reserve announced reductions in the fed funds rate in August, September and October of 2019; but CD rates actually started to dip even before those rate cuts. A combination of concerns about the health of the economy and persistently low inflation contributed to the falling rate environment.

Long-term CD rates drop most

The drop in CD rates was especially steep for long-term CDs. This reflects caution on the part of banks. If rates are going to be falling, banks do not want to get caught having made commitments to pay higher rates on CDs with longer terms.

With long-term CD rates dropping more than short-term rates, the difference between long and short rates shrunk. While longer term rates are still markedly higher, the reward consumers get for committing to a CD with a longer term has been reduced.

Choices for consumers in 2020

Despite that reduced reward for choosing a long-term CD, a falling rate environment might encourage you to choose longer CD terms if you can afford to commit your money for a longer period of time. This would allow you to lock in rates before they fall any further.

Even if you use CD laddering to provide liquidity at regular intervals, you can adjust for a falling rate environment by weighting the long-term portions of your CD ladder more heavily than the short-term portions.

Times when interest rates are changing make it especially important to shop around before you open a CD account. When rates are on the move, banks offering CDs adjust their rates at different times and by different amounts. That can change where the best CD rates are to be found.

Looking ahead, the Federal Reserve has indicated it expects interest rates to level off somewhat in 2020. So, you may not see much more change in CD rates unless there is a big change in the economy. If the economy weakens, rates might start to drop again; but if growth or inflation strengthen, they could reverse direction and start to rise.

How CDs Work

Unless you are already familiar with CDs, understanding a little about how they work might help you decide which is best for you.

But first, what do these terms mean?

CD term, maturity date, minimum-balance requirement

As a reward for committing your money for a specified period of time, banks generally pay higher interest rates on CDs than savings accounts or money market accounts. In most cases, the longer you commit to a CD, the higher the interest rate will be.

The length of time you agree to commit your money for is known as the CD term. The date at which that term expires is known as the maturity date.

Some banks vary their CD interest rates depending on how much you deposit. In such cases, you have to meet a minimum-balance requirement in order to qualify for the advertised rate.

How long would my funds be unavailable?

CD terms come in a variety of lengths, with the most common ranges being as little as one month to five years.

But watch out for this:

If you want to take money out of the CD before the maturity date, you usually have to pay an early withdrawal penalty. That early withdrawal penalty is an important factor to consider before you lock your money up in a CD. While a longer commitment is an opportunity to earn more interest, it also limits access to your money. Having to pay an early withdrawal penalty may negate the rate advantage you gained by choosing a longer CD term.

How safe are CD investments?

Certificates of deposit offered by federally insured banks or credit unions are protected by deposit insurance from the FDIC. This covers up to $250,000 worth of deposits per customer at each participating financial institution.

But…

If you have more than one account, you can only be insured for a maximum of $250,000 across all accounts. You can, however, gain more insurance coverage by spreading accounts across different banks.

This applies to most CDs, but there are exceptions:

Some CD products have rates that vary under certain circumstances, and a few don't charge an early withdrawal penalty.

>> Learn about no-penalty CDs

However, these exceptions are fairly rare, so in most cases you will be dealing with the characteristics described above.

What Should You Look for When Choosing a CD?

You could spend all day comparing CDs, but you may wonder if there's a more efficient way to shop.

Here's how to narrow your search:

Select your CD term

The starting point for choosing a CD should be to decide how long you can afford to lock up your money. That makes it easier to compare rates based on the same CD length.

Most CDs are issued for uniform time periods such as 1-year, 3-years, 5-years, etc. But sometimes banks issue CDs with slightly irregular time periods such as 13 months rather than 1 year as a special promotion. These may meet your needs well enough to be included in your search.

The starting point for choosing a CD should be to decide how long you can afford to lock up your money. That makes it easier to compare rates based on the same CD length. Most CDs are issued for uniform time periods such as 1-year, 3-years, 5-years, etc. But sometimes banks issue CDs with slightly irregular time periods such as 13 months rather than 1 year as a special promotion. These may meet your needs well enough to be included in your search. Confirm deposit insurance

If you want full safety for your CD, you should limit your comparison-shopping to products backed by the FDIC (Federal Deposit Insurance Corporation).

Here's how to make sure the bank you choose is federally insured: FDIC-insured banks must display the FDIC emblem in their branches or, in the case of online-based banks, on their website. Credit unions have deposit insurance through the NCUA and are considered just as safe as traditional banks.

If you want full safety for your CD, you should limit your comparison-shopping to products backed by the FDIC (Federal Deposit Insurance Corporation). FDIC-insured banks must display the FDIC emblem in their branches or, in the case of online-based banks, on their website. Credit unions have deposit insurance through the NCUA and are considered just as safe as traditional banks. Investigate early withdrawal penalties

You should try to avoid paying an early withdrawal penalty by choosing a CD term that expires before you are likely to need to access your money.

However, it's still a good idea to compare early withdrawal penalties when choosing a CD just in case something goes wrong. If two CDs have roughly the same term and the same interest rate, it can be a good tie-breaker to choose the one with the lower early withdrawal penalty.

You should try to avoid paying an early withdrawal penalty by choosing a CD term that expires before you are likely to need to access your money. However, it's still a good idea to compare early withdrawal penalties when choosing a CD just in case something goes wrong. If two CDs have roughly the same term and the same interest rate, it can be a good tie-breaker to choose the one with the lower early withdrawal penalty. Compare fixed interest rates

Comparing interest rates is fairly straightforward if you are looking at CDs with the same term length. However, make sure that the rates you are comparing are fixed interest rates for the full term of the CD.

Also, compare annual percentage yield (APY) rather than just the ordinary interest rate because, when rates are fairly close, the bank's compounding method might make a difference as to which CD will pay you more interest.

Comparing interest rates is fairly straightforward if you are looking at CDs with the same term length. However, make sure that the rates you are comparing are fixed interest rates for the full term of the CD. Also, compare annual percentage yield (APY) rather than just the ordinary interest rate because, when rates are fairly close, the bank's compounding method might make a difference as to which CD will pay you more interest. Know the maturity date

Knowing the maturity date helps you confirm the length of the CD term and allows you to plan ahead for when you cash out your CD or roll it over into a new one.

Knowing the maturity date helps you confirm the length of the CD term and allows you to plan ahead for when you cash out your CD or roll it over into a new one. Verify minimum-balance requirements

The MoneyRates CD rate comparison tool above lets you to specify the size of the CD you want. This is important because you should base your rate-shopping on products that are available to your account size.

How We Track CD Rates

Though CD rates are locked in for the term of the CD, the rates banks offer on new CD accounts can change at any time. This is why MoneyRates actively researches CD rates from week to week to bring you the most current information available.

Researchers for MoneyRates regularly monitor close to a thousand CD products from hundreds of financial institutions. These CD accounts represent a range of different terms and minimum balances, giving you plenty of CDs to choose from in searching for one that will meet your needs.

Also, the rates collected by MoneyRates are sorted into different term-length categories and averages are calculated for each of those categories. These averages are used as the basis for the interactive rate trend chart found above. Those averages can give you some context in evaluating whether a given CD product's rates are above or below average.

What is a Certificate of Deposit (CD)?

A certificate of deposit (CD) is a type of deposit product that pays a fixed interest rate on your funds for a specific period of time. Interest rates on CDs are typically higher than for savings accounts because your principal is locked until the CD matures.

CD accounts are typically insured by the Federal Deposit Insurance Corporation (FDIC), depending on whether or not the institution is an FDIC member, making them low-risk investments for savers.

CDs vs. Other Savings Accounts

“Savings accounts, money market accounts, and certificates of deposit are different savings vehicles that can help you manage the liquid funds in your portfolio.

“It's important to choose the right kind of account for your financial needs and lifestyle, though. Picking the wrong account can lead to lackluster dividends, inconvenient access restrictions and hefty fees.

“It's not hard to decide which is right for you. All you need to know is what types of accounts are available, how they help you and how they differ.”

FAQs