Bank Savings

Best Certificate of Deposit Interest Rates: Overview of the Best Online Banks and Credit Unions in Early 2022

It’s almost impossible to believe, but it’s the start of a new year again. Suppose you’re looking over your yearly finances. In that case, it might be time to look into setting some money aside and placing it in a secure bank account. Choose a bank that offers some of the best certificate of deposit interest rates and decide on an ideal term limit for your money, and let it accumulate that interest.

There are 100+ financial service providers, institutions, etc., that offer CD products. Still, not all offer high APY % or good customer service. Security is also essential as you want to make sure your money will be with an institution backed by the FDIC or a related federal entity. On top of that, the bank or credit union you choose should use state-of-the-art internet security protocols on its website and through its digital services.

Here is a glance at some of the best certificate of deposit interest rates being offered online now (note – they are subject to change):

Navy Federal Credit Union

Suppose you don’t feel comfortable putting your money in an account for an entire year or more. In that case, the Navy Federal Credit Union offers 0.40% – 0.45% APY for 3-month terms. The 0.40% is for accounts that have a minimum of $1,000. An added benefit is the opportunity to renew the CD after the maturation date if you wish to.

Quontic Bank CD

Don’t have $1,000? Quontic Bank offers accounts that require a $500 minimum, although to qualify for the .60% APY, you’ll have to agree to a 1-year term. For 6-months, get a 0.50% APY. If you can leave the money in long enough for a 5-year term, get 1.20% APY, which is among the industry’s best certificate of deposit interest rates.

Ally Bank

This online bank is pretty popular. One of the reasons is that they offer a no-penalty CD account, which allows the customer to withdraw all of the money any time, after the first six days (of the funding date). This type of account comes with a 0.50% APY. Get an even higher APY % by opting for a High-Yield or “Raise Your Rate” CD.

CIT Bank

(Note: do not get this one mixed up with CITI. It’s an entirely different bank). Another online bank that offers a no-penalty CD is CIT Bank. There are no penalty fees or opening/maintenance fees to worry about. Choose from several other Certificate of Deposit accounts, including RampUp, Term, and Jumbo. APY %s range from .30% – to .50%.

CIT Bank is probably the best choice overall for the best certificate of deposit interest rates for the time being due to its flexibility, security, and ease of use.

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