A certificate of deposit is probably your best bet if you want to get back a bit of interest, but don’t want to take any risks with your money. As long as you choose a good bank that is FDIC-insured, you really can’t go wrong with a CD. The goal, of course, is to put your savings money into an account and let it set untouched for a period of time, usually about a year. These days, the top bank CD rates are usually found online.
Unlike with a savings account, you really can’t withdraw the money before the term of the CD is up. The plus side is that you will be rewarded with a higher APY as long as you keep it in there as promised.
Here is a list of some of the top CD rates with online banks and credit unions right now:
America First Federal Credit Union
AmFirst offers “Shared Certificates” that have terms ranging from 91 days to 60 months, and require a minimum deposit of $500. The dividends could be paid monthly, quarterly, or at maturity, depending on your account. For a 3 year term, expect an APY averaging around 2.20% – 2.30%.
American Express National Bank
Since it operates online, AMEX National Bank is able to offer top bank CD rates. It has no branches and does not offer ATM cards. Terms for the CDs range from 6-months to 60-months, with rates ranging from 0.40% – 2.15%. While withdrawals of interest prior to the maturity date are permissible, they will reduce your overall earnings. This is a great bank if you’re looking to make a one-time deposit and just let your money sit and earn interest for the fixed period.
Mountain America Credit Union
Serving the western states, this credit union offers some of the best long-term investments and APY %. A 6-month certificate could earn you 1.50%, and that rate only climbs for longer terms. Choose between a Certificate account with $500 minimum requirement (with bump option) or Growth certificate with $5 minimum (no bump option) and automated monthly deposit of $10 or more.
Marcus by Goldman Sachs
The Marcus Certificate makes the list of top bank CD rates due to its “10 Day Rate guarantee”. Open up a CD and make the minimum deposit (at least $500) within the first 10 days, and if the rate on that selected term goes up, you will get the increased rate automatically. As of right now, the APY % on a 6-month term is 0.60%, and for a 6-year term, 2.20% APY.
This almost always makes the list of “top bank CD rates” due to its flexible options and high APY%. There are “Term CDs”, “No Penalty CDs”, “Jumbo CDs”, and the “RampUp CDs” which is available for existing customers. The Jumbo CDs require a minimum of $100,000 to open. The Term CDs require a minimum of $1,000. The No Penalty CDs are just that – certificate of deposit accounts that include access to your funds, and an APY of 1.70%.