It’s not all that difficult to obtain a good CD rate these days, with all of the online banks trying to outdo each other by making their offers seem as enticing as possible. Just pick a few banks that you think you might want to put your money into and check their APY to learn the top CD rates.
The highest APY might not necessarily be the best option for you, depending on the terms and conditions. It might just be a temporary introductory rate that won’t last for long, or you might be expected to pay unnecessary fees. Whatever the case, here are some of the top CD rates you’ll find online as 2019 nears its end.
Marcus (by Goldman Sachs)
This is the online consumer bank of the notorious Goldman Sachs. The funds are FDIC insured, and the brand offers competitive rates. You don’t need a particularly high minimum deposit, and the APY varies depending on the length of the term. Right now, get around a 2.15% APY for a 5-year CD or 1.65% APY for a 13-month CD (no-penalties).
There are a variety of CD and term options with this bank, and you can apply online or in person if there is an office near you. For 2 months all the way up to 3 years, get an APY of 1.50% (this rate is usually subject to change). Pay no maintenance fees and get 24/7 access to the status of your CDs online.
Those who don’t live in the New York / NJ areas can open an account with the Investors Bank online via “eAccess” and get top CD rates. You can open an account with as low as $500 and get an APY rate of 1.80%. The money is FDIC insured up to $250,000. Keep your money in the account for as short as 6-months.
Next up is the Wheelhouse Credit Union. If you want to open up a CD account with a Credit Union, this one is an excellent choice. For a limited time, it is offering up to 2.50% APY on accounts with an 11-month certificated, and up to 2.75% APY on accounts with a 22-month certificate. However, to qualify for this promotion, you’ll need a minimum deposit of $1,000.
CIT Bank is probably your best option overall as far as the top CD rates go. While it doesn’t always offer the highest rates, it is a very reliable and safe place to put your money. If you have short-term goals of 6-months to 18-months, you’ll need to make a $1,000+ deposit. There are absolutely no surprise fees, and you’ll have daily compounding interest to maximize the earning potential. Everything is always FDIC-insured.