Bank Savings

Top Online CD Rates from Banks and Credit Unions – Overview of Offers, Terms, Benefits, & More

You will find the top online CD rates at online banks and credit unions. They tend to offer better terms, higher APY %s, and reasonably-low minimum deposit requirements than the traditional banks. As a result, CDs are worthwhile investments for those who want little to no risk.

However, keep in mind that when you put money in a CD account, you will be required to keep it in that account for a specific amount of time. The online banks offer several different terms to choose from, each with its requirements and APY.

Since dozens of online banks and credit unions offer great rates, you might not know where to start. However, here are some of the top online CD rates right now:

First National Bank of America

It’s straightforward to start a CD account online through this bank. Open up a new account in under 5 minutes. Terms are available from 1 – 7 years, and the APY % can get up to 1.25% for a 60-month term account.

PenFed Credit Union

Instead of putting your money into a credit union, then PenFed is an excellent choice. Interest rates range from 0.45 – 1.50% right now. The term options start at 6-months and go all the way up to 7-years. There is a minimum deposit requirement of $1,000.

Lafayette Federal Credit Union

This credit union is ideal for those looking for top online CD rates but don’t have $1.000 or more to spend on the deposit. There is a $500 minimum deposit requirement for the Fixed-Rate accounts and $50 for the Share Certificate accounts. LFCU also offers fixed-rate and variable IRA certificates, which are ideal for those who want to save up for an IRA.


What makes Axos stand out isn’t its top online CD rates but the flexibility customers get with their terms. There are terms available from 3-months to 60-months, and there are zero setup and maintenance fees. The APY varies but is around 0.20% right now. At the end of the term, there is a 10-day grace period until the auto-renewal kicks in.

CIT Bank

While there are several types of CD accounts, the Jumbo CDs, in particular, are perhaps this bank’s best offering. The 2-year and 3-year Jumbo CD each comes with a 0.40% APY, and a 4-year Jumbo CD and 5-year CD each carries a 0.50% APY. In addition, there is daily compounding interest, and the money is FDIC-insured.

These are among the best banks/credit unions to find the top online CD rates right now.

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