Easy online banking via the EverBank website and mobile app.

12-month CD Annual Percentage Yield (APY).

Minimum deposit amount needed to open a CD.

To determine the best CD accounts available in the market, GOBankingRates ranked nearly 65 banks based on a number of factors, including: There are some things to consider, however, before opening up a CD, as the terms of the agreement are specific. Like a traditional savings account, they are a safe investment established through a bank or credit union, but generally CDs have higher interest rates - currently more than 4% - allowing you to make more on your return. Any product recommendations on GOBankingRates are independent and based on research and product testing.ĬDs, also known as certificates of deposit, are a great way to capitalize on your savings potential. Our reporters produce fresh and accurate content that is objective and ethically sound. But you can ignore those details by simply comparing each bank’s APY, which includes compounding.At GOBankingRates, we’re deeply invested in the quality of our content. All other things being equal, more frequent compounding is best. If you have a relatively small account balance, a difference of a few tenths of a percent may not make much difference and there may be other factors that are more important to you.Īs you compare banks, you may notice language about compounding frequency (daily or monthly compounding, for example). Weigh the pros and cons of liquid CDs.Ĭalculate how much extra you can earn by getting the highest rate available, and decide if that’s what you really need.

Penalties: Examine the early-withdrawal penalties, and evaluate how likely it is that you’ll need to cash out early.

This fee is usually small, but it’s one more hoop you have to jump through to get the CD.

Joining fees: All of the credit unions we include on our best CD lists are available nationwide, but sometimes you’re required to make a donation to an organization in order to join the credit union.

Anything you pay will reduce your earnings.

Fees: Monthly fees in CD accounts are rare, but it's smart to verify that you won't pay additional charges to use a CD.

Minimum deposit: How much do you need to invest to use a CD? Some banks do not set any minimum, while others might require more than $1,000 to get started.

That quote takes compounding frequency into account and helps you make an apples-to-apples comparison. The easiest way to compare rates is to use the annual percentage yield (APY), which banks typically provide for you.

Interest rate: The higher the rate, the faster your money grows.Pay careful attention to the features below. As you shop among banks, find a CD that’s the best fit for your finances.

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