Quontic Bank
4.5
Overview
Quontic Bank offers six terms of CDs, ranging from three months to five years, that require $500 to open. The rates for all six terms are very competitive.
Best CD rates of November 2024 (Up to 5.00%)
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Updated Oct. 28, 2024
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Opening a certificate of deposit (CD) allows you to lock in an attractive fixed rate and earn higher returns compared to traditional savings accounts, while providing FDIC or NCUA insurance protection and guaranteed growth for a set period of time. Currently, the best CD rates range from 4.30 percent APY to 5.00 percent APY. This top rate is offered by Amerant for a 6-month term, and is roughly three times higher than the national average of 1.76 percent on a one-year CD. Before opening a certificate of deposit, be sure to read expert advice and tips below to ensure a financially safe decision.
Bankrate's picks for top CD rates
- Quontic Bank — 3 months - 5 years, 3.00% – 4.95% APY, $500 minimum deposit
- America First Credit Union — 3 months - 5 years, 3.85% – 4.70% APY, $500 minimum deposit
- Barclays Bank — 6 months - 5 years, 3.00% – 4.50% APY, no minimum deposit
- Capital One — 6 months - 5 years, 3.50% – 4.50% APY, no minimum deposit
- Popular Direct — 3 months - 5 years, 3.40% – 4.50% APY, $10,000 minimum deposit
- Vio Bank — 6 months - 5 years, 2.75% – 4.30% APY, $500 minimum deposit
- Citizens Access — 1 year - 5 years, 3.00% – 4.25% APY, $5,000 minimum deposit
- Synchrony Bank — 3 months - 5 years, 0.25% – 4.20% APY, no minimum deposit
- Marcus by Goldman Sachs — 6 months - 5 years, 3.80% – 4.20% APY, $500 minimum deposit
- Sallie Mae Bank — 6 months - 5 years, 3.60% – 4.10% APY, $2,500 minimum deposit
Note: Annual percentage yields (APYs) shown were updated between Oct. 26 and Nov. 1. All other information is current as of Oct. 28. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current 1 year CD trends
Bankrate Partner average
4.19% APY
National average
1.76% APY
The "Bankrate Partner average" is calculated from the average of the top savings
account offers from the institutions we track, included on this page as of 11/2/2024. "National average"
is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
Best CD rates from top banks for November 2024
Note: Annual percentage yields (APYs) shown were updated between Oct. 26 and Nov. 1. All other information is current as of Oct. 28. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
America First Credit Union
5.0
Overview
America First Credit Union offers a wide range of CD terms between three and 60 months, and all earn rates that are highly competitive. Also offered are specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a manageable minimum opening deposit.
Barclays Bank
4.9
Overview
Barclays is an online bank popular for its credit cards, but it also offers CDs and an online savings account. Barclays offers seven terms of CDs ranging from six months to five years.
Capital One
4.9
Overview
Capital One offers CDs with terms as short as six months or as long as five years. These CDs have no minimum opening deposit and the bank offers competitive yields.
Popular Direct
4.0
Overview
Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 130-year-old financial services company. Popular Direct was previously known as Banco Popular North America.
Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.
Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.
Vio Bank
4.6
Overview
Vio Bank offers traditional CDs with terms ranging from six months to 10 years, an extensive variety compared to some other banks. The minimum deposit for each account is relatively low at $500. CDs automatically renew once they mature following a 10 day grace period. Yields are competitive for all CDs, but Vio’s highest APYs are for CDs with terms of three years or less.
Citizens Access
4.2
Overview
Citizens Access offers six terms of CDs that all require at least a $5,000 deposit. Citizens’ CD terms range from one-year to five-years.
Synchrony Bank
4.9
Overview
Synchrony Bank offers many regular CDs ranging from three months to five years. It also added a no-penalty CD and a bump-up CD earlier this year. Synchrony Bank also offers IRA CDs.
Marcus by Goldman Sachs
4.9
Overview
Marcus by Goldman Sachs offers a competitive yield on its CDs. It offers a variety of CD terms and CD types. Its regular CD terms range from a six-month CD to a six-year CD.
In addition to its nine terms of regular CDs, it also offers three no-penalty CDs and a rate-bump CD.
All of these CDs have a $500 minimum deposit requirement.
In addition to its nine terms of regular CDs, it also offers three no-penalty CDs and a rate-bump CD.
All of these CDs have a $500 minimum deposit requirement.
Sallie Mae Bank
3.8
Overview
Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account and private student loans. It offers a competitive yield on its deposit products.
Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Bankrate's expertise
Bankrate’s trusted industry knowledge
Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.
48 years
of industry experience
3 k
deposits rates tracked
120
banks reviewed
Recent news on CD rates
Officials cut interest rates by a half-percentage point at the Federal Reserve’s rate-setting meeting on Sept. 18, lowering the target range for the Fed’s key benchmark interest rate to 4.75-5 percent.
CD rates peaked in late 2023, after rising alongside 11 Federal Reserve interest rate hikes in 2022 and 2023 to combat high inflation. Inflation has come down from its peak of 9.1 percent in June 2022 to 2.4 percent in September 2024. CD rates have been decreasing gradually throughout 2024, as banks anticipated Fed rate cuts amidst cooling inflation and signs of a weakening job market.
Even when factoring in recent rate decreases, competitive CD rates are still around three times greater than the national average CD rates. What’s more, high-yielding CD rates continue to outpace the rate of inflation.
When looking for a CD, seek a competitive interest rate, a term length that works for you, and FDIC or NCUA insurance coverage. Also familiarize yourself with early withdrawal penalties to avoid potentially losing money.
National average interest rates for CDs
Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average. Here are the current average rates as of Nov. 2, according to Bankrate's most recent survey of institutions:
| CD term | CD national average APY |
|---|---|
| 1 year | 1.76% |
| 2 year | 1.52% |
| 3 year | 1.42% |
| 4 year | 1.44% |
| 5 year | 1.42% |
What our industry experts are saying
Taylor Kovar
CFP, founder and CEO of 11 Financial
Fed rate cuts typically have a direct impact on CD rates. When the Federal Reserve lowers interest rates, banks often respond by reducing the rates they offer on CDs. This means that if you’re looking to invest in a CD, it’s essential to lock in rates before any anticipated cuts, as the returns on new CDs may decrease following a rate reduction. As for where CD rates will trend in the remainder of 2024, I expect them to stabilize or even slightly decline if the Fed continues to lower rates to stimulate the economy. However, competition among banks could also drive rates up as they seek to attract deposits. It's crucial for consumers to keep an eye on economic indicators and bank offers, as rates can vary significantly based on market conditions and individual bank strategies.
Current promotional CD rates
Some banks have promotional CD rates. There might be certain restrictions on these CDs. For instance, you might have to bring money from outside the bank to be eligible for this APY. Promotional CDs may renew at a different term and at a different APY. (That APY is likely to not be known when you purchase a promotional CD.)
Even some of the largest banks might have some featured CD rates.
| Bank name | CD product | APY | Available until* |
|---|---|---|---|
| U.S. Bank | 7-month CD | 4.55% APY | N/A |
| Wells Fargo | 7-month CD | 4.25% APY | N/A |
| PenFed Credit Union | 18-month CD | 4.00% APY | N/A |
*It’s possible for these offers to end sooner.
These promotional CDs might not be available in certain areas. APYs for some products may vary by region. The CD may renew for a different term. The promotional offers are as of Aug. 16.
Compare top CD rates today by term
When you open a CD, selecting a term is an important step. The term is the length of time that the money stays stashed in the account. For example, opening a CD with a one-year term means you’re making a commitment to the bank that you’ll keep your money in the account for one year.
Here’s where you’ll find some of the top yielding CDs by term.
| Institution | APY | Min. deposit |
|---|---|---|
| Quontic Bank | 4.95% APY | $500 |
| America First Credit Union | 4.70% APY | $500 |
| Popular Direct | 4.50% APY | $10,000 |
| Institution | APY | Min. deposit |
|---|---|---|
| Bank5 Connect | 4.85% APY | $500 |
| Bask Bank | 4.70% APY | $1,000 |
| Limelight Bank | 4.65% APY | $1,000 |
| Institution | APY | Min. deposit |
|---|---|---|
| America First Credit Union | 4.50% APY | $500 |
| Limelight Bank | 4.50% APY | $1,000 |
| CIBC Bank USA | 4.43% APY | $1,000 |
| Institution | APY | Min. deposit |
|---|---|---|
| SchoolsFirst Federal Credit Union | 4.20% APY | $500 |
| America First Credit Union | 4.00% APY | $500 |
| Limelight Bank | 3.95% APY | $1,000 |
| Institution | APY | Min. deposit |
|---|---|---|
| SchoolsFirst Federal Credit Union | 4.35% APY | $500 |
| Synchrony Bank | 4.00% APY | $0 |
| America First Credit Union | 3.90% APY | $500 |
Note: Annual percentage yields (APYs) shown were updated between Oct. 26 and Nov. 1. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
How to choose the best CD for you
The top three things to look for when choosing a CD are:
Learn more:
What is a CD?
Types of CDs
Banks and credit unions offer a wide range of CDs to fit different financial needs. Take some time to consider which type of CD is best for you.
Traditional CDs are the most common type of CD, and they earn a fixed APY for the entire term. These CDs usually don’t allow you to add more funds after your opening deposit, and they also tend to have strict early withdrawal penalties.
If you withdraw from a CD before it matures, the penalty is usually equal to the amount of interest earned during a certain period of time. For instance, a bank may impose a penalty of 90 days of simple interest on a one-year CD if you withdraw from that CD before the year is up.
When this CD makes sense: Traditional CDs are a good choice if you know exactly when you’ll need the money and there’s no chance of needing it before the term is up. They’re often good for CD ladders or other CD investing strategies in which timing is important.
Most CDs charge you a penalty for accessing the funds before the term is up. However, some banks offer no-penalty CDs — also known as liquid CDs — which allow you to withdraw the money early without being charged a penalty.
A bank may require that you wait at least some time after opening a no-penalty CD — generally around six or seven days — before you’re able to withdraw from the CD, and some banks don’t allow for partial withdrawals. No-penalty CD rates tend to be lower than regular CD rates, but they can be better than some high-yield savings account or money market account rates.
When this CD makes sense: Consider a no-penalty CD if you don’t plan to withdraw the money before the CD matures, but you want to keep some flexibility in case you need access to the funds. As a result, you’re willing to give up a little return for added liquidity.
Bump-up CDs enable you to request an increase in your rate during the CD term under certain conditions. Banks that offer this CD usually allow just one bump-up per term. For example, you may open a three-year CD at a given rate, and the bank offers an additional half-point rate increase when you’re one year into the term. With a bump-up CD, you can request a rate increase for the remainder of the term. Like no-penalty CDs, bump-up CDs often pay lower rates than traditional CDs.
When this CD makes sense: A bump-up CD could be a good option if rates are expected to rise significantly during the term of the CD. Otherwise, you’re likely accepting a lower rate for limited potential upside.
Who should get a CD?
A CD is useful when you want to earn a consistent, fixed yield on your lump sum of cash over the term of your savings account, especially if interest rates are declining. It also encourages you to be disciplined in leaving your money untouched as it earns interest because a CD is a time deposit account and imposes an early withdrawal penalty if you withdraw your funds before the CD matures.
A good time to open a CD is when you have a lump sum of money that you want to sock away for a specific period of time in the hopes of consistently growing interest. Also, it’s worth opening a CD when you know you have a specific timeframe in mind when you think you’ll need this money. A six-month CD, for example, could be a good place to put your money aside for an insurance premium that’s due in eight months.
Learn more:
How to build a CD ladder
Pros and cons of CDs
Before you choose a CD, weigh the pros and cons to ensure you're making the right investment choice for your financial situation.
Pros
-
Some CDs earn a higher APY than money market accounts or savings accounts.
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CDs are a good place to store funds that you don’t want to be able to dip into too easily.
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CDs can help you separate money for financial goals or future expenses.
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Deposit insurance covers accounts at FDIC banks and NCUA credit unions up to at least $250,000.
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A CD can diversify your savings plan with a guaranteed rate.
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Your principal remains intact if you keep your money in a CD for the full term.
Cons
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CDs tie up your money for a potentially long period of time.
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Many CDs have early withdrawal penalties.
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Money committed to a CD could end up earning a lackluster yield if rates rise substantially. The early withdrawal penalty may negate any benefit of switching to a higher-yielding CD, however.
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You could potentially earn better rates of return in the stock market or by investing in other securities.
Alternatives to CDs
Traditional savings account
This account typically earns a low yield that’s usually at or below the national average.
High-yield savings account
This account tends to earn a yield currently of about seven times higher than the national average. At online-only banks, these accounts often won’t have monthly service fees or minimum balance requirements.
Money market account
This is an interest-bearing account available at both banks and credit unions which is similar to a savings account, but also offers some checking account features.
Short-term bond funds
These funds, be they exchange-traded funds (ETFs) or mutual funds, typically invest in government and corporate bonds. Short-term bond funds typically have durations of one to three and a half years, according to Fidelity.
CD FAQs
Research methodology
Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.
The banks and credit unions on this page are selected based on popularity, Bankrate’s review score and CD APYs. The listings are ordered based on Bankrate’s scoring system, and ties are broken through minimum balance requirements and then alphabetical order.
Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.
Learn more
Calculate your CD earnings
Estimate how much money you will earn with a fixed APY when your CD matures.
Pros and cons of CD investing
Weigh the benefits and drawbacks of CD accounts to determine if this savings strategy is right for you.
Daily CD rate trends
Stay informed about today's highest CD yields and what banks and credit unions offer them.