Certificates of deposit (CDs) don’t get a lot of love in the financial press, but they are one of the safest ways to earn extra interest on your money without increasing your risk (other than the fact that you have to tie up your money for a longer period).
Below we offer a list of the best CD rates as of September 15, 2023. We have evaluated individual banks to show those with both the best short-term and long-term rates, so you can choose based on how long you are willing to commit to a CD (bolded rate = highest for that CD length). As of now, BMO Alto is a strong choice:
BMO Alto: No minimum deposit required. Rates:
- 5-Year 4.50% APY
- 3-Year: 4.50% APY
- 2-Year: 4.75% APY
- 1-Year: 5.40% APY
- 6-Month: 5.20 APY
Barclays Bank: No minimum deposit required. Rates:
- 5-Year 4.50% APY
- 3-Year: 4.50% APY
- 2-Year: 4.60% APY
- 1-Year: 5.15% APY
Synchrony Bank: No minimum balance. Rates:
- 5-Year: 4.00% APY
- 3-Year: 4.30% APY
- 2-Year: 4.40% APY
- 1-Year: 5.10% APY
- 6-Month: 4.90% APY
Marcus by Goldman Sachs: Minimum balance of $500. Rates:
- 5-Year: 3.80% APY
- 3-Year: 4.30% APY
- 2-Year: 4.40% APY
- 1-Year: 5.10% APY
- 6-Month: 4.90% APY
Ally Bank: No minimum deposit required. Rates:
- 5-Year: 4.10% APY
- 3-Year: 4.25% APY
- 1-Year: 4.85% APY
- 6-Month: 3.50% APY
Discover Bank: Minimum deposit of $2500. Rates:
- 5-Year: 4.00% APY
- 3-Year: 4.30% APY
- 2-Year: 4.30% APY
- 1-Year: 4.85% APY
- 6-Month: 3.40% APY
EverBank: Minimum deposit of $1000. Rates:
- 5-Year: 3.95% APY
- 3-Year: 4.10% APY
- 2-Year: 4.40% APY
- 1-Year: 5.00% APY
- 6-Month: 4.00% APY