For the past few months, I've maintained this list of CD rates by hand. That worked fine for a while, but interest rates change often, and I prefer spending my time writing about personal finance.
Now, you can find daily rate updates on the highest cd rates using the certificate of deposit rate finder here. This tool monitors rates from over 200 banks and displays the top 50 highest rates.
The original post that discusses different Bank CD rate offerings will still be updated on a regular basis.
Now, you can find daily rate updates on the highest cd rates using the certificate of deposit rate finder here. This tool monitors rates from over 200 banks and displays the top 50 highest rates.
The original post that discusses different Bank CD rate offerings will still be updated on a regular basis.
| Institution | Term | Rate | APY | Min. To Earn APY | Details |
|---|---|---|---|---|---|
| Navy Federal Credit Union Rates as of May. 17th | 1 year | 3.00% | $50 | Special Easy Start Certificate-$3,000 maximum balance-must have direct deposit of net pay-Navy FCU checking and monthly automatic deposit of at least $15-See site for membership eligibility details. | |
| Connexus Credit Union Rates as of May. 17th | 1 year | 1.75% | $10,000 | Rate available with active checking account - membership is available nationwide - may become a member and open account online - contact credit union for details - credit union located in Wisconsin | |
| Atlas Bank Rates as of May. 17th | 1 year | 1.50% | 1.51% | $2,500 | 12 month CD - must open account in person - NY market area |
| Community Bank (nevadacb.com) Rates as of May. 17th | 1 year | 1.50% | 1.50% | $1,000 | Located in Iowa |
| Melrose Credit Union Rates as of May. 17th | 1 year | 1.40% | 1.41% | $5,000 | Share Certificate - contact Melrose CU for opening paperwork |
Version of Original Post Below
The Online CD rates (certificate of deposit) on this page are current as of 17 May 2011.
Certificates of deposit (often simply called CDs) are time deposits. You give your money to a bank and then promise not to touch it for a specific length of time. In general, the longer you agree to let the bank keep your money, the higher the interest rate you’ll receive. And historically, the best CD rates generally pay more interest than you can earn in a high yield savings account.
As we’ve seen recently, the rate of personal savings are increasing. But also recently, the active commenters on my high interest savings account page have become discouraged. Interest rates continue to drop, and they feel like they’re not getting good value for their money. “I’m now considering just getting a CD because I’m so sick of all this nonsense with the daily savings account rates!” DreaDrea wrote.
Current CD rates have also fallen, but remain high in some corners. For those hoping to eke the best return from their cash reserves, online CDs could be a great choice. To make the savings die-hards happy, I did some research on current CD rates from popular online banks. Here’s what I found.
Note: If you’re new to CDs, you can take a crash course on the subject by reading how to put your savings on steroids with certificates of deposit.
I didn’t know much about CDs until I won a $1,000 certificate of deposit, but its six month term is due to expire. It’s time for me to decide where I should put that money next. CD rates at ING have fallen since October; a 6-month CD would now only yield 0.75%!| Ally Bank CD Rates | ||
|---|---|---|
| Term | APY | Minimum |
| 3 months | 0.49% | none |
| 6 months | 0.94% | none |
| 9 months | 0.95% | none |
| 12 months | 1.20% | none |
| 18 months | 1.30% | none |
| 36 months | 1.80% | none |
| 48 months | 2.04% | none |
| 60 months | 2.39% | none |
Savings account: 1.00% | ||
| Everbank CD Rates | ||
|---|---|---|
| Term | APY | Minimum |
| 3 months | 0.45% | $1500 |
| 6 or 9 months | 0.61% | $1500 |
| 12 months | 1.01% | $1500 |
| 18 months | 1.23% | $1500 |
| 24 months | 1.36% | $1500 |
| 30 or 36 months | 1.30% | $1500 |
| 48 months | 1.94% | $1500 |
| 60 months | 2.59% | $1500 |
Savings account: 1.26% (3 month bonus rate) | ||
| ING Direct CD Rates | ||
|---|---|---|
| Term | APY | Minimum |
| 6, 9, 12, or 18 months | 0.75% | $0 |
| 24 months | 1.00% | $0 |
| 30, 36, 48 or 60 months | 1.25% | $0 |
Savings account: 1.00% | ||
| HSBC Advance CD Rates | ||
|---|---|---|
| Term | APY | Minimum |
| 6 or 9 months | 0.10% | $1,000 |
| 12 or 18 months | 0.20% | $1,000 |
| 24, 30 or 36 months | 0.35% | $1,000 |
| 48 months | 0.80% | $1,000 |
Savings account: 0.80% | ||
| Capital One CD Rates | ||
|---|---|---|
| Term | APY | Minimum |
| 6 months | 0.25% | $5,000 |
| 12 months | 0.50% | $5,000 |
| 18, 24 or 30 months | 0.75% | $5,000 |
| 36 months | 1.10% | $5,000 |
| 48 months | 1.25% | $5,000 |
| 60 months | 1.75% | $5,000 |
| 84 months | 2.30% | $5,000 |
| 120 months | 3.00% | $5,000 |
Savings account: 1.10% | ||
One question I have — and maybe I’m missing something here — is why would anybody open a CD at HSBC Direct, for example, when their high-interest savings account yields more? And though savings rates might drop a little lower, they’re likely to increase long-term, right? So, why would I want to lock myself into a low CD rate when I expect savings accounts to go up by the end of the year?
Can anyone explain this to me?
As I say, I’m new to online certificates of deposit. Are there things I’m not considering? Should I be looking for factors other than the best CD rates? (I’m tempted to just remain with ING Direct — or to move money over to my credit union.) Have you held certificates of deposit at any of these banks? Are there other banks that should be considered?
Have you been able to find CD rates that are even better than the ones listed here? If so, please let us know. Don’t forget to include all the details: name of the bank, state, rate, when you opened this account with this rate and whether one can you open an account online or have to come in person. I’d like to find the best CD rates to share with Get Rich Slowly readers.
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