Here are some tips for choosing the best CD account for you. Credit unions offer a similar type of account called a “share certificate,” which pays dividends rather than interest-but works the same way and is insured through the National Credit Union Administration (NCUA).įinding the best CD account for you starts with understanding what you need and researching what different banks have to offer.

There are many options for opening CD accounts, including online banks and brick-and-mortar banks.

How to select the best CD account for you We only included those that insure deposits through the FDIC. Our final rankings reflect the best CD accounts that are available online, from both online-only and traditional banking institutions. In creating our rankings, we also considered the minimum deposit requirements to open a CD and the range of terms offered. We chose the best CD rates based on which banks offered the highest APYs as of December 1st, 2023. We've rounded up the best CD rates available now to help you grow your savings. If you're hoping to get the most interest for your money, it's important to know which banks and credit unions offer the best CD rates. The best CD overall is the one that offers a term you're comfortable with, while paying the highest possible rate. Those CD terms are often the sweet spot for earning the highest yields, though banks can sometimes offer higher rates on shorter or long-term CDs. Some of the best CD rates are available with nine- and 12-month CDs. With rate cuts expected to come in 2024, now may be an ideal time to consider opening one or more CD accounts to cash in on impressive yields. The Federal Reserve has raised the federal funds rate 11 times since March of 2022, pushing CD rates to highs that haven't been seen in years. A savings account offers a secure way to grow your money, but the current interest rate environment is making CDs an attractive choice.

Best cd interest rates today