Best High Yield CD Accounts of 2023
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- National 1 Year CD Rate Average*: 1.82%
- See almost 5x higher rates from our partners
FEATURED
15 Month CD
APY
4.30%
Details
- CD Account
- Term: 15 Months
- $0 minimum balance
- 4.30% APY
- See Site for Details
On Synchrony Bank’s Secure Site, Member FDIC
12 Month CD
APY
4.15%
Details
- CD Account
- Term: 12 Months
- $1 Minimum balance
- 4.15% APY
On Capital One’s, Secure Site, Member FDIC
12 Month CD
APY
4.40%
Details
- CD Account
- $500 Minimum balance
- Term: 12 Months
- 4.40% APY
- Contact Center Available 24/7
- 10-Day CD Rate Guarantee. Details on Site.
On Marcus by Goldman Sachs’ Secure Site, Member FDIC
12 Month CD
APY
4.45%
Details
- CD Account
- $500 Minimum balance
- Term: 12 Months
- 4.45% APY
- Open account in 3 minutes or less
On Quontic Bank’s Secure Site, Member FDIC
What to Look for in a Certificate of Deposit Account
It’s always wise to compare your options when opening a new certificate of deposit account.
Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawl your funds before the term is complete.
Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.
2. Term Length
Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.
This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.
Therefore, you need to decide when you’ll need these funds again.
For any term less than a year, we recommend a high-yield savings account.
If this is your first CD account, we recommend starting with a 12 month term.
If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.
3. Required Initial Deposit
Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.
While others require much more than $500 to open the account.
Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.
*National Savings Rate Average as published by FDIC