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Best CD Rates of 2023
By: Conor Keenan Last updated on December 3, 2023
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.
Editorial Freedom: The opinions, reviews, or recommendations expressed in any article by our editorial team are not endorsed by any financial institution or partner. Our editorial team's content is not provided or commissioned by any financial institution or our partners herein.
Right now, banks are offering some of the highest APYs in decades. It’s your time to cash in on these returns.
Check out the best CDs recommended by our experts below, open your new account today and start taking advantage of compound interest now.
4.20% APY
On U.S. Bank National Association's
Secure Site, Member FDIC
Best For: Shorter Term + Branch Access
Term: 7 Months
U.S. Bank offers a 7 month CD with up to 4.20% APY with no monthly fees and $1,000 initial deposit.
Rates vary by state & zip code.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.
See U.S. Bank's Secure Site For More Details.
5.20% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 12 Months
Discover Bank offers 5.20% APY with no monthly fees and $2,500 initial deposit on their 12 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily so lock in your 12 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
High APY
5.70% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: Shorter Term + High APY
Term: 6 Months
Western Alliance Bank offers 5.70% APY exclusively through the Raisin Platform on their 6 month CD.
Interest compounds daily and is posted to your account monthly.
This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
Compare With
Not Recommended
0.05% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 6 Months
Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.05% APY on their 6 month CD.
In order to receive that 0.05% APY, you need to deposit at least $10,000. Chase offers a lower minimum deposit of $1,000 but only offers 0.02% APR for that tier.
You must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY
Because of the bottom barrel APY, we don't recommend you opening a CD with Chase Bank.
No Penalty CD
4.90% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: No Penalty Fees + High APY Interest Rates
Term: 11 Months
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They currently offer 4.90% APY on their 11 Month No Penalty CD with no monthly fees.
There is no penalty to access funds if needed before maturity.
You can open a CIT Bank 11 Month No Penalty CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.
See CIT Bank's Secure Site For More Details.
Compare With
Not Recommended
1.50% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their CD accounts.
They currently offer a sad 1.50% APY on their 12 Month CD.
They require a minimum opening deposit of $2,500 and depending on where you live, your interest rate may vary as rates vary from state to state.
Because of the bottom barrel APY and varying rates by state, we don't recommend you opening a savings account with Wells Fargo.
High APY Rate
5.51% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: High APY From a Top Performing Bank
Term: 12 Months
Western Alliance Bank offers 5.51% APY exclusively through the Raisin Platform on their 12 month CD.
Interest compounds daily and is posted to your account monthly.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
5.25%
On Valley Direct's Secure Site,
Member FDIC
Best For: High APY From a Regional Bank
Term: 12 Months
Founded in 1927, Valley Bank has been helping customers for nearly 100 years.
Valley Bank is a high-performing regional bank with assets greater than $60 billion and currently offers a 5.25% APY on their 12 month certificate of deposit account.
This account comes with no monthly maintenance charges & you can easily open an account online in about 5 minutes with a minimum $500 initial deposit.
You can fund your account up to $500,000 online only.
Deposits are insured through the FDIC for up to $250,000 per depositor, per account ownership category.
See Valley Direct's Secure Site For More Details.
4.80% APY
On U.S. Bank National Association's
Secure Site, Member FDIC
Best For: Longer Term + Branch Access
Term: 13 Months
U.S. Bank offers a 13 month CD with up to 4.80% APY with no monthly fees and $1,000 initial deposit.
Rates vary by state & zip code.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
Interest compounds daily so lock in your 13 Month CD rate today & start earning guaranteed interest now.
See U.S. Bank's Secure Site For More Details.
Compare With
Not Recommended
0.03% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
Bank of America, another large bank that offers nearly nothing on their CDs.
They currently offer a regretful 0.03% APY on their 12 Month CD.
Bank of America requires a minimum opening deposit of $10,000 to earn this low APY.
Because of there are better options on this page to earn a higher APY from trusted banks, we don't recommend you opening a CD with Bank of America.
4.40% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Longer Term + Customer Service
Term: 24 Months
Discover Bank offers 4.40% APY with no monthly fees and $2,500 initial deposit on their 24 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily so lock in your 24 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
U.S. Bank® Certificate of Deposit Account: up to 4.20% APY - 7 Month Term
Discover® Bank Certificate of Deposit Account: 5.20% APY - 12 Month Term
Western Alliance Bank® High Yield CD: 5.70% APY - 6 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 4.90% APY - 11 Month Term
Western Alliance Bank® High Yield CD: 5.51% APY - 12 Month Term
Valley Direct Certificate of Deposit Account: 5.25% APY - 12 Month Term
U.S. Bank® Certificate of Deposit Account: up to 4.80% APY - 13 Month Term
Discover® Bank Certificate of Deposit Account:4.40% APY - 24 Month Term
Customers Also Viewed These High-Yield Savings Accounts
APY as of December 04, 2023
4.30% APY
On American Express National Bank's Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
American Express is best known for their suite of incredibly rewarding credit cards. They also offer a high yield savings account with a competitive Annual Percentage Yield (APY) of 4.30% as of December 04, 2023.
Other benefits of this account include no monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.
To top it off, American Express ranked #1 in Customer Satisfaction with Online Only Savings Accounts from Direct Banks according to the J.D. Power 2022 U.S. Direct Banking Satisfaction Study.ⓘ
See American Express National Bank's Secure Site For More Details.
J.D. Power Award Details
American Express received the highest score in the savings segment of the J.D. Power 2022 U.S. Direct Banking Satisfaction Study of customers’ satisfaction with branchless banks. Visit jdpower.com/awards for more details.
High APY
5.30% APY
On Raisin's Secure Site
for Customers Bank, FDIC Insured
Best For: High APY + No Monthly Fees
Customers Bank high yield savings account offers 5.30% APY exclusively through the Raisin Platform.
This APY is much higher than what you’ll find at almost all "traditional" banks and even most online banks.
In addition to this high APY, Customers Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
These features plus the sky high APY make this account a rare offer.
Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.
Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.
See Raisin's Secure Site for Customers Bank For More Details.
5.05% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: Customer Experience + High APY Interest Rates
CIT Bank ranked #1 in the nation for humanizing the customer experience in a recent survey conducted by American Banker of more than 5,000 consumers covering 50 financial institutions.
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They currently offer 5.05% APY on their high yield savings account with no monthly fees. Minimum Balance for this APY is $5,000.
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
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 withdrawal 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 – 15 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
Before You Go, Don't Miss This High Yield CD
12 Month Term
APY
5.20%
On Discover Bank's Secure Site, Member FDIC