Best Certificate of Deposit Rates of 2024

Conor Keenan Author Bio By: Conor Keenan  Last updated on May 13, 2024
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 in our articles are solely our own & are not endorsed by any financial institution or partner. Thanks to commissions from partner offers, our site remains free. Content by our team is independent & not commissioned by any advertising partners or financial institutions herein.

Right now, banks are offering some of the highest APYs in decades. Now is the time to cash in on these returns.

Check out the best CDs recommended by our experts below, open your new account today & take advantage of compound interest now.

 High APY 

Western Alliance Bank Powered by Raisin

5.26% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY From a Top Bank

Term: 3 Months

Western Alliance Bank offers 5.26% APY exclusively through the Raisin Platform on their 3 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.

 High APY 

Banc of California Powered By Raisin

5.18% APY

Rating:

On Raisin's Secure Site
for Banc of California, FDIC Insured

Best For: Short Term + High APY from a California Bank

Term: 3 Months

Founded in 1941, Banc of California offers 5.18% APY exclusively through the Raisin Platform on their 3 month CD.

With a minimum deposit of $1.00, Banc of California offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor on this certificate of deposit.

New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.

Interest compounds daily and is posted to your account monthly.

Customer service is located in New York, they are available via email, phone or the secure messaging center. You'll also have 24/7 access to your account and funds.

Banc of California is a premier, relationship-focused bank. It was named by Newsweek as One of America’s Greatest Workplaces for Women 2024 and is the third largest bank headquartered in California with almost $40 Billion in total assets.

See Raisin's Secure Site for Banc of California to Get More Details.

Discover Bank Logo

4.70% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 12 Months

Discover Bank offers 4.70% 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.

 Compare With

Chase Bank Logo

 Not Recommended 

0.05% APY

Rating:

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.

Cit Bank Logo

3.50% APY

Rating:

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 3.50% 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.

 No Penalty CD 

5.10% APY

Rating:

On Raisin's Secure Site
for Blue Federal Credit Union,
NCUA Insured

Best For: Mid-Term + No Penalty Fees

Term: 9 Months

Blue Federal Credit Union is offering an incredible 5.10% Annual Percentage Yield (APY) exclusively through the Raisin Platform on their 9-month no penalty CD. In today's economic landscape, that's a rate that few, if any, can match on a no penalty CD.

Founded in 1951, Blue Federal Credit Union has been proudly serving its members for over 70 years.

Open your account with confidence. Deposits are insured through the NCUA for up to $250,000 per depositor.

This CD offers the perfect balance of growth and accessibility. It's a short enough term to foresee and plan for, yet long enough to yield substantial growth on your investment and if you need to withdrawl your money early, you can with no penalty fees.

See Raisin's Secure Site for Blue Federal Credit Union to Get More Details.

Sallie Mae Powered By Raisin

5.05%

Rating:

On Raisin's Secure Site 
for
​ Sallie Mae, Member FDIC

Best For: High APY From a Well Known Bank

Sallie Mae was founded in 1972 and is best known for student loans, but the bank has continued to grow with almost $30 billion in total assets and has some of the highest CD rates around.

Sallie Mae bank currently offers 5.05% APY on their 14 month CD, exclusively through the Raisin Platform.

Located in New York, customer service is available via phone Monday - Friday 9:00am - 4:00 pm ET. You can also email or send them a message through the secure message center at any time.

This account comes with $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor. You'll have 24/7 access to your account and funds.

Sallie Mae has been putting educational & financial success within reach for more than 50 years, let them help you today.

See Raisin's Secure Site for Sallie Mae® Bank For More Details.

4.75% APY

Rating:

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 4.75% 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.

 High APY 

Banc of California Powered By Raisin

5.18% APY

Rating:

On Raisin's Secure Site
for Banc of California, FDIC Insured

Best For: Mid-Term + High APY from a California Bank

Term: 9 Months

Founded in 1941, Banc of California offers 5.18% APY exclusively through the Raisin Platform on their 9 month CD.

With a minimum deposit of $1.00, Banc of California offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor on this certificate of deposit.

New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.

Interest compounds daily and is posted to your account monthly.

Customer service is located in New York, they are available via email, phone or the secure messaging center. You'll also have 24/7 access to your account and funds.

Banc of California is a premier, relationship-focused bank. It was named by Newsweek as One of America’s Greatest Workplaces for Women 2024 and is the third largest bank headquartered in California with almost $40 Billion in total assets.

See Raisin's Secure Site for Banc of California to Get More Details.

Western Alliance Bank Powered by Raisin

5.05% APY

Rating:

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 5.05% 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.

 Compare With

Wells Fargo Logo

 Not Recommended 

1.50% APY

Rating:

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.

Western Alliance Bank Powered by Raisin

5.23% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 6 Months

Western Alliance Bank offers 5.23% APY exclusively through the Raisin Platform on their 6 month CD.

New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.

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.

Sallie Mae Powered By Raisin

5.00%

Rating:

On Raisin's Secure Site 
for
​ Sallie Mae, Member FDIC

Best For: High APY From a Well Known Bank

Sallie Mae was founded in 1972 and is best known for student loans, but the bank has continued to grow with almost $30 billion in total assets and has some of the highest CD rates around.

Sallie Mae bank currently offers 5.00% APY on their 10 month CD, exclusively through the Raisin Platform.

Located in New York, customer service is available via phone Monday - Friday 9:00am - 4:00 pm ET. You can also email or send them a message through the secure message center at any time.

This account comes with $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor. You'll have 24/7 access to your account and funds.

Sallie Mae has been putting educational & financial success within reach for more than 50 years, let them help you today.

See Raisin's Secure Site for Sallie Mae® Bank For More Details.

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 9 Months

Discover Bank offers 4.25% APY with no monthly fees and $2,500 initial deposit on their 9 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 on this offer so lock in your 9 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

 Compare With

Bank of America Logo

 Not Recommended 

0.03% APY

Rating:

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.

Cit Bank Logo

3.50% APY

Rating:

On CIT Bank's Secure Site,
Member FDIC

 

Best For: High APY Interest Rates + Mobile App

Term: 13 Months

CIT Bank currently offers 3.50% APY on their 13 Month CD with no monthly fees.

CIT Bank’s mobile app give you 24/7 access to your CD account. The mobile app is available for both IOS & Andriod devices.

You can open a CIT Bank 13 Month 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.

 Limited Time Offer 

Discover Bank Logo

4.00% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Longer Term + Customer Service

Term: 24 Months

Discover Bank offers 4.00% 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™

Western Alliance Bank® High-Yield CD: 5.26% APY - 3 Month Term

Western Alliance Bank® High-Yield CD: 5.23% APY - 6 Month Term

U.S. Bank® Certificate of Deposit Account: up to 4.75% APY - 7 Month Term

Western Alliance Bank® High-Yield CD: 5.05% APY - 12 Month Term

Sallie Mae® Bank Certificate of Deposit: 5.05% APY - 14 Month Term

Explore More Options:
Haven't found the right rate or term yet? We've got you covered. Raisin.com, our trusted partner, connects you to a vast network of over 60 financial institutions, each with competitive rates to suit your savings needs & offers you the opportunity to access $10 million in federal deposit insurance through its network, all from a single secure login. See more certificate of deposit offers now.

Customers Also Viewed These High-Yield Savings Accounts

American Express High Yield Savings Account Logo

Annual Percentage Yield (APY)

4.25% APY

APY as of May 17, 2024

Rating:

 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 4.25% as of May 17, 2024.

Your interest compounds daily and is deposited in your account monthly.

Other benefits of this account include $0 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, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.

See American Express National Bank's Secure Site For More Details.

 High APY 

Western Alliance Bank Savings Account Logo

5.36% APY

Rating:

On Western Alliance Bank's
Secure Site, Member FDIC

Best For: High APY Interest Rates

Western Alliance Bank offers 5.36% APY on their High-Yield Savings Premier account.

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 account activity or maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

The minimum deposit required to open an account is $500 & a minimum balance of $0.01 is required to earn the advertised APY.

U.S.-based customer service support is available from 9 a.m. to 5 p.m. EST Monday - Friday.

Western Alliance Bank was founded in 2003, has over $70 billion in assets and is consistently ranked among the top banks.

They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022 and 2023.

See Western Alliance Bank's Secure Site For More Details.

4.25% APY

Rating:

On U.S. Bank National Association's
Secure Site, Member FDIC

Best For: Branch Access

U.S. Bank offers new Elite Money Market Account clients up to 4.25% APY with a $25,000 deposit. 

A minimum $100 initial deposit is required to open the account.

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.

In order to earn the 4.25% APY, you must have a balance of $25,000 or more. If you're planning on depositing less than $25,000, we recommend choosing a different account.

Avoid maintence fees with an average daily balance of $10,000 or more.

See U.S. 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