Compare CD terms with ease, find the right one for you, and open your account in minutes.

Open your new short term CD with confidence. Each of our recommendations is federally insured up to $250,000 per depositor.

Fund your new short term CD as soon as possible & take advantage of the power of compound interest today!

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

CIT Bank® No Penalty Certificate of Deposit Account: 4.15% APY - 11 Month Term

American First Federal Credit Union Certificate of Deposit: 4.50% APY - 12 Month Term

CIT Bank® Certificate of Deposit Account: 4.65% APY - 13 Month Term

Discover® Bank Certificate of Deposit Account: 4.50% APY - 12 Month Term

Idabel National Bank Certificate of Deposit: 4.90% APY - 12 Month Term

SkyOne Certificate of Deposit Account: 4.20% APY - 12 Month Term

Discover® Bank Certificate of Deposit Account: 4.30% APY - 24 Month Term

Customers Also Viewed These High Yield Accounts

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 – 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.

Pros & Cons of a 1-Year CD:

A certificate of deposit (CD) is a type of deposit account that is offered by banks and credit unions. It typically requires you to deposit a sum of money for a set period of time, after which you can withdraw your funds plus any interest earned. A 1-year CD is a type of CD with a term of 1 year.

Benefits of a 1-year CD:

• Low risk: CDs are considered a very low-risk investment. Your money is FDIC-insured up to $250,000 per depositor, per institution, so you can feel confident that your money is safe.
• Predictable returns: With a 1-year CD, you know exactly what your interest rate will be for the term of the CD, so you can plan accordingly.
• Flexibility: A 1-year CD may be a good option if you don’t want to commit to a longer term CD but still want to earn a higher interest rate than a savings account. You can also choose to ladder your CDs, which means you have CDs with different term lengths, so you have some that mature every year. This allows you to take advantage of potentially higher interest rates in the future.

Detriments of a 1-year CD:

• Opportunity cost: If you invest your money in a 1-year CD, you won’t be able to access it for the term of the CD without paying an early withdrawal penalty. This means that if you need to use your money before the CD matures, you’ll lose out on some of the interest you would have earned.

  If you think you may need your money before 12 months, we recommend either a high yield savings account or a short term certificate of deposit.

• Limited returns: The interest rates on CDs are generally lower than other types of investments, such as stocks or mutual funds. This means that you may not earn as much on your money as you would with other types of investments.

  CDs are low risk, lower reward investments. If you value a guarenteed return over a potentially higher return, they’re a good product for you.

*National Savings Rate Average as published by FDIC

Compare CD terms with ease, find the right one for you, and open your account in minutes.

Open your new short term CD with confidence. Each of our recommendations is federally insured up to $250,000 per depositor.

Fund your new short term CD as soon as possible & take advantage of the power of compound interest today!

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

American First Federal Credit Union Certificate of Deposit: 4.50% APY - 12 Month Term

Discover® Bank Certificate of Deposit Account: 4.50% APY - 12 Month Term

Idabel National Bank Certificate of Deposit: 4.90% APY - 12 Month Term

SkyOne Certificate of Deposit Account: 4.20% APY - 12 Month Term

Discover® Bank Certificate of Deposit Account: 4.30% APY - 24 Month Term

Customers Also Viewed These High Yield Accounts

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 – 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.

Pros & Cons of a 1-Year CD:

A certificate of deposit (CD) is a type of deposit account that is offered by banks and credit unions. It typically requires you to deposit a sum of money for a set period of time, after which you can withdraw your funds plus any interest earned. A 1-year CD is a type of CD with a term of 1 year.

Benefits of a 1-year CD:

• Low risk: CDs are considered a very low-risk investment. Your money is FDIC-insured up to $250,000 per depositor, per institution, so you can feel confident that your money is safe.
• Predictable returns: With a 1-year CD, you know exactly what your interest rate will be for the term of the CD, so you can plan accordingly.
• Flexibility: A 1-year CD may be a good option if you don’t want to commit to a longer term CD but still want to earn a higher interest rate than a savings account. You can also choose to ladder your CDs, which means you have CDs with different term lengths, so you have some that mature every year. This allows you to take advantage of potentially higher interest rates in the future.

Detriments of a 1-year CD:

• Opportunity cost: If you invest your money in a 1-year CD, you won’t be able to access it for the term of the CD without paying an early withdrawal penalty. This means that if you need to use your money before the CD matures, you’ll lose out on some of the interest you would have earned.

  If you think you may need your money before 12 months, we recommend either a high yield savings account or a short term certificate of deposit.

• Limited returns: The interest rates on CDs are generally lower than other types of investments, such as stocks or mutual funds. This means that you may not earn as much on your money as you would with other types of investments.

  CDs are low risk, lower reward investments. If you value a guarenteed return over a potentially higher return, they’re a good product for you.

*National Savings Rate Average as published by FDIC