Best CD Rates of 2024

Compare high yield certificate of deposit accounts with ease, find the right one for you, and open your account in minutes.

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

Fund your new account & take advantage of the power of compound interest today!

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

Western Alliance Bank^® High-Yield CD: 3.75% APY - 6 Month Term

Discover^® Bank Certificate of Deposit Account: 4.00% APY - 9 Month Term

Sun Canyon Bank^TM High Yield Certificate of Deposit: 4.94% APY - 11 Month Term

Discover^® Bank Certificate of Deposit Account: 4.10% APY - 12 Month Term

Western Alliance Bank^® High-Yield CD: 3.00% APY - 12 Month Term

CIT Bank^® Certificate of Deposit Account: 3.50% APY - 13 Month Term

Discover^® Bank Certificate of Deposit Account:3.60% APY - 24 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

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 4.10% as of October 14, 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.

Discover^® High Yield Online Savings Account

Best For: Online Banking Experience + No Fees

Discover offers 4.10% APY with no monthly fees and $0 initial deposit.

Discover is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

If you're looking for a competitive APY with "No. Fees. Period." this account is for you.

See Discover'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 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.

*National Savings Rate Average as published by FDIC