Best CD Rates of 2023
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Your Financial Well-Being Comes First.
We believe everyone should have free access to the right information to make smart financial decisions. Although our site doesn’t showcase every financial institution and its products available we're confident in our recommendations to help guide you on your financial journey. Free of charge for you.
Instead of charging you money, we're compensated by our partners and third-party advertisers. This compensation, along with our proprietary algorithms, may, at times, influence the products we decide to review, discuss, and their position on our site or the order in which they appear. Trust that these actions are taken to benefit you the consumer ultimately make the right decision for you.
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!
APY
4.50%
1 Month Term
- High Yield CD
- Term: 1 Month
- 4.50% APY
- Min. initial deposit: $1
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 30x National Avg. APY vs. Other 1 Month CDs
- Certified Community Development Financial Institution
- Interest Compounded Daily
- See Site for Details
On Ponce Bank's Secure Site, FDIC Insured
High APY Rate
APY
5.00%
17 Month Term
- High Yield CD
- Term: 17 Month
- 5.00% APY
- Min. initial deposit: $1
- NCUA Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 2.6x National Avg. APY
- Exclusive Offer Powered by The SaveBetter Platform
- Not-For-Profit Organization with 80+ Years of Experience
- Interest Compounded Daily
- See Site for Details
On SaveBetter's Secure Site for Bellco Credit Union,
Member NCUA
High APY Rate
APY
4.65%
13 Month Term
CIT Bank® CD Details
- High Yield CD
- Term: 13 Months
- 4.65% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Interest Compounded Daily
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
Compare With
APY
0.05%
6 Month Term
Chase Bank Details
- Certificate of Deposit
- Term: 6 Months
- Minimum Opening Deposit: $10,000 for APY
- 0.05% APY
- Offers lower minimum deposit of $1,000 for 0.02% APY
- Must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY
Not Recommended.
Shown For Comparison Purposes Only.
No Penalty CD
APY
4.15%
11 Month Term
- High Yield No Penalty CD
- Term: 11 Months
- 4.15% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- No Penalty to Access Funds if Needed Before Maturity
- Daily Compounding Interest to Maximize Your Earning Potential
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.60%
18 Month Term
- High Yield CD
- Term: 18 Months
- 4.60% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Daily Compounding Interest to Maximize Your Earning Potential
- Set Up & Manage Your Account Online
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.00%
6 Month Term
- High Yield CD
- Term: 6 Month
- 4.00% APY
- Min. initial deposit: $1
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 7.7x National Avg. APY vs. Other 6 Month CDs
- Certified Community Development Financial Institution
- Interest Compounded Daily
- See Site for Details
On Ponce Bank's Secure Site, FDIC Insured
APY
4.50%
12 Month CD
- High Yield CD
- Term: 12 Months
- Min. Initial Deposit: $2,500
- 4.50% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
Compare With
APY
1.50%
12 Month Term
Wells Fargo Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $2,500
- 1.50% APY
- Interest Rates Vary from State to State
- For Terms of 12 Months+, Interest May Be Paid Monthly, Quarterly, Semi-Annually, or Annually.
Not Recommended.
Shown For Comparison Purposes Only.
APY
4.30%
24 Month CD
- High Yield CD
- Term: 24 Months
- Min. Initial Deposit: $2,500
- 4.30% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
4.50%
12 Month Term
- High Yield CD
- Min. initial deposit: $1
- 4.50% APY
- American First is Federally Insured by NCUA, the National Credit Union Administration
- NCUA Insured up to $250,000
- No Monthly Fees
- 4.9x National Avg. APY
- Interest Compounded Daily
- American First Has Served Its Members for Over 70 Years
- Not-For-Profit Financial Institution
- See Site for Details
On American First Federal Credit Union's Secure Site, NCUA Insured
APY
2.75%
13 Month Term
Patriot Bank CD Details
- High Yield CD
- Term: 13 Months
- 2.75% APY
- Min. initial deposit: $1
- No Maintenance Fees
- Interest Compounds Daily
- Founded in 1994
- FDIC Insured up to $250,000
- See Site for Details
On Patriot Bank's Secure Site, FDIC Insured
Compare With
APY
0.03%
12 Month Term
Bank of America® Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $10,000
- 0.03% APY
Not Recommended.
Shown For Comparison Purposes Only.
New Higher APY
APY
5.01%
12 Month Term
- High Yield CD
- Min. initial deposit: $1
- Term: 12 Months
- 5.01% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Bank with Assets Greater Than $50 Billion in 2021
- Exclusive Offer Powered by The SaveBetter Platform
- 14.8x the National Avg. APY
- See Site for Details
On SaveBetter's Secure Site for Western Alliance Bank,
FDIC Insured
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
CIT Bank® Certificate of Deposit Account: 4.65% APY - 13 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 4.15% APY - 11 Month Term
CIT Bank® Certificate of Deposit Account: 4.60% APY - 18 Month Term
Ponce Bank® Certificate of Deposit Account: 4.50% APY - 1 Month Term
Ponce Bank® Certificate of Deposit Account: 4.00% APY - 6 Month Term
Discover® Bank Certificate of Deposit Account: 4.50% APY - 12 Month Term
Discover® Bank Certificate of Deposit Account: 4.30% APY - 24 Month Term
American First Federal Credit Union Certificate of Deposit: 4.50% APY - 12 Month Term
Patriot Bank Certificate of Deposit Account: 2.75% APY - 13 Month Term
Western Alliance Bank® High Yield CD: 5.01% APY - 12 Month Term
Customers Also Viewed These High Yield Savings Accounts
New Higher APY
4.75% APY
On SaveBetter's Secure Site for Western Alliance Bank, FDIC Insured
Best For: High APY Interest Rates
Western Alliance Bank offers 4.75% APY exclusively through the SaveBetter Platform.
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, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
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 SaveBetter's Secure Site for Western Alliance Bank For More Details.
APY as of March 29, 2023
3.75% 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 3.75% as of March 29, 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.
3.60% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + No Fees
Discover Bank offers 3.60% APY with no monthly fees and $0 initial deposit.
Discover Bank 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 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 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
Before You Go, Don't Miss This High Yield CD
13 Month Term
APY
4.65%
On CIT Bank's Secure Site, Member FDIC
Your Financial Well-Being Comes First.
We believe everyone should have free access to the right information to make smart financial decisions. Although our site doesn’t showcase every financial institution and its products available we're confident in our recommendations to help guide you on your financial journey. Free of charge for you.
Instead of charging you money, we're compensated by our partners and third-party advertisers. This compensation, along with our proprietary algorithms, may, at times, influence the products we decide to review, discuss, and their position on our site or the order in which they appear. Trust that these actions are taken to benefit you the consumer ultimately make the right decision for you.
Best CD Rates
- National 1 Month CD Rate Average*: 0.10%
- See up to 40x higher rates from our partners
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 summuarize our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Ponce Bank® Certificate of Deposit Account: 4.50% APY - 1 Month Term
Ponce Bank® Certificate of Deposit Account: 4.00% APY - 6 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 4.15% APY - 11 Month Term
Discover® Bank Certificate of Deposit Account: 4.50% APY - 12 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
Patriot Bank Certificate of Deposit Account: 2.75% APY - 13 Month Term
Discover® Bank Certificate of Deposit Account: 4.30% APY - 24 Month Term
APY
4.50%
1 Month Term
- High Yield CD
- Term: 1 Month
- 4.50% APY
- Min. initial deposit: $1
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 30x National Avg. APY vs. Other 1 Month CDs
- Certified Community Development Financial Institution
- Interest Compounded Daily
- See Site for Details
On Ponce Bank's Secure Site, FDIC Insured
APY
4.00%
6 Month Term
- High Yield CD
- Term: 6 Month
- 4.00% APY
- Min. initial deposit: $1
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 7.7x National Avg. APY vs. Other 6 Month CDs
- Certified Community Development Financial Institution
- Interest Compounded Daily
- See Site for Details
On Ponce Bank's Secure Site, FDIC Insured
Compare With
APY
0.05%
6 Month Term
Chase Bank Details
- Certificate of Deposit
- Term: 6 Months
- Minimum Opening Deposit: $10,000 for APY
- 0.05% APY
- Offers lower minimum deposit of $1,000 for 0.02% APY
- Must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY
Not Recommended.
Shown For Comparison Purposes Only.
No Penalty CD
APY
4.15%
11 Month Term
- High Yield No Penalty CD
- Term: 11 Months
- 4.15% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- No Penalty to Access Funds if Needed Before Maturity
- Daily Compounding Interest to Maximize Your Earning Potential
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.50%
12 Month CD
- High Yield CD
- Term: 12 Months
- Min. Initial Deposit: $2,500
- 4.50% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
Compare With
APY
1.50%
12 Month Term
Wells Fargo Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $2,500
- 1.50% APY
- Interest Rates Vary from State to State
- For Terms of 12 Months+, Interest May Be Paid Monthly, Quarterly, Semi-Annually, or Annually.
Not Recommended.
Shown For Comparison Purposes Only.
High APY Rate
APY
4.65%
13 Month Term
CIT Bank® CD Details
- High Yield CD
- Term: 13 Months
- 4.65% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Interest Compounded Daily
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.50%
12 Month Term
- High Yield CD
- Min. initial deposit: $1
- 4.50% APY
- American First is Federally Insured by NCUA, the National Credit Union Administration
- NCUA Insured up to $250,000
- No Monthly Fees
- 4.9x National Avg. APY
- Interest Compounded Daily
- American First Has Served Its Members for Over 70 Years
- Not-For-Profit Financial Institution
- See Site for Details
On American First Federal Credit Union's Secure Site, NCUA Insured
APY
2.75%
13 Month Term
Patriot Bank CD Details
- High Yield CD
- Term: 13 Months
- 2.75% APY
- Min. initial deposit: $1
- No Maintenance Fees
- Interest Compounds Daily
- Founded in 1994
- FDIC Insured up to $250,000
- See Site for Details
On Patriot Bank's Secure Site, FDIC Insured
Compare With
APY
0.03%
12 Month Term
Bank of America® Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $10,000
- 0.03% APY
Not Recommended.
Shown For Comparison Purposes Only.
APY
4.30%
24 Month CD
- High Yield CD
- Term: 24 Months
- Min. Initial Deposit: $2,500
- 4.30% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
Customers Also Viewed These High Yield Savings Accounts
New Higher APY
APY
4.75%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.75% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Bank with Assets Greater Than $50 Billion in 2021
- Exclusive Offer Powered by The SaveBetter Platform
- See Site for Details
On SaveBetter's Secure Site for Western Alliance Bank,
FDIC Insured
APY
3.75%
- High Yield Savings Account
- Min. to Earn APY: $1
- Min. Initial Deposit: $0
- 3.75% APY
- APY as of March 29, 2023
- Interest Compounded Daily
- No Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National 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 – 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