CERTIFICATE OF DEPOSIT (CD)
What is a Certificate of Deposit (CD) and How Can It Benefit You?
Key Insights
CDs are a secure and risk-averse investment when compared to stocks and bonds. They provide a stable, guaranteed rate of return, albeit with lower growth potential.
Virtually every financial institution, including banks, credit unions, and brokerage firms, provides a range of CD options to choose from.
Nationwide, the highest CD rates available typically outshine the industry average by five to eight times for each term, underscoring the value of shopping around.
Despite committing to a specific CD term, early withdrawal options exist to accommodate emergencies or changes in plans.
Comprehending Certificates of Deposit (CDs)
Initiating a CD is akin to commencing a typical bank deposit account, with the key distinction being your commitment upon signing (even if digitally). Once you’ve surveyed your options and pinpointed the CD(s) of choice, finalizing the process will bind you to four crucial aspects:
Interest Rate: Locked rates offer predictability and clarity, ensuring a predetermined return on your deposit over a specific timeframe. These rates remain immune to future bank adjustments, safeguarding your earnings. However, a fixed return may potentially hinder you if interest rates surge later, and you miss out on higher-paying CDs.
Term: This signifies the duration during which your funds must remain deposited to avoid penalties (e.g., 6-month CD, 1-year CD, 18-month CD, etc.). The term concludes on the maturity date, granting you penalty-free access to your funds.
Principal: Unless opting for specialty CDs, this denotes the initial deposit amount committed when opening the CD.
Institution: The bank or credit union where you establish your CD will influence various aspects of the arrangement, including Early Withdrawal Penalties (EWPs) and whether your CD will be automatically reinvested in the absence of specific instructions upon maturity.
Following the establishment and funding of your CD, the bank or credit union will manage it akin to standard deposit accounts. This encompasses regular statement periods (monthly or quarterly), the option for paper or electronic statements, and typically monthly or quarterly interest payments, which will compound within your CD balance.
What’s the Motivation for Opening a CD?
In contrast to various investments, Certificates of Deposit (CDs) provide secure, fixed interest rates, usually federally insured, that frequently surpass the rates furnished by typical bank accounts. Moreover, CD rates tend to be more favorable for individuals open to locking in their funds for extended durations.
CDs have gained popularity among savers seeking higher yields compared to typical savings, checking, or money market accounts. This preference arises from the desire to augment earnings without exposing funds to market-related risks or volatility.
CDs vs. Savings or Money Market Accounts: A Comparison
CDs represent a distinctive savings instrument. Much like savings or money market accounts, they serve as a means to set aside funds for specific savings objectives, such as a home down payment, a new vehicle, or a significant vacation, or as a repository for surplus funds that aren’t needed for everyday expenses. All the while, they accumulate a predetermined return on your balance.
However, there’s a key distinction: savings and money market accounts permit balance adjustments through additional deposits and up to six monthly withdrawals. In contrast, CDs necessitate an initial deposit, which remains untouched until it matures—whether that’s in six months or five years. In exchange for this lock-in period, CDs typically offer higher interest rates compared to savings or money market accounts.
What Factors Determine CD Rates?
For those closely monitoring interest rates and economic developments, it’s evident that the Federal Reserve’s rate-setting decisions play a pivotal role in determining what savers can earn from their deposits.
This influence stems from how the Federal Reserve operates. Approximately every six to eight weeks, the Fed’s Federal Open Market Committee (FOMC) deliberates on whether to adjust the federal funds rate, which represents the interest rate for interbank overnight lending facilitated by the Fed.
This federal funds rate, in turn, exerts its influence on the prime rate—the interest rate that banks charge their most creditworthy clients. Typically, the prime rate equals the fed funds rate plus an additional 3 percentage points.
The rates offered on various financial products, including CDs, savings accounts, and loans, are subsequently impacted by the prime rate. When the prime rate rises, CD investors can anticipate higher yields on their investments.
However, it’s worth noting that beyond the Federal Reserve’s actions, each financial institution’s individual circumstances also play a role in determining the interest rates offered on specific CDs. For instance, a bank experiencing a surge in lending activity and requiring increased deposits to support these loans may adopt a more aggressive approach to attracting deposit customers. Conversely, a sizable bank with substantial deposit reserves may display less enthusiasm for expanding its CD portfolio, potentially resulting in lower certificate rates.
Is it Safe to Invest in CDs?
CD Safety: Fixed Rates and Government Insurance
CDs offer exceptional safety for savers and investors, thanks to two critical factors:
Fixed and Guaranteed Rates: CD returns remain steadfast and guaranteed, eliminating any concerns about fluctuations or reductions in your earnings. Your agreed-upon terms are securely outlined in your deposit agreement with the bank or credit union.
Federal Insurance Protection: CD investments benefit from federal insurance coverage that extends to all deposit products. The Federal Deposit Insurance Corp. (FDIC) safeguards bank deposits, while the National Credit Union Administration (NCUA) provides protection for credit unions. When you open a CD with an FDIC- or NCUA-insured institution, the U.S. government ensures the safety of up to $250,000 of your deposited funds in case of the institution’s failure.
While bank failures are rare occurrences, it’s reassuring to know that your funds are not at risk in such situations. To optimize safety, choose an institution that carries FDIC or NCUA insurance (which the majority do) and avoid exceeding the $250,000 limit in deposits under your name at a single institution. If you have deposits exceeding this amount, you can enhance your coverage by distributing your funds across multiple institutions or utilizing different names, such as your spouse’s, for additional protection.
CD Investment Scenarios: When and Why to Consider CDs
Certificates of Deposit (CDs) serve various purposes and can be a strategic choice in several situations:
Short-Term Savings Goals: If you anticipate needing cash within the next few years, like for a special vacation or major purchases such as a new home, car, or boat, CDs offer a secure option. They are particularly appealing because the stock market isn’t typically suitable for short-term investments due to potential losses.
Conservative Investment Approach: For individuals seeking conservative investment options or those averse to the risks and volatility of the stock and bond markets, CDs are an excellent fit. While CDs may not provide the growth potential of equity or debt investments, they offer stability without the risk of market downturns.
Disciplined Savings: CDs can act as a financial deterrent for those concerned about impulsive spending. The fixed term of a CD, along with the associated early withdrawal penalty, discourages accessing savings prematurely. This feature is particularly useful for maintaining an emergency fund, ensuring that you always have adequate reserves available.
Pros of CDs:
- Higher Yields: CDs generally offer better interest rates compared to savings or money market accounts.
- Guaranteed Returns: They provide a predictable, guaranteed rate of return, reducing exposure to stock and bond market volatility.
- Federal Insurance: CDs opened with FDIC banks or NCUA credit unions are federally insured.
- Savings Discipline: Early withdrawal penalties deter impulsive spending.
Cons of CDs:
- Early Withdrawal Penalties: Penalties apply if you withdraw funds before the CD matures.
- Lower Potential Growth: CD returns may be lower compared to long-term investments in stocks and bonds.
- Fixed Rates: If interest rates rise during the CD term, the fixed rate may result in missed opportunities.
- Inflation Impact: Inflation can erode the value of funds locked into a fixed-rate CD over time.
In various financial scenarios, CDs can play a pivotal role, offering security, discipline, and a conservative approach to growing savings.
Where to Find CDs: Exploring Your Options
Looking for Certificates of Deposit (CDs) is a straightforward process, as they are widely available through various channels:
Local Banks and Credit Unions: Virtually every traditional brick-and-mortar bank and credit union offers CDs. These institutions typically provide a range of CD terms to choose from, accommodating your savings goals.
Community Banks and Credit Unions: Beyond the major banks, community-based financial institutions also offer CDs. They cater to local residents and often have competitive CD offerings.
Online Banks: Many banks operate exclusively online and serve customers nationwide. These internet-based banks extend their CD products to a broad audience, providing convenience and competitive rates.
Brokerage Accounts: If you have a brokerage account, you can also access CDs through your brokerage firm. These CDs are essentially bank certificates, and your brokerage acts as an intermediary, facilitating the CD investment process.
By exploring these options, you can find the right CD that aligns with your savings strategy and preferences.
The Importance of Shopping Around for CDs
In today’s digital age, shopping for Certificates of Deposit (CDs) has never been easier, with a plethora of options available. Here’s why it’s crucial to explore your CD choices:
Online Banking Convenience: Online banking has expanded the horizons of CD shopping. You can now browse CDs from over 150 banks that accept customers nationwide and offer seamless online account openings.
Regional and State Banks: Many regional and state banks are eager to serve residents of their respective states. This provides additional opportunities to secure competitive CD rates based on your state of residence.
Accessible Credit Unions: Numerous credit unions extend their services nationwide to individuals willing to join an affiliated nonprofit organization for a nominal fee. This widens your access to credit union CD options.
It’s important to note that CD rates can vary significantly across different financial institutions. To maximize your savings, avoid the mistake of simply opening a CD at your existing bank without comparing rates elsewhere. Explore CD options from various sources, and utilize online tools designed to help you filter and find the most lucrative CD rates available. Don’t miss out on potential earnings—shop around for the best CD rates today.
Wondering about the Initial Deposit for a CD?
When it comes to opening a Certificate of Deposit (CD), every bank and credit union has its own set of rules. Here’s what you need to know about minimum deposit requirements:
Bank Policies Vary: Each financial institution sets a specific minimum deposit requirement for each CD in its lineup. Some banks have a uniform minimum deposit policy for all CD terms, while others offer rate tiers. Rate tiers mean that higher annual percentage yields (APYs) are offered to those who meet higher minimum deposit thresholds.
Higher Deposits, Higher Returns?: While it might seem that having more money to deposit leads to higher returns, this isn’t always the case. While a substantial deposit of $25,000 might grant you access to certain CDs, many of the top rates in each CD term can be achieved with more modest investments, such as $500 or $1,000. In fact, the majority of top rates are accessible to anyone with at least $10,000. A $25,000 deposit is only occasionally required to secure a top-rate CD.
In summary, CD minimum deposit requirements can vary widely, and you can often find competitive rates with modest investments. It’s essential to explore your options and compare CD terms to ensure you’re making the most of your savings.
Selecting the Ideal Certificate of Deposit (CD) Term
When it comes to selecting the perfect Certificate of Deposit (CD) term, there are two crucial factors to consider:
1. Your Financial Goals: If you have a specific financial goal or project in mind, the timeline for that endeavor should guide your choice of CD term. On the other hand, if you’re saving without a particular purpose, a longer CD term might be preferable to maximize your interest earnings.
2. Economic Outlook: Take into account the Federal Reserve’s interest rate projections. If rate hikes are expected, short- and mid-term CDs could be more suitable since you wouldn’t want to be tied to a lower rate for an extended period when higher rates are on the horizon. Conversely, if rate decreases are anticipated, long-term CDs could be appealing as they lock in today’s higher rates for an extended period.
Additionally, consider variable rate CDs or bump-up CDs as options when interest rates are rising. Variable rate CDs adjust their APY based on an index rate, potentially providing higher returns when rates are increasing. Bump-up CDs allow you to increase your rate once during the CD term, ensuring your earnings won’t decrease.
Creating a CD Ladder: A Strategic Financial Move
Have you ever wondered about CD ladders and their financial benefits? Here’s an overview:
A CD ladder is a clever financial strategy where you divide your investment across multiple Certificates of Deposit (CDs) with varying maturity dates. The purpose? To strike a balance between liquidity and earning potential.
Imagine you have a lump sum of money to invest. Instead of locking it all into one long-term CD, you build a ladder by investing in multiple CDs with different terms. This approach offers several advantages:
1. Steady Access to Funds: With CDs maturing at different intervals, you always have some money becoming available at regular intervals. This provides a degree of liquidity that a single long-term CD lacks.
2. Maximizing Interest Rates: By spreading your investments across various CD terms, you can potentially benefit from higher interest rates on long-term CDs while still having short-term CDs for immediate needs.
3. Risk Mitigation: CD laddering helps mitigate interest rate risk. When rates rise, you can reinvest maturing short-term CDs at higher rates. Conversely, during rate decreases, you still have long-term CDs earning at the older, higher rates.
4. Financial Flexibility: Whether you need to cover unexpected expenses or reinvest for long-term goals, a CD ladder empowers you with financial flexibility.
Intrigued? Building a CD ladder is a strategic move that can help you balance your financial priorities and make the most of your investments.
Unlock the Benefits of Considering Unconventional CD Terms
When it comes to Certificates of Deposit (CDs), don’t limit yourself to conventional terms. Here’s why you should be open to odd-term CDs:
Imagine you’re on a quest to find the best CD deals for your financial goals, whether it’s building a CD ladder or saving for a specific purpose. Sometimes, banks and credit unions introduce promotional CDs to attract new customers, and these might come with unconventional terms like 5 months, 17 months, or 21 months.
Why should you consider these odd-term CDs?
1. Unique Opportunities: Banks offer these unconventional terms to stand out in the market or commemorate special occasions. This uniqueness can translate into higher interest rates for you.
2. Competitive Advantage: Odd-term CDs can sometimes offer better returns compared to conventional terms. Being open to these options could lead to improved earnings.
3. Financial Flexibility: By considering unusual CD terms, you demonstrate financial flexibility. You might discover that an odd-term CD aligns perfectly with your savings goals or complements your CD ladder strategy.
So, stay open-minded and explore unconventional CD options. You might just find a better-paying opportunity that suits your financial objectives.
Understanding CD Earnings Taxation: What You Need to Know
When it comes to Certificates of Deposit (CDs), it’s important to understand how your earnings are taxed. Here’s a breakdown of the taxation process:
1. Regular Interest Accrual: When you hold a CD, the bank regularly applies interest to your account. This typically occurs on a monthly or quarterly basis, and you’ll see these earnings reflected on your account statements as “earned interest.”
2. Reporting as Income: Just like the interest earned in a savings or money market account, the interest earned on your CD accumulates and is reported as income in the new tax year. It’s important to note that you need to report these earnings as income when you file your annual tax return.
3. Timing of Taxation: Some individuals mistakenly believe that they will be taxed on their CD earnings only when they withdraw the funds at maturity or if they cash out early. However, this is not the case. For tax-reporting purposes, your CD earnings are taxed when the bank applies them to your account, regardless of when you decide to withdraw your CD funds.
In summary, CD earnings are subject to taxation when they are applied to your account, and they should be reported as income during the tax year in which they are earned. It’s essential to stay informed about the tax implications of your CD investments to ensure accurate reporting during tax season.
What Happens to My CD at Maturity: Your Options Explained
As your Certificate of Deposit (CD) approaches its maturity date, you may wonder about the next steps. Here’s a breakdown of what typically happens and your available options:
1. Notification: In the month or two leading up to your CD’s maturity date, your bank or credit union will notify you about the impending maturity. This communication will also include instructions on how to handle the maturing funds.
2. Options: Generally, financial institutions offer you three main options for your maturing CD:
a. Roll Over into a New CD: You can choose to roll over the funds into a new CD at the same institution. This new CD often has a term that closely matches the one that just matured. For example, if your 15-month CD is maturing, they may offer to roll your balance into a new 1-year CD.
b. Transfer to Another Account: Another option is to transfer the funds into another account within the same bank. This can include savings, checking, or a money market account.
c. Withdraw the Proceeds: You also have the choice to withdraw the proceeds. These funds can be transferred to an external bank account or sent to you as a paper check.
3. Response Deadline: The communication from your financial institution will include a deadline for you to provide your instructions. They will also inform you of their default action if they don’t receive your guidance. In many cases, the default move is to roll your proceeds into a new CD.
It’s crucial to review your options and make a decision before the deadline specified by your bank or credit union to ensure your maturing CD is handled according to your preferences
Is Allowing My CD to Roll Over a Wise Move?
When it comes to letting your Certificate of Deposit (CD) roll over, it’s essential to consider your financial goals and options carefully. Here’s what you should know:
General Rule: Allowing your CD to automatically roll over into a similar CD term at the same institution is often not the wisest choice. While it’s the easiest path if you don’t need the cash immediately and want to start a new CD, it rarely leads to the highest returns.
Shopping Around: To maximize your CD returns, shopping around is crucial. There’s a vast array of banks and credit unions offering CD options, and the odds are low that your current institution offers the best rates. While rolling over your CD might yield decent results, your best bet is to explore other options.
Increased Odds: Even if your current bank happens to offer competitive rates, conducting thorough research allows you to enter into that CD investment purposefully and confidently. You’ll know that you’ve explored all possibilities to secure the best possible return.
In summary, while letting your CD roll over is a convenient choice, it’s often not the path to maximizing your earnings. Shopping around and researching other options can significantly increase your chances of finding a CD with higher returns.
Early CD Withdrawals: What to Expect and How to Navigate Them
While Certificates of Deposit (CDs) typically require you to commit your funds for a specific term without withdrawals, life can throw unexpected curveballs. Whether you face an emergency, a shift in your financial situation, or simply find better investment opportunities, banks and credit unions have protocols for early CD withdrawals.
Understanding Early Withdrawal Penalties (EWPs): It’s crucial to be aware that withdrawing your CD early won’t be free. Financial institutions generally impose an Early Withdrawal Penalty (EWP) on the withdrawn amount. The terms and calculations for these penalties are outlined in your deposit agreement, which you review before opening the CD. EWPs are typically based on a certain number of months’ interest.
- For instance, shorter-term CDs might incur a penalty equivalent to three months’ interest, while longer-term CDs could have penalties of six months’ or even a full year’s interest. These penalties can vary, so it’s wise to compare EWP policies when evaluating similar CDs.
Protecting Your Principal: Beware of EWPs that could eat into your principal. Some penalties are calculated as a flat percentage, which can sometimes exceed your earned interest. In such cases, you might end up with less than your initial investment. These types of EWPs should be approached with caution and preferably avoided.
In summary, while early CD withdrawals are possible, it’s essential to understand the associated penalties and choose your CD carefully to align with your financial goals and potential needs. Always review the EWP terms, and opt for CDs with penalties that won’t erode your principal.
Unlock your savings potential with the best CD rates, where your money grows with security and peace of mind.
Best CD Rates
“Seize the Opportunity: Earn High APYs with Current Bank Offers”
Don’t miss out on this unique opportunity to capitalize on some of the highest Annual Percentage Yields (APYs) in decades provided by banks. Start growing your savings today!
Discover the top-rated CDs recommended by financial experts. Take action today by opening your account to harness the power of compound interest.
U.S. Bank® 7 Month CD Details
“Maximize Your Savings with U.S. Bank’s 7-Month CD at 4.80% APY”
Unlock exceptional returns with a 7-month CD from U.S. Bank, offering a competitive 4.80% Annual Percentage Yield (APY). Benefit from no monthly fees and a low $1,000 initial deposit requirement.
Please note that rates may vary by state and zip code, so check the specific rates available in your area.
U.S. Bank boasts an extensive network of over 2,000 branch locations across more than half of U.S. states, providing accessibility and convenience for customers.
Rest easy knowing your deposits are fully protected by the FDIC, with insurance coverage of up to $250,000 per depositor. Plus, U.S. Bank’s “24-Hour Banking” ensures round-the-clock customer service support.
With daily interest compounding, you can seize this opportunity to secure your 7-month CD rate today and start earning guaranteed interest. Explore more details on U.S. Bank’s secure site.
American Express® 12 Month CD Details
“Secure Your Future with American Express’s 12-Month CD at 4.75% APY”
American Express, renowned for its premium credit card offerings, also presents a lucrative opportunity with its high-yield CD. As of August 31, 2023, enjoy an impressive Annual Percentage Yield (APY) of 4.75%.
This outstanding account features numerous advantages, including no monthly fees, round-the-clock customer service availability, and FDIC insurance covering deposits up to $250,000 per depositor. Backed by the trusted service and reliability of American Express, it’s a compelling choice for savvy savers.
Furthermore, American Express earned the top spot in Customer Satisfaction with Online Only Savings Accounts from Direct Banks in the J.D. Power 2022 U.S. Direct Banking Satisfaction Study, underscoring its commitment to customer contentment.
Don’t miss this opportunity to secure your financial future. Explore further details on American Express National Bank’s secure site.
Discover® Bank 12 Month CD Details
Finest in Online Banking Experience Coupled with Exceptional Customer Service
Are you ready for a financially rewarding journey? Discover Bank’s 12-Month CD provides an impressive 4.85% APY for your hard-earned money. With no monthly fees and a reasonable initial deposit of $2,500, this CD opens the door to financial growth without any additional costs.
Discover Bank is dedicated to making banking hassle-free, boasting a “No. Fees. Period.” policy. Your deposits are safeguarded by FDIC insurance, ensuring peace of mind up to $250,000 per depositor. Plus, their 100% U.S.-based customer service team is available 24/7 to address any inquiries.
Interest compounds daily, so don’t miss out on the opportunity to secure your 12-Month CD rate today and start earning guaranteed interest. For more details, explore Discover Bank’s secure site.
Western Alliance Bank® 12 Month CD Details
High APY Delivered by a Top Performing Bank
Term: 12 Months
Are you searching for the best 12-month CD with exceptional returns? Look no further than Western Alliance Bank, offering an impressive 5.51% APY exclusively through the Raisin Platform.
With daily compounding interest and monthly postings, your savings will grow steadily. Western Alliance Bank outshines most brick-and-mortar and online banks by providing this substantial APY.
Moreover, Western Alliance Bank ensures a hassle-free experience with $0 monthly maintenance fees and FDIC insurance coverage of up to $250,000 per depositor, assuring the safety of your funds.
Experience top-tier customer service with a dedicated team located in New York, reachable via phone or email. Plus, enjoy 24/7 access to your account and funds.
Founded in 1994, Western Alliance Bank consistently ranks among the top-performing banks. In 2021, it was awarded the prestigious title of #1 top-performing large bank with assets exceeding $50 billion by American Banker and Bank Director. With a nationwide presence, Western Alliance Bank serves clients wherever business happens.
Don’t miss out on this opportunity for exceptional returns. Visit Raisin’s Secure Site for Western Alliance Bank to discover more details and start your journey toward financial success.
Chase Bank 6 Month CD Account Details
Non-recommended. Displayed for the sake of comparison only.
“Term: 6 Months
Chase Bank, one of the largest and most well-known banks in the United States, offers a 0.05% APY on their 6-month CD. However, to qualify for this rate, you need to deposit at least $10,000. For a lower minimum deposit of $1,000, they offer a lower 0.02% APR.
It’s important to note that you must have a linked Chase personal checking account to access these rates; otherwise, you’ll receive just 0.01% APY.
Given the relatively low APY, we do not recommend opening a CD with Chase Bank.”
Western Alliance Bank® 6 Month CD Details
Optimal for: Shorter Duration with High APY
Western Alliance Bank presents an exclusive opportunity with a 5.41% APY on their 6-month CD through the Raisin Platform. This CD offers daily compounding interest, making it a perfect choice if you seek a high APY and quick access to your funds. Additionally, benefit from zero monthly maintenance fees and FDIC insurance coverage of up to $250,000 per depositor.
For your convenience, our customer service is based in New York and available via phone or email, ensuring support when you need it. Enjoy round-the-clock access to your account and funds.
Established in 1994, Western Alliance Bank consistently ranks among the top banks and was recognized as the #1 top-performing large bank with assets exceeding $50 billion in 2021 by both American Banker and Bank Director. We proudly serve clients nationwide, catering to businesses wherever they operate.
For more information, visit Raisin’s secure site for Western Alliance Bank.
Ponce Bank® 3 Month CD Details
Ideal for Very Short Term with Community Focus
3-Month Term and Community Impact”
Ponce Bank, established in The Bronx in 1960, proudly holds the Certified Community Development Financial Institution (CDFI) designation. Their commitment to low and moderate income communities is evident, as more than 80% of their assets are invested in these areas.
Exclusively available through the Raisin platform, Ponce Bank currently offers a 5.30% APY on their 1-Month CD, requiring just a minimum initial deposit of $1.00 and featuring no monthly fees. Your deposits are secured by FDIC insurance, providing peace of mind, while interest compounds daily.
When you choose to invest your savings with Ponce Bank, you’re making a meaningful contribution to underserved communities across America. Explore further details on Ponce Bank’s offerings at Raisin’s secure site.
Wells Fargo 12 Month CD Account Details
Non-recommended. Displayed for the sake of comparison only.
“Wells Fargo 12-Month CD: Low 1.50% APY and State-Dependent Rates”
Wells Fargo, one of the nation’s largest banks, presents a 12-month CD with a modest 1.50% APY. This rate may not meet your financial goals, and it’s essential to note that interest rates can differ from state to state. With a minimum opening deposit requirement of $2,500, it’s important to consider your options.
Due to the relatively low APY and the variation in rates by state, we advise caution when considering opening a savings account with Wells Fargo.
CIT Bank® 11 Month No Penalty CD Details
“Top Choice: No Penalty Fees and High APY Rates”
CIT Bank: 11-Month No Penalty CD at 4.90% APY”
With a history spanning over a century, CIT Bank, now a part of First Citizens BancShares, Inc., has been dedicated to serving customers since its establishment in 1908.
CIT Bank currently offers an attractive 4.90% APY on their 11-Month No Penalty CD, and you won’t encounter any monthly fees. Enjoy the flexibility of accessing your funds without penalty before maturity.
Getting started is easy, as you can open a CIT Bank 11-Month No Penalty CD with just $1,000, and the sign-up process takes only about 5 minutes. Your deposits are secure, thanks to FDIC insurance, which provides coverage of up to $250,000 per depositor. Plus, with daily compounding interest, you can maximize your earnings potential.
For more details, visit CIT Bank’s secure site.
U.S. Bank® 15 Month CD Details
“Ideal for Longer Term with Branch Access”
“U.S. Bank: 15-Month CD with up to 4.85% APY, Branch Access, and More”
Discover the benefits of U.S. Bank’s 15-month CD, offering an impressive up to 4.85% APY, all while featuring no monthly fees and requiring just a $1,000 initial deposit.
Please note that rates may vary based on your state and zip code. With over 2,000 branch locations across more than half of U.S. states, U.S. Bank provides convenient access for your banking needs.
Rest easy knowing that your deposits are FDIC-insured, offering protection of up to $250,000 per depositor. If you have any inquiries, U.S. Bank’s “24-Hour Banking” ensures that a customer service representative is available around the clock.
Take advantage of daily compounding interest and secure your 15-Month CD rate today to start earning guaranteed interest. For a more comprehensive look, visit U.S. Bank’s secure site for additional details.
Bank of America® 12 Month CD Details
Non-recommended. Displayed for the sake of comparison only.
“Bank of America 12-Month CD: Disappointing 0.03% APY”
Bank of America, a prominent financial institution, currently provides a 12-month CD with an underwhelming 0.03% APY. To access this low APY, you’ll need a minimum opening deposit of $10,000.
Considering that better alternatives exist on this page, offering higher APYs from trusted banks, we recommend exploring those options rather than opening a CD with Bank of America.
Discover® Bank 24 Month CD Details
Ideal for Longer Term and Great Customer Service
“Discover Bank: 24-Month CD at 4.30% APY, No Fees, and 24/7 Customer Service”
Explore the benefits of Discover Bank’s 24-Month CD, boasting an attractive 4.30% APY, all while featuring no monthly fees and a reasonable $2,500 initial deposit requirement.
Discover Bank takes pride in being one of the pioneering online-focused banks to offer what they term “No. Fees. Period.” Enjoy peace of mind with FDIC insurance, which safeguards deposits for up to $250,000 per depositor.
For your convenience, Discover offers 100% U.S.-based customer service available 24/7, ensuring that any questions or concerns are promptly addressed.
Take advantage of daily compounding interest by securing your 24-Month CD rate today and commence earning guaranteed interest. For a more comprehensive understanding, visit Discover Bank’s secure site for additional details.
First Tech® Federal Credit Union 13 Month Share Certificate Details
“Ideal Choice: Top 10 Credit Union by Assets with High APY”
“First Tech Federal Credit Union: 13-Month High-Yield Share Certificate at 5.35% APY”
Established in 1952, First Tech Federal Credit Union boasts over 650,000 members nationwide and is recognized among the top 10 credit unions in the U.S., with assets exceeding $16 billion.
Experience the advantage of their high-yield share certificate, akin to a traditional CD, offering a competitive Annual Percentage Yield (APY) of 5.35%. To get started, a minimum opening balance of $500 is required.
This account comes with several perks, including no monthly fees, round-the-clock customer service, NCUA insurance providing coverage up to $250,000 per depositor, and a unique “Bump/Add” feature. With “Bump/Add,” you have the flexibility to increase your balance, rate, or both once during the term.
For more comprehensive information, visit First Tech Federal Credit Union’s secure site.
CIT Bank® Platinum Savings Details
Ideal For Customer Experience & High APY Interest Rates
“CIT Bank Tops National Survey for Customer-Centric Approach”
In a recent survey conducted by American Banker, CIT Bank secured the top position nationwide for its exemplary customer-focused approach, as rated by over 5,000 consumers across 50 financial institutions.
With a legacy spanning more than a century, CIT Bank, established in 1908, is now a proud member of First Citizens BancShares, Inc.
Currently, CIT Bank offers an impressive 5.05% APY on its high-yield savings account, all without any monthly fees. To qualify for this rate, a minimum balance of $5,000 is required.
Opening a CIT Bank Platinum Savings Account is a breeze, taking as little as 5 minutes to complete the sign-up process.
Rest assured, your deposits are protected by FDIC insurance, offering coverage of up to $250,000 per depositor, and interest compounds daily to maximize your earnings.
For more comprehensive details, visit CIT Bank’s secure site.
Western Alliance Bank® High Yield Savings Account
Idea For High APY Interest Rates
“Western Alliance Bank: Exclusive 5.25% APY via Raisin Platform”
Western Alliance Bank presents an exceptional 5.25% APY exclusively available through the Raisin Platform, surpassing the rates offered by most traditional and online banks.
In addition to this generous APY, Western Alliance stands out with $0 monthly maintenance fees, unrestricted withdrawals, and the added security of FDIC insurance, covering deposits up to $250,000 per depositor.
Since its establishment in 1994, Western Alliance Bank consistently earns its place among the top-ranking banks. In 2021, it achieved the remarkable feat of being ranked as the #1 top-performing large bank with assets exceeding $50 billion by both American Banker and Bank Director. With a national reach, they cater to clients across the country, supporting businesses wherever they operate.
For a deeper dive into the details, explore Raisin’s secure site dedicated to Western Alliance Bank.