Best banks to open a CD rates

Do you want to know what are the best CD rates that you can open in the United States in 2023? From Responsible Economy we have analyzed the best banks to open a certificate of deposit. You have all the information on each CD, a ranking with the best and all the features. Welcome!

Video with 10 best Certificate of deposit

Here you have a complete video with the best certificate of deposit you can open in 2023:

Ranking best CD rates in 2023

At the outset, we present you with a ranking of the top banks to open a Certificate of Deposit (CD). Subsequently, we delve into each bank’s specifics, providing you with in-depth details about their offerings. This approach allows you to quickly identify the best options and then thoroughly explore each bank’s features, interest rates, terms, and more.

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Capital One

The Capital One Certificate of Deposit offers a maximum interest rate of 5.25% APY with a 12-month term. The minimum term to open a Capital One CD is 6 months, and the maximum term is 60 months. Each term comes with different interest rates.

Below, you can find a table we have prepared with all the advantages and disadvantages:

ProsCons
Interest rate up to 5.25% APYDoes not offer CDs without penalties
No fees
Term up to 60 months
Capital One Certificate of Deposit pros and cons

Marcus by Goldman Sachs

The Marcus by Goldman Sachs offers a maximum interest rate of 5.10% APY with a 12-month term. The minimum term to open a Marcus by Goldman Sachs CD is 6 months, and the maximum term is 72 months. Each term comes with different interest rates.

Below, you can find a table we have prepared with all the advantages and disadvantages:

ProsCons
Interest rate up to 4.85% APYDoes not offer CDs without penalties
No feesMinimum deposit of $500
Term up to 60 months
Marcus by Goldman Sachs Certificate of Deposit pros and cons

Synchrony

Synchrony offers a maximum interest rate of 5.05% APY with a 9-month term. The minimum term to open a Synchrony CD is 3 months, and the maximum term is 60 months. Each term comes with different interest rates. Synchrony also offers a penalty-free certificate of deposit at 4.25% APY with an 11-month term.

Below, you can find a table we have prepared with all the advantages and disadvantages:

ProsCons
Interest rate up to 5.10% APYDoes not offer CDs without penalties
No fees
Term up to 60 months
Synchrony Certificate of Deposit pros and cons

How to choose the best CDs

We have made a list with all the variables that you must know to open the best CD:

  • Terms: All deposits have a term. You must know that term before opening a CD to avoid penalties.
  • Fees: There are CDs that charge commissions. You have to open CDsthat do not charge any commission. There are many banks that offer free CDs.
  • Penalties: If you withdraw the money before the agreed term you will have a penalty. You should also know that there are banks that do not have penalties but the yield is lower.
  • APY: The interest rate is undoubtedly the most important variable. The more yield the deposit has, the more benefits you will have.
  • FDIC: FDIC insures you $250,000 per owner in the CDs you have at each bank. It is very important to only open Certificates of Deposit at banks that are subject to the FDIC.

Frequent questions

Now we answer all the questions you may have about CDs:

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Certificates of deposit calculator

Certificates of deposit calculator

Your earnings:
Total Result:

Related Content

Here you have related content about CDs:

Updated the day 29 September, 2023 by Alfredo Barandiarán

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