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.

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:

Pros	Cons
Interest rate up to 5.25% APY	Does not offer CDs without penalties
No fees
Term up to 60 months

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:

Pros	Cons
Interest rate up to 4.85% APY	Does not offer CDs without penalties
No fees	Minimum deposit of $500
Term up to 60 months

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:

Pros	Cons
Interest rate up to 5.10% APY	Does not offer CDs without penalties
No fees
Term up to 60 months

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

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Updated the day 29 September, 2023 by Alfredo Barandiarán