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What is a Certificate of Deposit (CD)?
A Certificate of Deposit (CD) is a savings option that provides higher interest rates than standard savings accounts in exchange for locking in your money for a set term. CD durations can vary from a few months to several years, with longer terms often offering higher returns. While many CDs require a commitment to the entire term, they offer predictable, fixed returns that are FDIC-insured up to $250,000, making them a low-risk choice for secure growth.
Why Choose a CD?
CDs are a reliable way to grow your funds without the unpredictability of the stock market. With consistent returns and federally insured protection, CDs are ideal for individuals with specific savings goals. Our carefully curated selection of CD accounts offers high APYs, flexible terms, and the peace of mind that your funds are secured.
Maximize Your Returns with High-Yield CDs
Maximize Earnings with Top CD Rates
Discover how CDs offer some of the best fixed returns, making them a reliable choice for conservative savers. Compare the top CD rates and start growing your savings.
No Withdrawal Surprises with FDIC-Insured CDs
Bank-Compare features only FDIC-insured CDs, ensuring your funds are safe up to $250,000. Grow your wealth confidently with secure and insured CD options.
Choose the Right CD Term for Your Goals
CDs offer flexibility in terms. Whether you prefer a short-term commitment or a long-term investment, there’s a CD option that aligns with your financial goals.
Types of CDs Available
- No-Penalty CDs – Flexibility to withdraw early without fees, though typically with slightly lower rates.
- High-Yield CDs – Offers superior returns compared to traditional CDs, ideal for maximizing your earnings.
- Jumbo CDs – For large depositors seeking the highest rates on substantial investments.
- Step-Up CDs – Enjoy incremental rate increases over time for enhanced returns.
- IRA CDs – Tax-advantaged savings for retirement, combining stability and tax benefits.
American Express® Savings Accounts
Member FDIC
APY
4.00%
With $0 min balance for APY
No minimum balance and no monthly fees.
at American Express Bank
SoFi Bank Savings Accounts
Member FDIC
APY
4.60%
With $0 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at SoFi Bank
Synchrony Bank Savings Accounts
Member FDIC
APY
4.30%
With $0 min. balance for APY
No minimum balance and no monthly fees.
at Synchrony
Marcus By Goldman Sachs
Member FDIC
APY
4.80%
With $0 min. balance for APY
No minimum balance and no monthly fees.
at Barclays
American Express® Savings Accounts
Member FDIC
APY
4.00%
With $0 min balance for APY
No minimum balance and no monthly fees.
at American Express Bank
SoFi Bank Savings Accounts
Member FDIC
APY
4.30%
With $0 min balance for APY
No minimum balance and no monthly fees.
at SoFi Bank
Synchrony Bank Savings Accounts
Member FDIC
APY
4.30%
With $0 min balance for APY
No minimum balance and no monthly fees.
at Synchrony
Barclays Online Savings Accounts
Member FDIC
APY
4.80%
With $0 min balance for APY
No minimum balance and no monthly fees.
at Barclays
How Do CDs Work?
CDs provide a guaranteed return by holding your funds for a set period. At the end of the term, you receive your initial deposit along with interest earned. Longer-term CDs generally yield higher returns, while shorter terms offer greater liquidity. Carefully review terms before committing, as early withdrawal can lead to penalties.
How to Select the Best CD
- Define Your Savings Goals: Choose a CD term that aligns with when you’ll need access to your money.
- Compare Interest Rates: Higher APYs mean greater returns, especially on longer-term CDs.
- Consider Penalties for Early Withdrawal: Evaluate if the account has withdrawal penalties and if flexibility is important to you.
- Confirm FDIC Insurance: Ensure the bank is FDIC-insured to protect your deposit.
American Express National Bank: Savings Account
Additional Benefits:
- No minimum balance and no monthly fees.
- Strengthened by the service and reliability of American Express.
- Easy access to your money and 24/7 world-class customer service.
- Manage your account online with simple transfers and recurring deposits.
SoFi: Savings Accounts
Additional Benefits:
- Earn up to $300, depending on your direct deposit amount.
- Create Vaults dedicated to specific savings goals.
- Use AutoSave to automatically put part of your paycheck into savings.
- With Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your savings Vault.
Synchrony Bank: Savings
Additional Benefits:
- Savings products with competitive rates, no required minimum balances, and no monthly fees.
- Save easy with Synchrony Bank. Our app makes it a snap to bank anywhere; and control accounts from your smartphone or tablet.
- Our App Makes It A Snap To Bank Anywhere and Control Accounts From Your Smartphone Or Tablet.
Barclays : Online Savings Account
Additional Benefits:
- An award-winning account with great rates, no minimum balances or monthly maintenance fees.
- Enjoy a rate greater than 5X the national average.
- Online transfers to and from other banks.
- Direct deposit to make saving simple and easy.
Benefits and Drawbacks of CDs
Benefits: CDs offer security, fixed returns, and insurance coverage for added peace of mind.
Drawbacks: Limited liquidity and potentially lower returns compared to other investment options. CDs work best for funds you won’t need until the end of the term.
Final Takeaway
If you’re looking for a secure, high-yield savings option, CDs can be a smart choice. Compare rates, evaluate terms, and find the best CD for your needs on Bank-Compare.
Frequently Asked Questions
Yes, CDs are a safe investment option, as they are insured by most banks and credit unions up to $250,000 per account holder, per institution. This coverage includes both individual and joint accounts, offering security and peace of mind.
A no-penalty CD allows you to withdraw your funds early without facing any penalties. While this option provides flexibility, it typically offers a slightly lower interest rate compared to traditional CDs. It’s a great choice if you want to earn interest but may need access to your funds sooner.
Deciding between CDs and high-yield savings accounts depends on your financial goals. CDs generally offer higher, fixed rates but require locking in your funds for a set term. High-yield savings accounts offer more flexibility, allowing you to withdraw anytime but may come with variable interest rates.
Withdrawing from a CD before its maturity date usually incurs an early withdrawal penalty. The penalty can vary by bank and CD term, and it may impact your accrued interest. Only no-penalty CDs allow withdrawals without any fees, making them a flexible option.
A CD can be a valuable addition to your savings strategy, particularly for longer-term goals. While it lacks the liquidity of a savings account, a CD provides a fixed interest rate and is suitable for those who can commit their funds for a specific period to earn a stable return.
