Are you looking for information on the best CD rates available today? We’ve provided them below. CD Rates and providers are updated daily on this page so they are always current. Remember that many banks offer “special offers” or “internet only” CD rates which are often higher than the CD rates available through local bank branches where you live – you will find those offers here.
Best CD Rates Made Easy to Find
CD rates will vary from bank to bank, especially when you factor in longer maturity dates. A CD with a longer term, let’s say 3 to 5 years, will generally deliver higher CD rates than a a one year CD. We suggest you take a minute to look at the difference in rates among CDs with different maturities using the above tool. Banks will sometimes offer their best cd rates exclusively online because they know online shoppers tend to be more responsive to getting a higher rate on Certificates of Deposit than those that walk into their local bank branches.
What Is A CD or Certificate Of Deposit?
A Certificate of Deposit (CD) is an account where you deposit money for a fixed length of time, in order to earn a fixed rate of return. Just as with savings and checking accounts, if your CD is held with a bank, you are insured for up to $250,000 by the FDIC, and if it’s held with a credit union the NCUA insures your account for the same amount. As money invested in a certificate of deposit is insured, generally CD’s pay a lower rate of interest than other types of investments which are not guaranteed against loss. The rates you see on this page are among the best cd rates available at this time.
Certificate of Deposit vs Savings Accounts
Here’s how CDs and Savings accounts differ. It’s really simple:
- With a savings account, you can deposit and withdraw funds whenever you’d like. With a CD you make a deposit and leave it untouched for the life of the term.
- With a CD you are locked into a rate for the life of the term. The interest rate paid on a savings account will very with market conditions.
What are the real benefits of a CD?
- The biggest benefit is a higher rate of return via higher interest rates.
- Your interest rate is locked in and will not fluctuate due to the market.
- If you are an impulse spender and/or will have those funds stashed in an account anyway, it’s a no-brainer.