12 Best CD Rates of October 2024: Up to 5.10% APY

Compare the best CDs

Bank or Credit Union CD Terms Minimum Deposit Alliant Credit Union3 months to 5 years$1,000Ally Bank3 months to 5 yearsNoneBarclays3 months to 5 yearsNoneBMO Alto6 months to 5 yearsNoneBread Savings1 to 5 years$1,500LendingClub6 months to 5 years$2,500Marcus by Goldman Sachs6 months to 6 years$500Popular Direct3 months to 5 years$10,000Quontic Bank6 months to 5 years$500Synchrony Bank3 months to 5 yearsNoneVio Bank6 months to 10 years$500

Alliant Credit Union is a Member NCUA.

Annual Percentage Yield (APY)Terms

From 3 months to 60 months

Minimum balanceMonthly feeEarly withdrawal penalty fee

Early withdrawal penalty may apply. For CD term of 17 months or less, penalty is number of days the certificate is open, up to 90 days; for CD term of 18 to 23 months, penalty is number of days the certificate is open, up to 120 days; for CD term of 24 to 48 or 60 months, penalty is number of days the certificate is open, up to 180 days; for during 7-day grace period for new certificates, penalty is 7 days (no dividends are earned), a penalty will be applied from the principal balance.

ProsAbove-average APYsRange of CD termsNo monthly feeJumbo CDs available for higher rateAlliant Credit Union membership is available to anyoneCons$1,000 minimum deposit requiredHighest APY offered is on a jumbo CD requiring deposit of $75,000+You can’t access your money before your CD term endsEarly withdrawal penalty feeNo physical branch locations

Ally Bank

Ally Bank® is a Member FDIC.

Annual Percentage Yield (APY)TermsMinimum balanceMonthly feeEarly withdrawal penalty fee

High Yield CDs and Raise Your Rate CDs have early withdrawal penalties that vary based on your CD term. With the No Penalty CD, withdraw all your money any time after the first 6 days following the date you funded the account and keep the interest earned with no penalty.

ProsAbove-average APYsRange of CD termsNo minimum balanceNo monthly feeOffers CD options to raise your APY, withdraw with no penalty and save for retirement0.05% Loyalty Reward automatically added to CD account renewalsConsYou can’t access your money before your CD term endsEarly withdrawal penalty fee on certain CDsNo physical branch locations

Barclays

Barclays Bank Delaware is a Member FDIC.

Annual Percentage Yield (APY)Terms

From 3 months to 60 months

Minimum balanceMonthly feeEarly withdrawal penalty fee

A penalty may be charged for early withdrawal.

ProsAbove-average APYsRange of CD termsNo minimum balanceNo monthly feeConsYou can’t access your money before your CD term endsEarly withdrawal penalty fee may applyDoesn’t offer CD options beyond the traditional typeNo physical branch locations in the U.S.

BMO Alto

BMO Alto is a Member FDIC.

Annual Percentage Yield (APY)Terms

From 6 months to 60 months

Minimum depositMonthly feeEarly withdrawal penalty fee

An early withdrawal of principal before maturity will cost an early withdrawal penalty. The penalty is calculated using the interest rate applicable to the CD at the time of early withdrawal. If the amount of the penalty exceeds the amount of your accrued and unpaid interest, then a reduction of principal would be required in order to pay the penalty:

ProsAbove-average APYsRange of CD termsNo minimum depositNo monthly feeConsYou can’t access your money before your CD term endsEarly withdrawal penalty fees applyNo physical branch locations

Bread Savings

Bread Savings™ (formerly Comenity Direct) is a product of Comenity Capital Bank, a Member FDIC.

Annual Percentage Yield (APY)TermsMinimum balanceMonthly feeEarly withdrawal penalty fee

Early withdrawal penalty applies. For terms shorter than 1 year, the penalty is 90 days simple interest. For terms 12 months to 3 years, the penalty is 180 days simple interest. For terms 4 years and up, the penalty is 365 days simple interest.

ProsAbove-average APYsRange of CD termsNo monthly feeHigher renewal rate automatically added to one-, two- and three-year CD account renewalsCons$1,500 minimum depositYou can’t access your money before your CD term endsEarly withdrawal penalty fee appliesDoesn’t offer CD options beyond the traditional typeNo physical branch locations

LendingClub

Annual Percentage Yield (APY)TermsMinimum depositMonthly feeEarly withdrawal penalty fee

Early withdrawal penalty applies. For terms 1 year or less, the penalty is 90 days simple interest. For terms greater than 1 year, the penalty is 180 days simple interest.

ProsAbove-average APYsRange of CD termsNo monthly feeCons$2,500 minimum depositYou can’t access your money before your CD term endsEarly withdrawal penalty fees applyNo physical branch locations

Marcus by Goldman Sachs

Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA, a Member FDIC.

Annual Percentage Yield (APY)TermsMinimum depositMonthly feeEarly withdrawal penalty fee

If you withdraw the balance entire principal amount from your CD account prior to maturity, you’ll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here’s how early withdrawal penalties are calculated:

Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance

ProsAbove-average APYsRange of CD termsNo monthly feeOffers CD options to raise your APY and withdraw with no penalty10-Day CD Rate Guarantee: If the rate on your CD goes up within first 10 days of opening, you’ll get that rate automaticallyCons$500 minimum depositYou can’t access your money before your CD term endsEarly withdrawal penalty fees applyNo physical branch locations

Popular Direct

Popular Direct products are offered by Popular Bank, a Member FDIC.

Annual Percentage Yield (APY)Terms

From 3 months to 60 months

Minimum depositMonthly feeEarly withdrawal penalty fee

For terms less than 91 days: The fee is 89 days simple interest; For terms equal to or greater than 91 days but less than 12 months: The fee is 120 days simple interest; For terms equal to or greater than 12 months but less than 36 months: The fee is 270 days simple interest; For terms equal to or greater than 36 months but less than 60 months: The fee is 365 days simple interest; For terms equal to or greater than 60 months: The fee is 730 days simple interest

ProsAbove-average APYsRange of CD termsNo monthly feeHas physical branch locationsCons$10,000 minimum depositYou can’t access your money before your CD term endsEarly withdrawal penalty fees apply

Quontic Bank

Quontic Bank is a Member FDIC.

Annual Percentage Yield (APY)TermsMinimum balanceMonthly feeEarly withdrawal penalty fee

Withdrawals before the maturity date are subject to penalties. For time deposits up to 12 months, the penalty will be equal to the interest for the full length of the stated term. For time deposits 12 months to under 24 months, the penalty equals one year interest. For time deposits 24 months and over, the penalty equals two years interest. If the accrued interest exceeds the penalty amount, the excess accrued interest over the penalty amount will be paid to you. If the accrued interest is less than the penalty amount, a reduction of the principal balance may result.

ProsAbove-average APYsRange of CD termsNo monthly feeAs a Community Development Financial Institution (CDFI), Quontic supports economically disadvantaged communitiesHas loan offices in South Florida, Melville, Astoria and IndianapolisCons$500 minimum depositYou can’t access your money before your CD term endsEarly withdrawal penalty fee appliesDoesn’t offer CD options beyond the traditional typeNo physical branch locations

Synchrony Bank

Synchrony Bank is a Member FDIC.

Annual Percentage Yield (APY)Terms

From 3 months to 60 months

Minimum balanceMonthly feeEarly withdrawal penalty fee

There may be an early withdrawal penalty if you withdraw funds from the principal prior to the CD maturity date (the last day of the CD term). The penalty is applied to the amount of principal withdrawn (there’s no penalty on interest). For the No-Penalty CD, early withdrawals are not permitted within the first 6 days after account funding. Following that, only withdrawal of the entire balance is allowed.

ProsAbove-average APYsRange of CD termsNo minimum balanceNo monthly feeOffers CD options to raise your APY, withdraw with no penalty and save for retirementConsYou can’t access your money before your CD term endsEarly withdrawal penalty fee on certain CDsNo physical branch locations

APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time.

Vio Bank

Vio Bank is the online-only division of MidFirst Bank, a Member FDIC.

Annual Percentage Yield (APY)Terms

From 6 months to 120 months

Minimum balanceMonthly feeEarly withdrawal penalty fee

Penalty may be imposed for early CD withdrawal. For CD term 7 to 31 days, penalty amount is all of the interest earned on the amount being withdrawn; for CD term 32 days to 12 months, penalty amount is 1% of the amount withdrawn, plus a $25 fee; for CD term greater than 12 months, penalty amount is 3% of the amount withdrawn, plus a $25 fee.

ProsAbove-average APYsRange of CD termsNo monthly feeCons$500 minimum deposit requiredYou can’t access your money before your CD term endsEarly withdrawal penalty feeNo physical branch locations

Discover Bank

Discover Bank is a Member FDIC.

Annual Percentage Yield (APY)Terms

From 3 months to 10 years

Minimum balance

Minimum deposit of $2,500

Monthly feeEarly withdrawal penalty fee

Early withdrawal penalty applies. For terms shorter than one year, the penalty is three months’ simple interest. For terms of one year to less than four years, the penalty is six months’ simple interest. For terms of four to five years, the penalty is nine months’ simple interest. For terms of five to seven years, the penalty is 18 months’ simple interest. For terms of seven to 10 years, the penalty is 24 months’ simple interest.

ProsAbove-average APYsRange of CD termsNo monthly feeCons$2,500 minimum deposit requirementYou can’t access your money before your CD term endsEarly withdrawal penalty fee appliesNo physical branch locations

Find the right savings account for you

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None if you select eStatements

Early withdrawal penalty fee

For CD term of 17 months or less, penalty is number of days the certificate is open, up to 90 daysFor CD term of 18 to 23 months, penalty is number of days the certificate is open, up to 120 daysFor CD term of 24 to 48 or 60 months, penalty is number of days the certificate is open, up to 180 daysFor during 7-day grace period for new certificates, penalty is 7 days (no dividends are earned), a penalty will be applied from the principal balance

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Ally Bank CDs

Ally is an online-only bank that offers a range of highly-rated financial products, including everything from checking and savings accounts, to trading platforms, personal loans and mortgage refinancing. The bank has an easy-to-use mobile app and 24/7 live customer service available over the phone, through online chat or on the app.

CD terms offered

3 months, 6 months, 9 months, 12 months, 18 months, 36 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

High Yield CDs and Raise Your Rate CDs have early withdrawal penalties that vary based on your CD term. With the No Penalty CD, withdraw all your money any time after the first 6 days following the date you funded the account and keep the interest earned with no penalty.

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Barclays CDs

Barclays is a brick-and-mortar bank in the U.K. with online banking available across the U.S.

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

A penalty may be charged for early withdrawal.

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BMO Alto CDs

CD terms offered

6 months, 12 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

An early withdrawal of principal before maturity will cost an early withdrawal penalty. The penalty is calculated using the interest rate applicable to the CD at the time of early withdrawal. If the amount of the penalty exceeds the amount of your accrued and unpaid interest, then a reduction of principal would be required to pay the penalty:

11 months or less: You’ll be charged 90 days interest12 months or more: You’ll be charged 180 days interest

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Bread Savings CDs

Bread Savings is an online-only bank and is a product of Comenity Capital Bank, which is part of Bread Financial. Customer service is available over the phone seven days a week, from 7 a.m. to 9 p.m. CT on weekdays and from 9 a.m. to 5 p.m. CT on weekends and most holidays.

CD terms offered

1 year, 2 years, 3 years, 4 years, 5 years

Monthly fee

None

Early withdrawal penalty fee

For terms shorter than 1 year, the penalty is 90 days simple interestFor terms 12 months to 3 years, the penalty is 180 days simple interestFor terms 4 years and up, the penalty is 365 days simple interest

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LendingClub CDs

CD terms offered

6 months, 12 months, 18 months, 24 months, 36 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

For terms 1 year or less, the penalty is 90 days simple interestFor terms greater than 1 year, the penalty is 180 days simple interest

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Marcus by Goldman Sachs CDs

Marcus is an online-only division of Goldman Sachs. The bank’s U.S.-based contact center is open 24/7 for live customer support over the phone or through online chat.

CD terms offered

6 months, 9 months, 12 months, 18 months, 2 years, 3 years, 4 years, 5 years, 6 years

Monthly fee

None

Early withdrawal penalty fee

If you withdraw the balance of entire principal amount from your CD account before maturity, you’ll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here’s how early withdrawal penalties are calculated:

Less than 1 year: 90 days interest on the original principal balance at the interest rate in effect for the CD1 year to 5 years: 180 days interest on the original principal balance at the interest rate in effect for the CDMore than 5 years: 270 days interest on the original principal balance at the interest rate in effect for the CD

Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance

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Popular Direct CDs

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

For terms less than 91 days: The fee is 89 days simple interestFor terms equal to or greater than 91 days but less than 12 months: The fee is 120 days simple interestFor terms equal to or greater than 12 months but less than 36 months: The fee is 270 days simple interestFor terms equal to or greater than 36 months but less than 60 months: The fee is 365 days simple interestFor terms equal to or greater than 60 months: The fee is 730 days simple interest

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Quontic Bank CDs

Quontic is an online-only bank and a Community Development Financial Institution (CDFI), which supports economically disadvantaged communities nationwide.

CD terms offered

3 months, 6 months, 24 months, 36 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

Withdrawals before the maturity date are subject to penalties.

For time deposits up to 12 months, the penalty will be equal to the interest for the full length of the stated termFor time deposits 12 months to under 24 months, the penalty equals one year interestFor time deposits 24 months and over, the penalty equals two years interest.If the accrued interest exceeds the penalty amount, the excess accrued interest over the penalty amount will be paid to you.If the accrued interest is less than the penalty amount, a reduction of the principal balance may result.

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Synchrony Bank CDs

Synchrony is an online-only bank so there are no physical branch locations. However, all deposit accounts are FDIC-insured and its customer service line is available seven days a week by phone or online chat, as well as 24/7 through its app. In addition to CDs, Synchrony Bank offers high-yield savings and money market accounts, as well as credit cards.

CD terms offered

3 months, 6 months, 9 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

There may be an early withdrawal penalty if you withdraw funds from the principal prior to the CD maturity date (the last day of the CD term). The penalty is applied to the amount of principal withdrawn (there’s no penalty on interest). For the No-Penalty CD, early withdrawals are not permitted within the first 6 days after account funding. Following that, only withdrawal of the entire balance is allowed.

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Vio Bank CDs

CD terms offered

6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months, 84 months, 120 months

Monthly fee

None

Early withdrawal penalty fee

For CD term 7 to 31 days, penalty amount is all of the interest earned on the amount being withdrawnFor CD term 32 days to 12 months, penalty amount is 1% of the amount withdrawn, plus a $25 feeFor CD term greater than 12 months, penalty amount is 3% of the amount withdrawn, plus a $25 fee

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Discover Bank CDs

Discover Bank offers a wide range CD terms between three months to 120 months and you can earn up to 4.10% APY. There’s a $2,500 minimum to open an account, and no fees.

CD terms offered

3 months, 6 months, 9 months, 12 months, 18 months, 24 months, 30 months, 36 months, 48 months, 60 months, 84 months, 120 months

Monthly fee

None

Early withdrawal penalty fee

For terms shorter than one year, the penalty is three months’ simple interest.For terms of one year to less than four years, the penalty is six months’ simple interest.For terms of four to five years, the penalty is nine months’ simple interest.For terms of five to seven years, the penalty is 18 months’ simple interest.For terms of seven to 10 years, the penalty is 24 months’ simple interest.

What’s a CD?

The word CD stands for “certificate of deposit” — and is just that: a deposit account that earns interest. With a CD, you earn a fixed rate of interest for a fixed time period. CDs come with different terms, such as six months, one year or five years, and you can’t touch your funds in your CD for the length of that specified term length unless you’ll pay an early withdrawal penalty fee plus possibly lose out on accrued interest.

When you put your money in a CD, you earn a fixed interest rate for a specific amount of time on the money you deposit when you open an account. Term lengths typically range from three months to five years.

While a CD is similar to a savings account, the traditional CD model differs in a couple of important ways:

You can only deposit money into the CD once at the beginning of the term. You can’t make additional contributions over the CD’s term. Sometimes, there’s a minimum deposit requirement (usually $500 and up).You can’t access your money before your term ends or you’ll get hit with an early withdrawal penalty. The penalty fees can vary depending on your bank and your CD’s term length, but it’s usually the interest earned or the interest you would have earned, over a certain number of days or months. Generally, the longer the CD term length, the costlier the withdrawal penalty.

One of the reasons you might want to consider a CD over a high-yield savings account is because savings accounts have variable APYs, and with a CD you lock in the rate the day you open the account. This can be good if you open an account when interest rates are high. It’s not so great if you open an account after the Federal Reserve slashes interest rates.

CDs typically don’t come with monthly fees and are federally insured so your money is protected, which makes them one of the safest savings vehicles.

How to choose a CD

How to compare CDs

When comparing CDs, make sure you’re comparing the same term, like a one-year CD, to another one-year CD at a different bank. With CDs, the interest rate is important, as well as considering what the minimum deposit is and any early withdrawal penalties and fees.

Pros and cons of CDs

Some of the pros and cons of CDs are quite the same, and whether you see something as good or bad depends on other factors. We list what we think below.

Pros of CDs

Fixed interest rates (a good thing when rates are high)Can’t touch CD funds until the term is up (a good thing so you’re not tempted to spend)Different CD types allow you to have options, such as bump-up CDs (for raising your rate), no-penalty CDs (for easy withdrawals), add-on CDs (for making additional contributions), jumbo CDs (for large deposits) and IRA CDs (for retirement)

Cons of CDs

Fixed interest rates (a bad thing when rates are low or if rates go up while you’re in the middle of a CD term)Can’t touch CD funds until the term is up (a bad thing if you need that money)Early withdrawal penalty feesCan generally only deposit money into a CD once at the beginning of the term and can’t make additional contributionsAt times there’s a minimum deposit requirement, usually $500 and up

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FAQs

What’s a CD rate?

A CD rate is expressed as APY or annual percentage yield. A CD’s APY is the amount of interest that an account earns in a year. Unlike the rates you find with traditional and high-yield savings accounts, CD rates are fixed, meaning they stay the same for the life of the CD term.

What’s considered a good CD rate?

What’s considered a good CD rate depends on the length of the CD term. Currently, the highest rates seem to be for six-month, nine- or 10-month and one-year CDs, hovering at 5% APY or just below.

Are there fees associated with CD rates?

There typically aren’t any fees, such as monthly maintenance fees, associated with CD rates. Some CDs, however, require a minimum deposit to open an account. Most CDs will also charge a penalty fee if you make an early withdrawal before your CD term is up.

Which banks have the best CDs?

The banks that have the best CDs are those that made this list. Here’s a recap of the banks with the best CDs:

Is a 10-year CD worth it?

The market (historically) averages a much higher 10-year return than you would find with any 10-year CD, but of course, you take on much more risk.

Consider also the rate of inflation; over 10 years, inflation could outpace the fixed return you’d be earning with a 10-year CD. It may make more sense to put your money in a shorter-term CD, like a five-year CD, that likely offers a higher guaranteed APY than a 10-year CD and then reevaluate again in five years.

Can you lose money on a CD?

Because most banks offering CDs are FDIC-insured, you won’t lose money up to the legal limit of $250,000 per account holder. You can, however, lose interest or have to pay a penalty fee if you withdraw your CD funds before your term is up.

Are CDs safe?

CDs are one of the safest savings vehicles as your money is federally insured.

Are CDs a good investment?

CDs are generally a good investment. Your money grows without the risk of your rate dropping (which can happen with a high-yield savings account), and you’re guaranteed a return without worrying about stock market volatility.

How much does a $10,000 CD make in a year?

How much a $10,000 CD makes in one year depends on that one-year CD’s APY. For example, a one-year CD with a 5.00% APY would equate to $500 in interest earnings after a year.

Do you have to pay taxes on interest on CDs?

Interest accrued on a CD is taxed as ordinary income. You must report the interest on your tax return for any account earning over $10 in one year.

Why trust CNBC Select?

Our methodology

When ranking the top CDs, we looked at APYs, term lengths, minimum deposit requirements, penalties for early withdrawals and ease of use. Ultimately, we favored accounts with above-average rates. All of the CDs included on this list are FDIC- or NCUA-insured up to $250,000 per person. If you are opening a joint account CD with a spouse, the insurance limit is doubled.

The rates and fee structures banks advertise for their CD accounts are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a CD account, however, you’re often locked into that APY offered at account opening for the entire term length. Your earnings depend on the CD term length, the amount you deposit, the APY offered when you opened the account and any associated fees. Generally, a larger deposit and a higher interest rate will earn you the most money. Any early withdrawals may result in penalty fees that lower your principal balance/earnings.

To open a CD account for the first time at a bank, most banks and institutions require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.