18 CDs offering 5.5% or more on your savings
There are any number of strategies you can use to help your savings balance grow over time. For example, automating your savings deposits is one simple way to get the job done. And, you can also watch your savings account balance grow by putting your money in a certificate of deposit (CD) with a high APY.
When you deposit your savings into a CD, you're agreeing to leave your money in the account for a specific term — typically a few months to a few years — in return for a fixed interest rate. This can be a smart way to ensure your savings grow at a guaranteed rate, no matter what happens with the overall interest rate environment during that time.
And right now, there are lots of CDs that offer high rates of interest on your money. But if you're going to lock away your savings in a CD account, you should try to maximize what you earn by getting the highest rate possible on your money. And the below CDs, which offer 5.5% APYs or more, are a great place to start.
See how much more you could be earning with a top CD rate here now.
18 CDs offering 5.5% or more on your savings
If you're looking for a CD offering a top interest rate on your savings, you have any number of options to choose from — and any number of terms to consider. Here are some of your top options right now:
3-month CDs
- Dow Credit Union: 5.65% APY; $500 minimum deposit
- Signature Federal Credit Union: 5.55% APY; $500 minimum deposit
6-month CDs
- TotalDirectBank: 5.56% APY; $25,000 minimum deposit
- First Commonwealth Federal Credit Union: 5.55% APY; $500 minimum deposit
9-month CDs
- Blue Peak Credit Union: 5.75% APY; $1,000 minimum deposit
- NASA Federal Credit Union: 5.55% APY; $10,000 minimum deposit
10-month CDs
- Abound Credit Union: 5.75% APY; $500 minimum deposit
1-year CDs
- American 1 Credit Union: 6.00% APY; $1,000 minimum deposit
- First Commonwealth Federal Credit Union: 5.55% APY; $500 minimum deposit
- MapleMark Bank: 5.75% APY; $25,000 minimum deposit
- TotalDirectBank: 5.65% APY; $25,000 minimum deposit
- Connexus Credit Union: 5.61% APY; $5,000 minimum deposit
- NexBank: 5.60% APY; $25,000 minimum deposit
- First Commonwealth Federal Credit Union: 5.55% APY; $500 minimum deposit
- Western Alliance Bank: 5.51% APY; $1 minimum deposit
- LendingClub: 5.50% APY; $2,500 minimum deposit
- Popular Direct: 5.50% APY; $10,000 minimum deposit
- CommunityWide Federal Credit Union: 5.50% APY
Explore the top CD rates you may qualify for here now.
The bottom line
A CD can be a great way to maximize the returns on your savings — especially right now. With so many top-rate accounts to choose from, you're bound to find one that fits your financial strategy. But before you make a decision, just make sure that you're able to leave your money deposited in the account for the full term required by the financial institution. Otherwise, you could pay a penalty for early withdrawal, which could eat away at what you've earned in interest.
