15 CDs that pay nearly 4 times the national average
One of the easiest and safest ways to grow your savings is by opening a certificate of deposit (CD). CDs offer fixed rates, federal deposit insurance and guaranteed returns, making them an appealing option for investors who want a low-risk place to keep their money.
However, not all CDs are created equal. According to Bankrate, the national average rate for CD as of August 28, 2023 is:
- 1-year CDs: 1.66% APY
- 3-year CDs: 1.32% APY
- 5-year CD yield: 1.39% APY
But today's top CDs offer rates nearly four times higher — if not more. By opening one of these CDs, you can maximize your returns and get the most for your savings.
Check out today's top CD rates online now.
15 CDs that pay nearly 4 times the national average
The following is a mix of short- and long-term CDs with rates that more than beat the national average.
1-year CDs
- Santander Bank (5.50% APY): $500 minimum deposit; three months' interest early withdrawal penalty
- Limelight Bank (5.50% APY): $1,000 minimum deposit; 90 days' interest early withdrawal penalty
- Lending Club (5.50% APY): $2,500 minimum deposit; 90 days' interest early withdrawal penalty
- Sallie Mae Bank (5.50% APY): $2,500 minimum deposit; 90 days' interest early withdrawal penalty
- Popular Direct (5.50% APY): $10,000 minimum deposit; 270 days' interest early withdrawal penalty
3-year CDs
- Bread Savings (4.75% APY): $1,500 minimum deposit; 180 days' interest early withdrawal penalty
- Popular Direct (4.75% APY): $10,000 minimum deposit; 365 days' interest early withdrawal penalty
- First Internet Bank of Indiana (4.65% APY): $1,000 minimum deposit; 360 days' interest early withdrawal penalty
- BMO Harris (4.50% APY): No minimum deposit; 180 days' interest early withdrawal penalty
- Alliant Credit Union (4.45% APY): $1,000 minimum deposit; early withdrawal penalty of number of days CD is open (up to 180 days)
5-year CDs
- Popular Direct (4.60% APY): $10,000 minimum deposit; 730 days' interest early withdrawal penalty
- First Internet Bank of Indiana (4.59% APY): $1,000 minimum deposit; 360 days' interest early withdrawal penalty
- Barclays Bank (4.50% APY): No minimum deposit; 180 days' interest early withdrawal penalty
- BMO Harris (4.50% APY): No minimum deposit; 180 days' interest early withdrawal penalty
- Alliant Credit Union (4.35% APY): $1,000 minimum deposit; early withdrawal penalty of number of days CD is open (up to 180 days)
Compare today's top CD accounts here.
The bottom line
The accounts listed above are great places to start your search for the right CD. But which account is best for you depends on several factors, including the APY, minimum deposit requirement and fees. Take the time to compare multiple accounts' features and benefits to find the one that pays you the most and aligns with your financial objectives.
