Best CD rates for 2023

With inflation persistent and stock markets volatile, many consumers are turning to safe-haven investments to save their cash — but also earn a steady income.

Certificate of Deposit (CD) One such investment is gaining steam, largely thanks to rising interest rates. While higher Federal Reserve rates have hurt the popularity of other products like mortgages and credit cards, they actually CD helped. In fact, there are some banks CDs are now offering interest rates of 4% to 5% or more.

what are you assuming CD investment? In this article, we’ll break down exactly where to look for the best CD rates in 2023.

Start exploring your CD options here now to see how much more you can earn

Best CD rates for 2023

Here are some of the best banks currently offering CDs, broken down by annual percentage yield (APY), minimum deposit, fees and additional highlights.

Synchrony Bank

Synchrony Bank is an online banking institution that offers savings accounts, CDs, money market accounts and credit cards. Synchrony is not the best Certificate of Deposit Rate We found, but they also have a wide range of positions. You can get CDs from Synchrony for as little as three months. They also offer a tax-advantaged IRA CD, which no other bank we analyzed did.

• API: 2.25% to 5.15%
• Minimum Deposit: None of them
• Fees: Early withdrawal penalty (90 to 365 days of interest) for withdrawal before maturity date of CD
• Highlights: Three-month to five-year terms, IRA CD options, FDIC-insured

Bread storage

Bread Savings is an online bank offering high-yield savings accounts and Certificate of Deposit. You can browse products, open your account and finance it all online The bank has no brick-and-mortar locations.

• API: 4.25% to 5.10%
• Minimum Deposit: $1,500
• Fees: $5 per paper statement, $15 per check request, $25 per outgoing wire transfer, early withdrawal penalty (90 to 365 days interest) for withdrawals before the maturity date of the CD.
• Highlights: Interest accrues daily and compounds, no maintenance fee, FDIC-insured, one- to five-year terms

Marcus

Marcus is the online bank of Wall Street bank Goldman Sachs. It offers high-yield certificates of deposit, high-yield savings accounts, investment services, credit cards and personal loans. It currently offers a special promotional 10-month CD with an APY of 5.05%, making it one of the best CD banks we’ve found.

• API: 4.50% to 5.05%
• Minimum Deposit: $500
• Fees: Some accounts have early withdrawal penalties (90 to 270 days of interest) for withdrawals before the CD’s maturity date.
• Highlights: 10-Day Rate-Increase Guarantee (if rates go up within 10 days of opening/funding your account, you automatically get a higher rate), FDIC-insured, six-month to six-year terms

Start exploring your CD options here now and make more money!

Barclays

Barclays is an online bank that only offers savings accounts and CDs. Its savings accounts offer up to 3.80% APY, while its CD rates are among the highest we found. There is no minimum balance required to open.

• API: 4.50% to 4.90%
• Minimum Deposit: None of them
• fee: Early withdrawal penalty
• highlight: Interest compounded daily, FDIC-insured, one- to five-year terms

Capital One

Capital One is a well-known national bank that offers credit cards, bank accounts, car loans, business solutions and more. Its CDs allow flexible interest payments; You can choose to receive your interest monthly or annually at the end of the CD term.

• API: 3.30% to 4.30%
• Minimum Deposit: None of them
• Fees: Early withdrawal penalty (90 to 180 days of interest) for withdrawal before the maturity date of the CD
• Highlights: No minimum balance, flexible interest payments, FDIC-insured, six-month to five-year terms

citizen

A citizen Online banking only which refinances savings accounts, CDs, mortgages and student loans. Bank CDs range from one to five years, and customers have the option of receiving monthly payouts from their CDs’ interest earnings.

• API: 3.45% to 4.75%
• Minimum Deposit: $5,000
• Fees: None of them
• Highlights: No fee, FDIC-insured, one- to five-year terms; Option to take monthly interest payments, interest compounded daily

How to open a CD account

Opening a CD account is as simple as choosing a bank, filling out a short application, and funding your account. You can usually fund your new account with an online transfer from another bank or savings account within minutes.

Remember that your initial deposit is the only deposit you’ll make into your CD, so make it count. If you want to invest more in the CD later, you’ll need to open a new CD and fund it separately. Get started online today!