Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

We check financial institutions daily to find the best CD rates for a variety of terms. We also have options for people who want a no-penalty CD, a unique term length, or a $0 minimum opening deposit requirement.

Some national brick-and-mortar banks pay decent rates on select CD terms, but it's rare. For example, Bank of America CD rates pay up to 5.00% APY (Annual Percentage Yield) — but rates vary by location, and many terms only pay around 0.03% APY. Below are our top picks for best CD rates.

The Best CD Rates by Term

Several of the best CD rates are offered by credit unions right now. But don't worry — anyone is eligible to join these credit unions and open CDs.

Market Leader

Financial Partners Credit Union (8-month term) paying 6.50% APY

The Financial Partners Credit Union 8-month CD special requires a minimum deposit of $1,000 and a maximum deposit of $5,000. To open this CD at Financial Partners Credit Union, you must be a new member of the credit union. You may be eligible for the CD if you live, work, or go to school in an eligible area in Southern California (Los Angeles County, Orange County, Riverside County, San Diego County, the City of South San Francisco, or Alameda).

Calculate Your CD Earnings

Technology Credit Union 5 Month No Penalty CD

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5

Annual Percentage Yield (APY)

5.36%

Minimum Deposit Amount

$1

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low-to-standard early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. No terms under 6 months or over 5 years

Product Details

• Terms ranging from 6 months to 5 years
• Early withdrawal penalties: Terms of 12 months or less are charged 90 days simple interest; terms of over 12 months are charged 180 days simple interest
• Interest compounded daily, paid monthly

TotalDirectBank 3 Month CD

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks

Deposits through TotalDirectBank deposit products are FDIC insured

Annual Percentage Yield (APY)

5.66%

Minimum Deposit Amount

$25,000

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. High minimum opening deposit
• con icon Two crossed lines that form an 'X'. Limited customer support

Product Details

• Doesn't operate in Florida, Somoa, Guam, Northern Mariana Islands, and US Virgin Islands
• Online-only division of City National Bank of Florida
• Early withdrawal penalties: 30 days of interest for terms between 30 days up to 6 months; 90 days of interest for terms above 6 months and up to one year; 180 days of interest for terms over 1 year
• Maximum deposit of $1 million
• Interest compounded daily and deposited monthly
• FDIC insured

Signature Federal Credit Union 6 Month Certificate

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5

Annual Percentage Yield (APY)

5.50%

Minimum Deposit Amount

$500

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 opening deposit

Cons

• con icon Two crossed lines that form an 'X'. High early withdrawal penalties
• con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
• con icon Two crossed lines that form an 'X'. No terms over 5 years

Product Details

• Become a Signature FCU member by depositing $5 in a Signature savings account
• Terms ranging from 3 months to 5 years
• 45 days to 900 days interest early withdrawal penalty
• Interest compounded monthly and paid monthly

CIBC Agility 1 Year CD

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5/5

Annual Percentage Yield (APY)

5.51%

Minimum Deposit Amount

$1,000

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rates, especially if deposit $25,000 or more
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard-to-low early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
• con icon Two crossed lines that form an 'X'. Limited CD terms

Product Details

• Earn a higher interest rate if you deposit $25,000 or more
• Terms range from 9 months to 30 months
• Early withdrawal penalty: 30 day of interest if you withdraw before the end of your term
• Interest compounded and deposited monthly
• Member FDIC

Alliant 18 Month CD

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5

Annual Percentage Yield (APY)

5.30%

Minimum Deposit Amount

$1,000

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low-to-standard early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
• con icon Two crossed lines that form an 'X'. $1,000 minimum deposit
• con icon Two crossed lines that form an 'X'. No terms over 5 years

Product Details

• Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
• Terms ranging from 3 months to 5 years
• Early withdrawal penalty is dividends for the number of days the certificate is open. Up to 90 days dividends for terms of 17 months or less; up to 120 days dividends for terms of 18-23 months; up to 180 days interest for terms of 24 months or more; 7 days dividends if you withdraw during the 7-day grace period, even though no interest has accumulated yet
• Interest compounded monthly
• Federally insured by the NCUA

Pelican State Credit Union 2 Year Share Certificate

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5

Annual Percentage Yield (APY)

5.27%

Minimum Deposit Amount

$500

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate

Cons

• con icon Two crossed lines that form an 'X'. Steep early withdrawal penalties
• con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily

Product Details

• 18 locations in Louisiana
• To join Pelican State Credit Union, you are an employee or retiree of a credit union partner; live in Rapise, St. Landry, or St. Tammany Parish; are a credit union employee or become a member of ARC Baton Rouge, the Parents Association of Northwest Support and Services or Pinecrest Parents Assoication
• Early withdrawal penalties: 180 days of interest for terms of one year or less; 270 days of interest for terms between 13 months to 36 months; 365 days of interest for terms between 37 months
• Interest compounded and deposited monthly
• Federally insured by the NCUA

United States Senate Federal Credit Union 3 Year Smart Share Certificate

Start saving United States Senate Federal Credit Union, NCUA Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5/5

Annual Percentage Yield (APY)

5.23%

Minimum Deposit Amount

$1,000

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit

Product Details

• Locations in Alexandria, Virginia and Washington, DC
• To join USSFCU, you must work for a Select Employee Group; have a family member that’s a current member; become a member of the U.S. Capital Historical Society or the American Consumer Council
• All members have to pay a one-time $1 membership fee
• Early withdrawal penalties: 90 days of interest for terms of 1 year or less; 120 days of interest for terms greater than 2 years and up to 3 years; 360 days of interest for terms greater than 3 years
• Earn higher interest rates with a higher account balance (Tiers: $100,000 and $200,000)
• Interest compounded and deposited monthly
• Federally insured by the NCUA

United States Senate Federal Credit Union 4 Year Smart Share Certificate

Start saving United States Senate Federal Credit Union, NCUA Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5/5

Annual Percentage Yield (APY)

4.81%

Minimum Deposit Amount

$1,000

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit

Product Details

• Locations in Alexandria, Virginia and Washington, DC
• To join USSFCU, you must work for a Select Employee Group; have a family member that’s a current member; become a member of the U.S. Capital Historical Society or the American Consumer Council
• All members have to pay a one-time $1 membership fee
• Early withdrawal penalties: 90 days of interest for terms of 1 year or less; 120 days of interest for terms greater than 2 years and up to 3 years; 360 days of interest for terms greater than 3 years
• Earn higher interest rates with a higher account balance (Tiers: $100,000 and $200,000)
• Interest compounded and deposited monthly
• Federally insured by the NCUA

United States Senate Federal Credit Union 5 Year Smart Share Certificate

Start saving United States Senate Federal Credit Union, NCUA Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.5/5

Annual Percentage Yield (APY)

4.86%

Minimum Deposit Amount

$1,000

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties

Cons

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit

Product Details

• Locations in Alexandria, Virginia and Washington, DC
• To join USSFCU, you must work for a Select Employee Group; have a family member that’s a current member; become a member of the U.S. Capital Historical Society or the American Consumer Council
• All members have to pay a one-time $1 membership fee
• Early withdrawal penalties: 90 days of interest for terms of 1 year or less; 120 days of interest for terms greater than 2 years and up to 3 years; 360 days of interest for terms greater than 3 years
• Earn higher interest rates with a higher account balance (Tiers: $100,000 and $200,000)
• Interest compounded and deposited monthly
• Federally insured by the NCUA

Financial Partners Credit Union 8 Month CD Special

Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5

Fees

no monthly maintenance fee

Annual Percentage Yield (APY)

6.50%

Minimum Deposit Amount

$1,000

Bonus

None

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalty

Cons

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
• con icon Two crossed lines that form an 'X'. $5,000 maximum deposit
• con icon Two crossed lines that form an 'X'. New members only

Product Details

• Offer limited to one CD per new member
• Locations in Los Angeles Metro, Orange County, San Diego, and San Francisco areas
• To be eligible for membership at Financial Partners Credit Union you must live in a select area in Southern California (Los Angeles County, Orange County, Riverside County, San Diego County, the City of South San Francisco, or Alameda) OR work for a select employer group
• The early withdrawal penalty for the 8-month special is 90 days of interest
• Interest compounded and deposited monthly
• Federally insured by the NCUA

CDs aren't as accessible as other types of savings accounts, so keep in mind how long you can keep money in the account without potentially facing early withdrawal penalties. Also, make sure you know what steps you need to take once your CD term ends.