If you’re wondering, “What is a CD?” you’re likely missing out on this secure investment vehicle. A certificate of deposit, commonly called a CD, allows you to put funds in a short- or long-term account and accrue interest during the length of the term. A CD can be a useful investment product for those who want a guaranteed return on investment with little to no risk. But, before you put your money into any certificate of deposit, you should compare CD rates and be aware of any minimum deposits required.
That’s why GOBankingRates set out to find the best CD accounts and the Best Banks of 2019.
Why Barclays Bank Delaware Offers the Best CD Account of 2019
GOBankingRates’ Best Banks of 2019 study assessed CD account offerings at major financial institutions by looking at the following factors:
- Minimum deposit
- 12-month CD APY
- 60-month CD APY
“We offer our existing savings customers and new customers some of the highest rates that you can see in the market,” said Andrew Harris, managing director and head of banking at Barclays Bank Delaware.
Barclays Bank Delaware CD Accounts: No Minimum Deposit and High CD Interest Rates
“Opening a CD with Barclays doesn’t require a financial commitment — you can open a CD with $0,” said Harris. “We’re one of the few banks to not require a significant minimum — the minimums in the industry are often a lot higher than $0.”
In addition to not requiring a CD minimum deposit, Barclays’ CDs come standard with a fixed-rate APY, FDIC insurance, interest that compounds daily, no hidden monthly fees and easy fund transfers. You also have the option to implement CD laddering, which can help you free up some of your invested funds as the CD matures, and allows you to decide whether you want to reinvest or cash out at the end of the term.
Barclays Bank Delaware currently offers nine different CD terms:
- 3 months
- 6 months
- 9 months
- 12 months
- 18 months
- 24 months
- 36 months
- 48 months
- 60 months
Barclays Bank Delaware offers some of the best CD rates, which vary based on the CD term length you choose.
Related: The Best Checking Accounts of 2019
Barclays Bank Delaware Makes Opening a CD Account Simple
With Barclays Bank Delaware, the entire process of opening a CD account can be completed online — and quickly.
“Being an online bank, we focus on the ease of account opening; you can open that account within five minutes,” said Harris. “It’s a very, very simple online process that requires no paper and nothing else.”
Not only can you open the CD online, but you also get access to online tools that help you pick the best CD for your needs. Barclays Bank Delaware provides potential customers with a CD calculator that allows them to see how much savings they’d earn based on different terms and deposit amounts, as well as a CD ladder tool to help them better understand how laddering works.
“Our tool showing customers how to do CD laddering helps them understand not just the theory of it, but the financial practicality of it with today’s rates,” said Harris. “Customers can really understand the flexibility they get through that laddering process versus tying funds up for five years. We really get into the online experience, both with the application and the tools.”
Barclays Bank Delaware Puts Customers First
Although most Barclays Bank Delaware clients find that they can handle all of their banking needs online with the ease of using the website and the available online tools and information, there is a customer service number that allows clients to reach a live agent seven days a week from 8 a.m. to 8 p.m. ET.
“Customer centricity is key,” said Harris. “If customers do have to phone us, we have a real-time system that we call a ‘bionic banking capability,’ where the agent and the customer are seeing the same thing. So if they’re halfway through an application or they’re doing something on their account, the agent is seeing exactly the same thing. There’s no having to re-communicate; it’s a seamless exchange of information. It’s our focus on not just the rate, but the servicing around the product, that’s really important.”
Click to see if your bank is one of GOBankingRates’ Best Banks of 2019 finalists.
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Methodology: To compile its list of top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding nonactive institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks according to the GOBankingRates database. No asset threshold was consulted for online-only banks.
Criteria for ranking: To determine its Best CD Accounts category ranking, GOBankingRates evaluated each institution’s 12-month certificate of deposit product and five-year CD product. If the bank did not offer a 12-month or five-year CD, then the next closest CD term length was selected for evaluation. GOBankingRates scored the CD accounts from most to least favorable on the following factors: (1) minimum deposit to open a CD, (2) annual percentage yield for a 12-month CD and (3) APY for a five-year CD. APY for a 12-month CD and APY for a five-year CD were weighted more heavily than other ranking factors, and accounts were then ranked by overall score.
Data was compiled from and verified against the individual institutions’ websites between Sept. 21 and Oct. 22, 2018. To determine the Best Banks of 2019, GOBankingRates considered the banks’ rates at the time the research was conducted; however, rates that appear in the articles are accurate as of today. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible that additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.