A certificate of deposit, or CD, is a savings investment insured by the FDIC, making it a safe way to earn interest at a typically higher rate than you can earn with a savings or checking account. CDs are a good option for savers looking to conservatively generate income.
Here are the best certificate of deposit account providers, according to the Best Banks of 2019 study:
- Barclays Bank Delaware
- Capital One Bank (USA)
- Marcus by Goldman Sachs
- First Internet Bank
- Synchrony Bank
- TIAA Bank
- Discover Bank
- Ally Bank
- SunTrust Bank
|The Best CD Accounts of 2019|
|Bank||Min. Deposit||12-Mo. CD APY||60-Mo. CD APY|
|Barclays Bank Delaware||$0||2.70%||3.05%|
|Capital One Bank (USA)||$0||2.70%||3.00%|
|Marcus by Goldman Sachs||$500||2.70%||3.00%|
|First Internet Bank||$1,000||2.78%||3.09%|
|SunTrust Bank||$2,000||2.26%||2.56% (58-month CD)|
|Rates are updated weekly.|
Best CD Accounts of 2019
Since banking is a competitive industry, some banks offer higher rates than others. Oftentimes, the best bank CD rates are found at online banks, due to their low overhead costs. To help you compare CD rates, GOBankingRates evaluated the Best CD Accounts of 2019 based on the following factors:
- Minimum deposit to open
- 12-month CD APY
- 60-Month CD APY
Why: Barclays offers some of the best CD rates available and has a $0 minimum to open an account, one of only three such banks on this list.
Review: Daily compounding of interest, no monthly maintenance fees and a top-notch five-year CD APY of 3.05% make Barclays Bank Delaware the top CD account. The 12-month CD rate pays 2.70% APY.
- No minimum to open
- No hidden fees
- High APY CDs
How to Open: Barclays Bank Delaware CD accounts are opened online. You’ll need to provide your personal information, Social Security number, external bank name, bank routing number and account number.
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Why: Backed by a well-known issuer of credit cards, Capital One 360 CDs come in high-yielding CD terms ranging from six months to five years. Capital One Bank also offers one of the Best Checking Accounts of 2019.
Review: Capital One 360 CDs offer high yields, no market risk, guaranteed returns and FDIC insurance. Rates jump much higher for maturities of 12 months or longer.
- Competitive yields, including 2.70% APY for a 12-month CD and 3.00% APY for a 60-month CD
- No minimum deposit to open or maintain a certificate of deposit account
How to Open: You can open a Capital One CD account online in about five minutes. You’ll need to provide standard personal, identifying and financial information, such as your Social Security number and bank account number for funding purposes.
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Why: A repeat contender after its first appearance on the list in 2018, Marcus by Goldman Sachs has some of the best available CD rates and a relatively small minimum deposit requirement.
Review: The Marcus by Goldman Sachs five-year CD has no fees and pays a rate of 3.00% APY. Marcus by Goldman Sachs requires $500 to open a CD account. The bank’s 12-month CD is a top contender as well, with a high rate of 2.70% APY. Marcus by Goldman Sachs offers a 10-day CD rate guarantee, which promises you the best APY it offers within 10 days of opening your account.
- CD term lengths available from six months to six years
- No-penalty CD available
- Backed by one of the most prestigious names in financial services
How to Open: Open your Marcus by Goldman Sachs CD online in minutes by choosing your product type and providing personal and employment info, along with a funding source.
Why: High rates make First Internet Bank a top contender among the Best CD Accounts of 2019.
Review: First Internet Bank has no-fee CD accounts that pay some of the best available yields on the list. The 12-month CD offers a rate of 2.78% APY, and the five-year CD offers a competitive 3.09% APY. Online banking and mobile banking options are also provided, along with the automatic renewal of maturing CDs.
- Automatic renewal
- $1,000 minimum investment
- No maintenance fees
- Maturities from three months to five years
How to Open: You can open a First Internet Bank account on the bank’s website if you’re a legal resident who is at least 18 years old with a Social Security number and a government-issued ID.
Why: Synchrony Bank has high CD rates but also a high minimum investment of $2,000.
Review: Synchrony Bank offers 12-month and five-year CD rates with high yields: 2.70% APY and 3.10% APY, respectively.
- 24/7 online and mobile banking
- Terms from three months to five years
- $2,000 minimum investment
How to Open: Your name, physical address, Social Security number and date of birth are enough to get you started with opening an account online at Synchrony Bank. You’ll also need a state ID, such as a driver’s license. To fund your account, you’ll need an external bank account number and routing number.
Why: A higher-than-average $5,000 minimum investment guarantees a high rate with TIAA’s Yield Pledge CD. The bank is also among the Best Online Banks of 2019.
Review: TIAA offers three types of CDs: a basic CD, a bump-rate CD and a Yield Pledge CD. Although the Yield Pledge CD carries a high minimum, the TIAA Yield Pledge Promise guarantees rates to be in the top 5 percent of competitive accounts. Across the board, TIAA pays high CD rates, especially the 12-month CD, with a rate of 2.50% APY, and the five-year CD, with a rate of 2.70% APY.
- Online and mobile banking
- 20-day maturity alert
- Automatic rollover
How to Open: TIAA Bank CDs can be opened through an online application. Applicants are required to provide typical personal and financial information.
Why: Respectable CD yields place Discover Bank on the list of Best CD Accounts of 2019, but it does require one of the higher minimum investments at $2,500.
Review: Discover Bank offers one of the widest ranges of CD products, with maturities from three months to 10 years. Rates are high, with the 12-month CD coming in at 2.65% APY and the five-year CD paying a rate of 3.00% APY.
- Maturities as long as 10 years available
- Higher minimum investment of $2,500 required
- U.S.-based banking specialists
How to Open: You can open an account online with your physical address, phone number, email address and Social Security number. You’ll be mailed a Welcome Kit after you open your account.
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Why: High rates and an excellent online interface are enough to overcome a high minimum balance requirement.
Review: VirtualBank has some of the top CD interest rates, but you’ll have to invest a lot to get them, as the bank requires a $10,000 minimum investment. However, the bank offers a wide range of CD maturities, from one month to five years.
- One-month CD option available
- High $10,000 minimum to invest
- Automatic renewal at maturity
How to Open: You can open a CD account for any maturity online. You must be a U.S. citizen.
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Why: Ally Bank is one of only three banks on the list that has no CD minimum deposit. The bank also has one of the Best Savings Accounts of 2019.
Review: Ally’s High-Yield CD has maturities ranging from three months to five years. Twelve-month yields are currently 2.70% APY, whereas five-year rates are 3.10% APY. In addition to its High-Yield CD product, Ally offers a Raise Your Rate CD and a No Penalty CD. The Raise Your Rate CD allows you to increase your rate to current levels once over a two-year term or twice over a four-year term. The No Penalty CD pays a lower rate but allows you penalty-free access to your CD funds just seven days after the date of deposit.
- “Ten Day Best Rate Guarantee”
- Automatic renewal at maturity
- 24/7 customer service
How to Open: Ally has an online application process that takes five minutes or less. You must be 18 years or older to open an account, with a Social Security number, U.S. residential street address, legal name and birth date.
Why: SunTrust Bank offers the widest range of CD maturities of all the banks on this list, with rates high enough to earn the bank a spot as one of the best CD accounts. It’s also one of the Best National Banks of 2019.
Review: You can open a CD account as short as seven days or as long as 10 years at SunTrust Bank. A minimum of $2,000 can get you access to rates like 2.26% APY on a 12-month CD or 2.56% APY on a 58-month CD. CDs opened online are limited to $250,000, although accounts opened at a branch have a $1 million limit.
- Wide range of CD maturities
- High rates across the board
How to Open: CD accounts can be opened online in about five minutes. You’ll need identification, a current address and a funding source. You must be 18 years old and a U.S. resident to open an account online.
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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 non-active 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 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.