Here’s where to get the highest returns for short-term investments with a look at who is offering the best CD rates right now. Banking and finance websites often list information on who is offering the highest CD rates, allowing savvy savers to invest in certificates of deposit for the best return on their money. Finding out which bank or credit union has the best CD rate for your desired term length can help you make an informed decision.
Comparing the Best CD Term for Your Needs
It’s important to choose the type of CD that’s right for you and your financial goals. Before deciding on the length of term for each CD, look for the best rate for your desired amount and consider how long you are willing to lock your funds away in a certificate of deposit account. Longer terms usually offer a higher rate, so make sure that you can commit to it before signing the agreement.
When it comes to finding a great rate on a certificate of deposit (CD), there are a number of financial institutions offering competitive rates. Depending on your financial goals, you may want to consider one of the following banks for the best CD rates: Bank of America, JPMorgan Chase & Co., Wells Fargo, Navy Federal Credit Union, Charles Schwab, and Chase.
Bank of America is one of the largest banks in the U.S., with an impressive nationwide network of branches and ATMs. For those looking for a CD, Bank of America offers rates ranging from 0.10% up to 1.60%. They also offer special promotions such as its Step Up CDs, which allow customers to increase their interest rate mid-term if they qualify.
CIT Bank: CIT Bank is another great option for anyone looking to invest in a CD. Currently, they offer a 13-month CD with an APY of 4.65%, a 24-month CD with an APY of 0.40%, and a 36-month CD with an APY of 0.40%. CIT Bank has a lower minimum deposit requirement of $1,000, making it an ideal option for those who have a smaller amount of money to invest.
JPMorgan Chase & Co. is another major player in the banking industry that provides excellent CD rates to its customers. Their current rates range from 0.05% up to 1.50% and they also offer competitive promotions such as their Jumbo CD, which gives customers access to higher interest rates when they open longer-term CDs with larger deposits ($100,000 or higher).
Wells Fargo is another big bank that offers competitive CD rates ranging from 0.05% up to 1.25%. They have numerous options for their customers including promotional CDs with bonus interest rates and no-penalty CDs for those looking for more flexibility.
Navy Federal Credit Union has been servicing members since 1933 and provides some of the highest CD rates around at 0.25% up to 2%, depending on tenure and amount deposited in the account. The credit union also offers promotional specials such as their ‘Youth Savings Certificate’, which give even better rates than regular CDs for ages 16 and under when certain conditions are met (such as signing up online).
Charles Schwab is an online brokerage firm that recently began offering certificates of deposit (CDs). Schwab’s CD accounts feature competitively low minimum deposits ($1k) and interest rates ranging from 0.15%-1%, depending on term length; they also waive all maintenance fees if your balance is $250 or above each month throughout the term period.
Finally, Chase has recently emerged as one of the top providers of high-interest savings accounts in the U.S., offering CDs with terms ranging from 6 months up to 5 years with attractive APYs (Annual Percentage Yields) starting at 0.05%. They also offer special promotionals like their SmartCD which allows customers an additional .20% APY if certain conditions are met during the term period ($5k minimum deposit required).
As you can see, there are lots of great options available out there for those who are looking for the best CD Rates – so make sure you shop around before making any decisions about where you should invest your money!