Top Banks Offering High Interest on CDs

Investing in a Certificate of Deposit (CD) can be a great way to earn higher interest rates on your savings compared to a traditional savings account. CDs are a low-risk investment option offered by banks and credit unions, where you agree to deposit a certain amount of money for a fixed period of time in exchange for a guaranteed interest rate.

While most banks offer CDs as part of their product offerings, not all of them provide competitive interest rates. If you're looking to maximize your earnings with a high-interest CD, it's essential to compare rates across different financial institutions.

Here are some of the top banks that offer high interest on CDs:

  1. Ally Bank: Ally Bank is known for its competitive CD rates, with terms ranging from 3 months to 5 years. They also offer a variety of CD types, including High Yield CDs and Raise Your Rate CDs.
  2. Discover Bank: Discover Bank is another popular choice for high-interest CDs, with competitive rates and flexible terms. You can choose from standard CDs, IRA CDs, and CD specials.
  3. CIT Bank: CIT Bank offers a range of CD options, including Term CDs, No-Penalty CDs, and Jumbo CDs. They are known for their competitive rates and customer-friendly terms.
  4. Marcus by Goldman Sachs: Marcus by Goldman Sachs is a digital bank that offers high-yield CDs with competitive rates and no fees. They provide flexible terms and easy online account management.
  5. Synchrony Bank: Synchrony Bank is a well-established online bank that offers competitive CD rates and a variety of terms to choose from. They also provide a user-friendly online banking experience.

Before opening a CD with any bank, make sure to carefully review the terms and conditions, including the interest rate, maturity date, early withdrawal penalties, and any fees associated with the account. By comparing rates and features across different banks, you can find the best high-interest CD that suits your financial goals.

Keep in mind that CD rates are subject to change and may vary based on market conditions. It's a good idea to regularly monitor rates and consider laddering your CDs to take advantage of higher rates as they become available.