The Best CD Rates of 2020 (Updated Daily)
6:30 AMMy very first investment was in a certificate of deposit when I was a teenager. CDs back then paid more than 10%. While we can’t get that kind of return today, a certificate of deposit is a safe place to hold cash. Here’s our list of the best CD rates.

Our Top Picks
Ally Bank High Yield CD – terms of three months to five years; no minimum deposit

We Know Certificates of Deposit
I’ve invested in certificates of deposit since 1979. I can recall earning more than 16% on a 6-month CD. Today I still use CDs to hold our emergency fund and track CD rates daily both here and for Forbes. The Dough Roller editorial team represents more than 50 years worth of experience when it comes to certificates of deposit. We’ve used that experience and countless hours of research to help you find a great CD.Best CD Rates Updated Daily
Here’s a list of current CD rates. These rates are updated throughout the day:Featured Certificates of Deposit by Term
Shopping for a CD takes more work than looking for a savings account. The reason is simple. Rates changed based on the term of the CD. One bank might have a great 1-year rate, while another bank may be the best at three or five year CDs. Given this, we’ve listed here some of the CD rates based on the term. Synchrony Bank–Term: 3 months to 5 years; Rates: 0.75% to 2.55% APY; $2,000 minimum deposit to open
- Best Synchrony Bank CD–12-month high-yield CD that currently pays 2.35% APY ($2,000 minimum opening deposit).
CIT Bank–Term: Up to 5 years; Rates: Up to 2.40% APY; $1,000 minimum deposit to open
Founded in 1908, CIT Bank has more than $50 billion in assets. An FDIC-insured financial institution, it offers CD terms up to 5 years. It does require a minimum deposit, but at $1,000, it’s manageable for most savers.
Discover Bank–Term: 3 months to 10 years; Rate: 0.35% to 2.30% APY; $2,500 minimum deposit to open

Ally Bank–Term: 3 months to 5 years; Rate: 0.75% to 2.30% APY; no minimum deposit to open Ally continues to win awards for outstanding customer service and is always at the top of the list for interest rates.

- Best Ally Bank CD–12-month High Yield CD that currently pays a 2.10% APY
Barclays –Term: 3 months to 5 years; Rates: 0.35% to 2.25% APY; No minimum balance to open

- Best Barclays Bank CD–12-month high-yield CD that currently pays 2.25% APY
Marcus Bank–Term: 6 months to 6 years; Rate: 0.60% to 2.50% APY; $500 minimum deposit to open account

- Best Marcus USA CD–12-month high-yield CD that currently pays 2.40% APY
- Marcus Savings Account – $1 minimum deposit with a 2.00% APY
3 Things to Consider When Comparing CD Rates
Penalties–You will lose interest if you don’t hold the CD for the whole term. Many of the above banks charge 60 days of interest as a penalty for requesting your money early and some can go as high as nine months! If you’re someone who needs liquidity, then creating a CD ladder is your best option. For example, instead of investing $25,000 into a single 5-year CD, you can invest $5,000 into a five year CD every year. So after five years, you’ll have $5,000 of liquidity + interest to either take out, or re-invest. Of course, you can always choose a no-penalty CD, as we’ve covered above. Check Local Banks and Credit Unions–Even though the banks you see above make up the majority of online deposits in the United States, a local bank or credit union can sometimes, do better. Local banks and credit unions may not have the manpower or the marketing dollars to attract millions of clients. But that’s the very reason they might be able to attract you. Low overhead costs and local advertising budgets mean more value in the products they’re offering. This, of course, doesn’t mean they’re all winners (my parents refuse to listen to me about their 5-year 0.35% CD for example) but it does mean you should explore the banks in your community. CD Alternatives – Investing your money into something with less than a 2% return takes some stomaching. The rates you see above are guaranteed for the length of the term and are FDIC insured up to $250,00 per depositor so there is no risk. That said there are a bevy of other places to park your money for a better return … if you’re willing to take on a little risk.- Peer to Peer lending platforms like Prosper and Lending Club average annual returns of 5% – 7%. Greater than 95% of their notes return profits.
- Robo investing is a great way to park your money and let qualified investors to the heavy lifting. The fees are typically under 1% of your investment annually and the returns average greater than 5%. Two highly regarding companies are Betterment and M1Finance.
- Real Estate Crowdfunding is fairly new and allows you the chance to invest in real-estate with a relatively small amount of money. Places like RealtyMogul, Fundrise and RealtyShares are free to sign-up and again charge a small percentage of investment fee for annual returns in the 8% – 10% range.
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