- Last updated December 2024
Best CD Accounts Of December 2024
Top CD accounts with competitive rates & secure savings
✓ High interest rates for maximum growth
✓ Flexible term lengths to fit your goals
✓ FDIC insured for peace of mind
9.7
Barclays Online CDs
Our #1 CD choice for 2024
Earn 5.10% APY With 6-Month CD
- Interest that compounds daily & flexible term options
- No hidden monthly fees
- Easy fund transfers
Our #1 CD choice for 2024
No minimum account balance
Earn 5.10% APY With 6-Month CD
- No minimum account balance
9.5
Quontic
Earn 5.10% APY with 6-month CD
- No monthly service fee
- Only $500 required to open
- 5 terms available
9.4
NexBank
Earn 5.15% APY with 1-year CD
- FDIC insured & no fees
- $1 minimum deposit
- 24/7 online access to funds
9.1
Ponce Bank
Earn 5.10% APY with 3-month CD
- Earn up to $2,000 referral bonus
- $1 minimum deposit
- FDIC insured up to $250,000
8.9
First Citizens Bank
Earn 5.00% APY with 11-month CD
- Start with as little as $5,000
- Funds are FDIC insured up to $250,000
- Transfer funds easily from checking
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Our Ratings:
The rating system for the best CD accounts consists of a combination of the following 3 components:
When selecting a CD (Certificate of Deposit) account, the primary consideration is the interest rate. Look for CD accounts offering the highest rates to maximize your returns over the fixed term. Higher interest rates can significantly increase your savings by the time the CD matures.
Consider the variety of term lengths available. CD accounts typically offer terms ranging from a few months to several years. Choose a term length that aligns with your financial goals and liquidity needs, ensuring you can access your funds when necessary.
It’s important to understand the penalties for early withdrawal before committing to a CD account. Some CDs have hefty penalties if you need to access your funds before the maturity date. Finding an account with more lenient penalties can provide greater flexibility.
Best CD Account Of 2024
9.7
Barclays
Our #1 CD choice for 2024
Earn 5.10% APY With 6-Month CD
- Interest that compounds daily & flexible term options
- No hidden monthly fees
- Easy funds transfers
How We Picked These CD Accounts
- Interest Rates: We prioritize CD accounts with the highest Annual Percentage Yields (APYs). High interest rates mean better returns on your savings over time.
- Term Options: We look for banks that offer a variety of term lengths, allowing you to choose a CD that aligns with your financial goals, whether short-term or long-term.
- Compounding Frequency: The frequency of interest compounding significantly affects the growth of your savings. We favor CDs with more frequent compounding, such as daily or monthly, to maximize your earnings.
- Fees and Penalties: Hidden fees and severe early withdrawal penalties can erode earnings. We select CD accounts with minimal or no fees and reasonable penalty structures for early withdrawals.
- Minimum Deposit Requirements: Accessibility is key. We prefer banks that have low or no minimum deposit requirements, making it easier for everyone to start saving.
- Bank Reputation and Customer Service: Trust and reliability are crucial when choosing a bank. We evaluate the bank’s reputation, customer service quality, and overall user experience to ensure you’re banking with a reliable institution.
Which Account Is Right For You?
How to Choose the Right CD Account
Research and Compare: Use resources like SmartWealthTrends.com to compare the best CD accounts. Look for the highest APYs, best terms, and most favorable conditions.
Select a Bank: Choose a bank that offers the CD terms and conditions that best fit your needs. Ensure the bank is FDIC-insured for added security.
Open an Account: Open your CD account by visiting the bank’s website or branch. You’ll need to provide personal information such as your name, address, Social Security number, and funding source.
Fund Your CD: Transfer the required deposit amount to fund your CD. Ensure to do this within the timeframe specified by the bank to avoid any issues.
Monitor Your CD: Track your CD’s maturity date and any interest earned. Decide in advance whether to renew the CD or withdraw your funds upon maturity.
1. Barclays
Barclays offers competitive CD rates with flexible terms, making it a standout choice for savers in 2024. Their CDs come with no monthly fees and the security of FDIC insurance, ensuring your investments are both profitable and safe. With a straightforward online application process and solid reputation, Barclays provides a reliable option for growing your savings.
Pros
- CDs pay more than the U.S. average
- No minimum opening deposit
- Low withdrawal penalties
Cons
- Limited to online banking
- No checking account
- Low-rated mobile app
2. Quontic
Quontic Bank’s CD accounts are known for their above-average interest rates and unique term options, catering to various financial goals. They offer a robust online banking experience with minimal fees, making them a practical choice for tech-savvy savers. Quontic’s commitment to digital banking ensures convenience and efficiency in managing your investments.
Pros
- High APY rates
- No monthly fees
- 90,000+ ATM locations
Cons
- No physical locations
- Limited support
- No cash deposits
NexBank offers some of the best CD rates in 2024, coupled with strong customer service and flexibility in terms of length. Their CDs are designed to meet various investment needs, providing security and consistent returns. NexBank’s personalized approach and commitment to customer satisfaction make it an appealing choice for new and seasoned investors.
Pros
- Best-in-class CD rates
- Strong customer service
- $1 minimum balance requirement
Cons
- Early withdrawal penalties
- Limited online banking features
- Low savings account APY
Disclosures
Quontic:
Withdrawals before the maturity date are subject to penalties
