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Best CD rates for March 2024 (Up to 5.50%)

Updated March 11, 2024

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Certificates of deposit (CDs) can be an ideal account to allocate some of your savings, especially if you’re looking for a fixed APY. Bankrate’s list of top-yielding CD rates are much higher than today's national average yield of 1.73 percent for a one-year CD.

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Current 1 year CD trends
Bankrate Partner average
4.96% APY
National average
1.73% APY

Best CD rates from top banks for March 2024

Note: Annual percentage yields (APYs) shown are as of March 15, 2024. All other information is current as of March 11, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

America First Credit Union

America First Credit Union_logo
Rating: 5 stars out of 5
5.0

Overview

America First Credit Union offers a wide range of CD terms between three and 60 months, and all earn rates that are highly competitive. Also offered are specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a manageable minimum opening deposit.
Invest Rate
4.20% – 5.50% APY
Loan
$500 minimum deposit
Calendar
3 months - 5 years

Barclays Bank

Barclays Bank_logo
Rating: 4.8 stars out of 5
4.8

Overview

Barclays is an online bank popular for its credit cards, but it also offers CDs and an online savings account. ​​Barclays offers nine terms of CDs ranging from three months to five years.
Invest Rate
3.50% – 5.30% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

Quontic Bank

Quontic Bank_logo
Rating: 4.3 stars out of 5
4.3

Overview

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive.
Invest Rate
4.30% – 5.30% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

Popular Direct

Popular Direct_logo
Rating: 4 stars out of 5
4.0

Overview

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 120-year-old financial services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.
Invest Rate
4.35% – 5.30% APY
Loan
$10,000 minimum deposit
Calendar
3 months - 5 years

Vio Bank

Vio Bank_logo
Rating: 4.7 stars out of 5
4.7

Overview

Vio Bank offers traditional CDs with terms ranging from six months to 10 years, an extensive variety compared to some other banks. The minimum deposit for each account is relatively low at $500. CDs automatically renew once they mature following a ten day grace period. Yields are competitive for all CDs, but Vio’s highest APYs are for CDs with terms of three years or less.
Invest Rate
2.75% – 5.25% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

Synchrony Bank

Synchrony Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

Synchrony Bank offers many regular CDs ranging from three months to five years. It also added a no-penalty CD and a bump-up CD earlier this year. Synchrony Bank also offers IRA CDs.
Invest Rate
2.05% – 5.15% APY
Loan
$0 minimum deposit
Calendar
3 months - 5 years

Capital One

Capital One_logo
Rating: 4.9 stars out of 5
4.9

Overview

Capital One offers CDs with terms as short as six months or as long as five years. These CDs have no minimum opening deposit. The bank offers competitive yields, and it doesn’t have a minimum balance requirement.
Invest Rate
4.00% – 5.10% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

Sallie Mae Bank

Sallie Mae Bank_logo
Rating: 4.4 stars out of 5
4.4

Overview

Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account, credit cards and private student loans. It offers a competitive yield on its deposit products.

Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Invest Rate
4.00% – 5.10% APY
Loan
$2,500 minimum deposit
Calendar
6 months - 5 years

Marcus by Goldman Sachs

Marcus by Goldman Sachs_logo
Rating: 4.9 stars out of 5
4.9

Overview

Marcus by Goldman Sachs offers a competitive yield on its CDs. It offers a variety of CD terms and CD types. Its regular CD terms range from a six-month CD to a six-year CD.

In addition to its nine terms of regular CDs, it also offers three no-penalty CDs and a rate-bump CD.

All of these CDs have a $500 minimum deposit requirement.
Invest Rate
4.00% – 5.05% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

Citizens Access

Citizens Access_logo
Rating: 4.2 stars out of 5
4.2

Overview

Citizens Access offers five terms of CDs that all require at least a $5,000 deposit. Citizens’ CD terms range from one-year to five-years.
Invest Rate
3.30% – 5.00% APY
Loan
$5,000 minimum deposit
Calendar
1 year - 5 years

Bankrate's expertise

Bankrate’s trusted industry knowledge

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

48 years

of industry experience

3 k

deposits rates tracked

120

banks reviewed

Recent news on CD rates

At its last meeting on Jan. 31, the Federal Reserve kept interest rates steady and projected there could be multiple rate cuts in 2024. The Fed’s Federal Open Market Committee kept its key benchmark, the federal funds rate (which determines how much banks borrow and lend their reserves to each other overnight), at a target range of 5.25 to 5.5 percent. 

Although it’s a bad time to borrow money at these rates, it’s a great time to save as interest rates on savings accounts are at their highest in 22 years. And even though rates remain steady, now is still a good time to consider long-term CDs after the Fed raised rates 11 times since March 2022.

The Fed’s next scheduled announcement regarding interest rates is March 20.

CD yields have peaked. Whether your time horizon is measured in months or years, think about locking in current CD yields. — Greg McBride, CFA | Bankrate chief financial analyst

Where are CD rates headed in 2024?

CD rates are likely to maintain their current levels or slightly dip headed into March. Yields are likely to start decreasing months before the Fed begins lowering rates. 

Currently, shorter-term CDs – with terms of six months to 18 months – generally have higher yields than longer-term CDs. But those longer-term CD yields could be peaking soon, if they haven’t already. So locking one in now could be a good decision for long-term money that you want to keep safe in an FDIC-insured bank.

However, most CDs have significant early withdrawal penalties, so consider these when deciding on an account and term.

National average interest rates for CDs

The national average of CD interest rates suggests that shorter term CDs have higher yields than longer-term CDs. With the Fed having raised rates 11 times since March 2022, what goes up might eventually come down. So, getting a long-term CD now could make sense if the Fed lowers rates in the future.

Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average.

Here are the current average rates as of March 15, 2024, according to Bankrate's most recent survey of institutions:

CD term CD national average APY
1 year 1.73%
2 year 1.52%
3 year 1.41%
4 year 1.47%
5 year 1.43%

Current promotional CD rates

Some banks have promotional CD rates.There might be certain restrictions on these CDs. For instance, you might have to bring money from outside the bank to be eligible for this APY. Promotional CDs may renew at a different term and at a different APY. (That APY is likely to not be known when you purchase a promotional CD.)

Even some of the largest banks might have some featured CD rates. 

Bank name CD product APY Available until*
U.S. Bank 9-month CD 5.00% APY N/A
Wells Fargo 7-month CD 4.75% APY N/A
Ally Bank 14-month CD 4.65% APY March 20, 2024
PenFed Credit Union 15-month CD 4.40% APY N/A

*It’s possible for these offers to end sooner.

These promotional CDs might not be available in certain areas. APYs for some products may vary by region. The promotional offers are as of March 11, 2024.

Compare top CD rates today by term

When you open a CD, selecting a term is an important step. The term is the length of time that the money stays stashed in the account. For example, opening a CD with a one-year term means you’re making a commitment to the bank that you’ll keep your money in the account for one year.

Here’s where you’ll find some of the top yielding CDs by term.

Caret Down
Institution APY Min. deposit
America First Credit Union 5.50% APY $500
Popular Direct 5.25% APY $10,000
Wells Fargo 4.50% APY $2,500
Institution APY Min. deposit
America First Credit Union 5.30% APY $500
Popular Direct 5.30% APY $10,000
TAB Bank 5.27% APY $1,000
Institution APY Min. deposit
Alliant Credit Union 5.40% APY $1,000
BrioDirect 5.35% APY $500
Bread Savings 5.35% APY $1,500
Institution APY Min. deposit
First Internet Bank of Indiana 4.66% APY $1,000
Popular Direct 4.55% APY $10,000
Quontic Bank 4.40% APY $500
Institution APY Min. deposit
First Internet Bank of Indiana 4.55% APY $1,000
SchoolsFirst Federal Credit Union 4.35% APY $500
Popular Direct 4.35% APY $10,000

Note: Annual percentage yields (APYs) shown are as of March 15, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

How to choose the best CD for you

CDs are a good option for longer-term goals or for money that you’re comfortable locking away for a set period of time. Follow the steps below to choose the right CD strategy for you:

  1. Determine what the money will be earmarked for. Money you may need in the near future, such as for an emergency fund or short-term goals, usually works better in a liquid account such as a high-yield savings account or money market account. A no-penalty CD may also be a good place for money you might need access to before the CD matures. 
  2. Figure out when you’ll need the money in the CD and pick a term that aligns with your savings goals. Terms can range from just a few months to several years.
  3. Decide whether you prefer a fixed or variable APY. (If you think the Fed has raised rates so many times that rates will decrease in the future, you might want a CD with a fixed APY instead of a savings account with a variable APY.) 
  4. Shop around and compare rates. Research banks and credit unions to find the best rates as well as a minimum opening deposit that’s in line with the amount you plan to put in the CD. Generally, rates are highest at online banks, but it’s possible for a brick-and-mortar bank or a credit union to offer a competitive yield.

Types of CDs

Banks and credit unions offer a wide range of CDs to fit different financial needs. Take some time to consider which type of CD is best for you.

Caret Down

Traditional CDs are the most common type of CD, and they earn a fixed APY for the entire term. These CDs usually don’t allow you to add more funds after your opening deposit, and they also tend to have strict early withdrawal penalties.

If you withdraw from a CD before it matures, the penalty is usually equal to the amount of interest earned during a certain period of time. For instance, a bank may impose a penalty of 90 days of simple interest on a one-year CD if you withdraw from that CD before the year is up. 

When this CD makes sense: Traditional CDs are a good choice if you know exactly when you’ll need the money and there’s no chance of needing it before the term is up. They’re often good for CD ladders or other CD investing strategies in which timing is important.

Most CDs charge you a penalty for accessing the funds before the term is up. However, some banks offer no-penalty CDs — also known as liquid CDs — which allow you to withdraw the money early without being charged a penalty. 

A bank may require that you wait at least some time after opening a no-penalty CD — generally around six or seven days — before you’re able to withdraw from the CD, and some banks don’t allow for partial withdrawals. No-penalty CD rates tend to be lower than regular CD rates, but they can be better than some high-yield savings account or money market account rates.

When this CD makes sense: Consider a no-penalty CD if you don’t plan to withdraw the money before the CD matures, but you want to keep some flexibility in case you need access to the funds. As a result, you’re willing to give up a little return for added liquidity.

Bump-up CDs enable you to request an increase in your rate during the CD term under certain conditions. Banks that offer this CD usually allow just one bump-up per term. For example, you may open a three-year CD at a given rate, and the bank offers an additional half-point rate increase when you’re one year into the term. With a bump-up CD, you can request a rate increase for the remainder of the term. Like no-penalty CDs, bump-up CDs often pay lower rates than traditional CDs.

When this CD makes sense: A bump-up CD could be a good option if rates are expected to rise significantly during the term of the CD. Otherwise, you’re likely accepting a lower rate for limited potential upside.

How does a certificate of deposit work?

A CD is a type of account offered by banks and credit unions that generally earns a fixed APY for the CD’s term. Regular CDs also generally have early withdrawal penalties if you make a withdrawal before the CD term ends.

Who should get a CD?

Savers looking for a low-risk place to earn a guaranteed rate of return should consider getting a CD. They can be a good choice for short- to medium-term goals, such as saving for a new car or for a down payment on a home.

A CD is worth considering for the following people:

Invest Rate
Low-risk investors

For a person looking to make a purchase in a set number of years, a CD could be a great option for earning a competitive rate of interest leading up to that time.

Clock Wait
Time specific goal-setters

For a person looking to make a purchase in a set number of months or years, a CD could be a great option for earning a competitive rate of interest leading up to that time.

Lock Secure
Impulse spenders

A CD can help keep you from spending your money on a whim, thanks to its early withdrawal penalty.

Pros and cons of CDs

Before you choose a CD, weigh the pros and cons to ensure you're making the right investment choice for your financial situation.

Pros

  • Checkmark

    Some CDs earn a higher APY than money market accounts or savings accounts.

  • Checkmark

    CDs are a good place to store funds that you don’t want to be able to dip into too easily.

  • Checkmark

    CDs can help you separate money for financial goals or future expenses.

  • Checkmark

    Deposit insurance covers accounts at FDIC banks and NCUA credit unions up to at least $250,000.

  • Checkmark

    A CD can diversify your savings plan with a guaranteed rate.

  • Checkmark

    Your principal remains intact if you keep your money in a CD for the full term.

Cons

  • CDs tie up your money for a potentially long period of time.

  • Many CDs have early withdrawal penalties.

  • Money committed to a CD could end up earning a lackluster yield if rates rise substantially. The early withdrawal penalty may negate any benefit of switching to a higher-yielding CD, however.

  • You could potentially earn better rates of return in the stock market or by investing in other securities.

Alternatives to CDs

CDs vs. traditional savings accounts

Savings and money market accounts are more liquid than CDs, meaning the funds you keep in those types of accounts are easier to access without penalties or limitations. This makes savings accounts better for your emergency fund. You could withdraw the savings you’ve placed in a CD, but be prepared to pay a penalty if you take the money out before the CD’s maturity date (unless you’ve purchased a no-penalty CD).

CDs vs. high-yield savings accounts

CDs generally have an early withdrawal penalty if you withdraw your money before the CD matures. CDs generally have fixed APYs.

A high-yield savings account is a liquid account that allows you to withdraw money without a fee and savings accounts generally have variable APYs.

CDs vs. money market accounts

CDs have set terms and generally also have early withdrawal penalties if you withdraw your money before that term ends.

Money market accounts, like savings accounts, generally have variable APYs. But unlike most savings accounts, they might have check-writing privileges – which let you write checks from this account.

In exchange for less liquidity, however, CDs typically offer a higher interest rate than money market accounts.

CDs vs. bonds

CDs typically pay a fixed interest rate, so you know how much you’re earning up front. You’re also guaranteed to receive the same interest rate for the entire term and receive your full principal amount back, as long as you don’t make any premature withdrawals. 

On the other hand, bonds offer more flexibility and the chance to earn a higher yield. A bond is a loan you make to a government or a corporation to receive some interest. You can sell a bond before it matures without getting hit with an early withdrawal penalty, and you may get back more or less than your original investment if interest rates have moved. With municipal bonds, the interest you earn is often exempt from taxes.

There are many different types of bonds, and some are riskier than others. Bonds aren’t protected by FDIC or NCUSIF insurance like CDs are, and the value of your bonds will fluctuate based on what’s happening with interest rates. If interest rates are rising, the price of your bonds will likely fall and vice versa.

How to build a CD ladder

CD laddering staggers the maturity dates on your CDs. This strategy involves buying multiple CDs at once that mature at different dates. It’s a way to spread out when the money becomes available and to keep from having all of your money stuck in a long-term CD if rates rise.

In the current rate environment, purchasing a 3-year CD now could potentially help you earn a yield that might not be available if the Fed lowers rates.

CD laddering can also shield you from interest rate changes that could otherwise hurt you. If rates are rising, you’ll be able to take advantage of higher yields the next time one of your laddered CDs matures. On the other hand, if interest rates are falling, you’ll be glad you locked up your savings when the bank was paying more favorable yields.

Consider keeping your CD ladder focused on CDs with shorter-term maturities during a rising rate environment so you can more quickly take advantage of higher rates. Conversely, committing to CDs with longer terms makes more sense when rates are decreasing because it enables you to continue earning higher CD yields than the market currently offers.

CD FAQs

Research methodology

Bankrate has been around since 1976. It is a leading publisher of rates and personal finance articles. It is also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

The banks and credit unions on this page are selected based on popularity, Bankrate’s review score and CD APYs. The listings are ordered based on Bankrate’s scoring system, and ties are broken through minimum balance requirements and then alphabetical order.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.

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