Best no-penalty CD rates - November 2023
Best available rates across different account types for Tuesday, November 28, 2023
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What To Know First
Most CDs have one characteristic that consumers don’t like: penalties for early withdrawals. No-penalty CDs, however, are an exception. These certificates of deposit may provide a higher fixed yield than you could earn with a savings account and without having to pay a penalty should you need to withdraw your money early.
Bankrate’s picks for the top no-penalty CD rates
- America First Credit Union: 5.00% APY, $500 minimum deposit
- CIT Bank: 4.90% APY, $1,000 minimum deposit
- Marcus by Goldman Sachs: 0.35%-4.60% APY, $500 minimum deposit
- Ally Bank: 4.55% APY, $0 minimum deposit
- Synchrony Bank: 4.50% APY, $0 minimum deposit
Note: Annual percentage yields (APYs) shown are as of Oct. 27, 2023. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.