CD Rates in Ohio for July 2025
Updated July 11, 2025
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Certificates of deposit (CDs) are offering strong yields that haven't been seen in decades. While CD rates have started to slowly decline as the Federal Reserve has paused rate cuts, now is still an excellent time for Ohio residents to lock in competitive returns. As a low-risk investment, CDs can help grow your savings while beating inflation — especially important in today's economic environment.
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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.
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 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.
How to pick the best CD in Ohio
There are three main components you should consider when choosing a CD: the term length, the yield and the penalty for early withdrawal.
Choose the right term length
CD terms range from 7 days to 10 years. Pick a term based on how long you can leave your money untouched. Remember, most CDs charge a penalty for early withdrawals, so be realistic about when you'll need the money.
Also consider minimum deposit requirements. Many online banks offer CDs with low or no minimums ($0 to $500), while traditional banks typically require $1,000 to $5,000 to open an account. If you're interested in a jumbo CD, you'll need around $100,000.
Find the highest yield
Getting the best yield is likely your top priority when choosing a CD. While rates have started to slowly decline, top CD yields still exceed 4% APY. However, not all banks offer rates this high.
Major banks with branches in Ohio like Huntington, Fifth Third, and PNC typically offer lower rates than online banks like Rising Bank and Marcus by Goldman Sachs. The difference can be significant — often more than 1% APY.
But the highest yield isn't always the best choice if you might need early access to your money. In that case, consider a no-penalty CD or a shorter term option.
Understand the early withdrawal penalties
Most banks charge penalties if you withdraw money before your CD matures. These penalties vary widely between banks. For a 12-month CD, penalties typically range from two to six months' worth of interest. Some banks also add flat fees.
Consider whether you might need early access when choosing a CD. If there's a chance you'll need to withdraw early, look for CDs with lower penalties or explore high-yield savings accounts instead.
Short term vs. Long term CDs
Whether to invest in a short-term or long-term CD is dependent on your financial situation.
Long-term CDs can be an excellent choice for Ohioans who won't need their money for several years. With CD rates beginning to decline, locking in today's still-high rates offers protection against future rate drops. The Fed's pause in rate cuts creates a good opportunity to secure rates for the longer term.
For more flexibility, consider creating a CD ladder. This strategy splits your money across multiple CDs with different maturity dates, providing access while allowing you to maintain higher average returns.
Short-term CDs work well if you need your money sooner or have specific near-term financial goals. They're perfect for saving for a down payment, wedding or other planned expenses within the next year. Short-term CDs also give you the flexibility to reinvest at potentially higher rates if market conditions change.
Where to find the best Ohio CD rates How to compare CD rates in Ohio
Ohio residents should consider both CDs available only in their region and those available to anyone in the U.S., as is the case with most online-only banks.
The most popular banks in Ohio by number of branches include Huntington National Bank, Fifth Third Bank and PNC Bank. While these banks offer some promotional CDs with decent rates, most of their standard CD rates fall below national leaders.
If you want to keep all your finances with one local institution, check if your current bank offers relationship rates for existing customers. Some Ohio banks provide better CD rates if you maintain other accounts with them.
For the highest yields, look to online banks, which typically offer rates 1-2% higher than traditional banks. These institutions are available to all Ohio residents and often provide solid digital tools for managing your accounts.
Next steps for Ohio savers
With CD rates starting to slowly decline, now is a good time for Ohio residents to take action:
- Compare the latest rates using Bankrate's CD rate comparison tool
- Calculate potential earnings with our CD calculator