BankDirect has a handful of CDs that are available across different terms. Besides traditional CDs, there are IRA CDs that require a lower minimum deposit in exchange for a lower annual percentage yield.
Penalties for closing your CD before it matures will vary depending on the length of the CD term. As usual, the longer the term, the harsher the penalty. For 12-month CDs, the penalty is 90 days’ interest based on the amount withdrawn.
Interest is compounded daily.
Interest rates are competitive across most terms.
Most standard CD terms are available.
Earned interest can be withdrawn before maturity without penalty.