Best CDs of 2024

  • Marcus by Goldman Sachs
    2.3(60)
  • Comerica Bank
    2.1(229)
  • Truist
    1.7(1,220)

Top Picks

See who reviewers like

Marcus by Goldman Sachs logo
Comerica Bank logo
Truist logo
See our top picks
Author pictureAuthor picture
Author picture
Written by
Author picture
Edited by

Best CDs of 2024

33
Companies considered
7
Companies selected
30K+
Reviews analyzed
15
Features compared

Certificates of deposit, also referred to as CDs, are a great way to earn a fixed interest rate while keeping your savings safe and secure. The best CDs offer competitive yields, low opening deposits and flexible withdrawal penalties. In this article, we highlight the best CD options and rates, so you can make an informed decision about where to place your money.

Our picks for best CDs 

Read our methodology to understand how we selected companies for our top picks. Note that our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear.

See how our top seven options for CDs rank when comparing minimum account balance requirements, annual percentage yield (APY) and fees. Note that APYs are correct as of publishing.

Why trust ConsumerAffairs?
  • Our recommendations are based on what reviewers say.
  • 4,482,017 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

Compare our top 7 CD company picks

More info about our top CD company picks

Best rate-bump option
APY
3.7% - 4.75%
Minimum deposit
$500
Terms available
6 months - 6 years

Founded in 2016, Marcus by Goldman Sachs is known for its high-yield savings products, including its new Rate-Bump CD. The bank is backed by Goldman Sachs, one of the world's leading investment banks.

With Marcus’s 20-month Rate Bump CD, customers can take advantage of rising interest rates by requesting a one-time rate increase during the term of their CD. This CD has a low $500 opening deposit, making it a great option for those who want to keep their funds accessible while earning a higher interest rate.

Marcus by Goldman Sachs also offers other CD products, including a no-penalty CD that allows you to withdraw all of your money plus interest at any time after seven days of opening the account. CD terms range from six months to six years, and term lengths vary by product type.

Marcus by Goldman Sachs CDs offer:

  • Several types of CDs
  • Rate-bump option for rising rates
  • $500 opening deposit

Be aware of these factors:

  • Early withdrawal penalties may apply
  • Rate-bump CD has one term

While some customers have reported issues with loan approvals, many others have found Marcus by Goldman Sachs to be a reliable and trustworthy financial partner. While there are no customer reviews that address CD products, the company has received high praise for being able to help customers reach their financial goals.

One customer from New York raved about their experience with a loan from Marcus by Goldman Sachs, saying: "I needed to consolidate my high-interest credit cards, as my monthly payments never seemed to lower my balances much. … My [Marcus by Goldman Sachs] loan was able to pay off three accounts in full and pay off a large chuck of other balances that were haunting me every month. My one monthly payment along with not using these credit cards has made my credit score go from good to excellent in seven months!”

Best term options
APY
0.03% - 0.20%
Minimum deposit
$1,000
Terms available
7 days - 10 years

Comerica Bank has been in operation since 1849 and offers a range of financial products and services, including high-yield CDs with flexible term options.

Customers can choose from terms as short as seven days or as long as 10 years, which is a longer range than most banks, allowing them to find a CD product that meets their specific savings goals. In addition to traditional CDs, Comerica also offers flexible-rate CDs, which include one penalty-free withdrawal, and Comerica checking account holders might be eligible for an interest rate bonus.

Customers can open a CD with a minimum deposit of $1,000, and the interest can be credited to the CD account or transferred to a Comerica checking or savings account. CDs are also eligible for automatic renewal and will receive the most up-to-date interest rates at the time of maturity.

Comerica Bank CDs feature:

  • Interest rate bonus for existing customers
  • Flexible term options
  • Long-standing company history

Be mindful of the following with a Comerica CD:

  • Rates not as competitive
  • Must open a CD in person
  • $1,000 opening deposit

While past customers have praised Comerica Bank for its deposit accounts and online banking platform, more recent customers have reported problems with customer service and fraud protection.

“We had a fraudulent charge on our account," said one customer from Plainwell, Michigan. “It took them several weeks to ‘investigate,’ and once they finally returned the money withdrawn fraudulently, we had to argue with them another several days to get the insufficient fee charges reversed.”

Best for transparent fees
APY
4% - 4.25%
Minimum deposit
$1,000
Terms available
7 days - 5 years

Truist is a financial services company that was formed in 2019 as a result of a merger between BB&T and SunTrust Banks. The bank has a strong presence in the southeastern U.S. and offers a range of financial products and services, including high-yield CDs with transparent fees.

Truist has a simple fee structure, with no hidden charges or surprises, making it easy for customers to understand exactly what they will pay. Truist's CDs also come with competitive interest rates, with terms ranging from seven days to 10 years, making it a great option for customers looking to earn higher interest on their savings.

Most Truist CDs have a $1,000 minimum deposit. However, seven- to 31-day CDs have a $2,500 minimum deposit. No matter which term you choose, you’ll need to visit a branch location to open an account.

With Truist CDs, you’ll get:

  • Several terms to choose from
  • Competitive yields
  • Transparent fees

Make sure to pay attention to these factors:

  • Minimum opening deposits vary
  • Must open at a branch
  • Only available in 16 states

Some former SunTrust customers say things aren’t the same now that it’s merged into Truist. But those customers still enjoy being able to get help from a real human when they stop by a branch location. As one Cape Coral, Florida, customer said: “[Truist] makes me feel like a valued customer. Person-to-person communication, they greet you by your name and always thank you for being their customer. Easy to communicate, even outside of banker's hours.”

Best for laddering
APY
2% - 4.25%
Minimum deposit
No minimum
Terms available
3 months - 5 years

Ally Bank is an online bank offering a variety of financial products and services, including high-yield CDs. The bank is known for its competitive interest rates and customer-friendly policies, making it a top pick for customers looking to maximize their savings.

Ally Bank's high-yield CDs are an ideal option for CD laddering, as the bank offers a range of terms and interest rates that can be tailored to fit a customer's needs. Ally Bank's CDs have no minimum deposit requirement, making it easy for customers to start a CD ladder with as little or as much money as they'd like.

CD products also come with the Ally Ten Day Best Rate Guarantee, which guarantees that you’ll receive the best rate available if it goes up during the 10 days after you open the CD. And, as of this writing, there is a 0.05% reward when you renew an Ally Bank CD. There are no monthly maintenance fees, and you can manage your CD account online.

Ally CDs offer:

  • No opening deposit requirements
  • Ally Ten Day Best Rate Guarantee
  • Loyalty rate bump when you renew

If you’re thinking about an Ally CD, consider the following:

  • No branch locations
  • Longest CD term is five years

Ally Bank has a few customer complaints related to its loan services. Overall, though, it’s well loved among customers for its savings accounts and competitive rates. “Ally has always been responsive to my questions either online or via phone,” said one customer from Denver. “They make me feel confident in banking with them and using new transaction practices. Their rates are competitive with other large banks, and I would recommend Ally's services.”

Best low opening minimums
APY
2.25% - 4.6%
Minimum deposit
No minimum
Terms available
3 months - 5 years

While most high-yield CDs require a minimum opening deposit of $1,000 or more, Synchrony’s high-yield CDs have no minimum requirement. This means that you can start earning a competitive interest rate on your savings — whether it’s with $100 or $10,000. This is ideal for people who want to open a CD but don’t have a lot of money available for an opening deposit.

Synchrony’s high-yield CDs have terms ranging from three months to five years, so there’s a term for everyone. It also offers bump-up CDs for those who want to request a rate increase during their term, as well as no-penalty CDs that won’t penalize you for early withdrawals.

Rates vary based on the type of CD, with the highest rates falling in the 12- to 29-month terms, and you can establish a CD ladder as well to earn even more.

With a Synchrony CD, you’ll find:

  • No minimum opening deposit
  • Several types of CDs
  • Competitive rates

Make sure you take into consideration:

  • No branches
  • Longest CDs don’t earn highest APY

Overall, customers are pleased with Synchrony’s customer service representatives and range of account options. “I am pleased to have multiple accounts with Synchrony, which makes it helpful when transacting with one specific account (e.g., Amazon),” said a reviewer from Manchester, New Hampshire.

Of the negative reviews, the most common complaint is related to some of Synchrony’s CareCredit card, which is often used to pay for medical or veterinary expenses.

Best for no early withdrawal penalties
APY
0.05% - 4.25%
Minimum deposit
$250
Terms available
3 months - 5 years

TD Bank provides banking products and services to customers in the U.S. and Canada. The bank has a network of over 1,100 branches and operates primarily on the East Coast of the U.S., with headquarters in Cherry Hill, New Jersey, and Toronto, Ontario.

TD Bank offers a variety of financial products and services, including promotional CDs with tiered interest rates and a no-catch CD that comes with one penalty-free withdrawal per term. For all other products, you may make an early withdrawal after the first seven days of opening the account, and the amount you’ll pay varies based on the CD term. However, in certain circumstances, the penalty fee may be waived.

Most CDs have a low $250 opening deposit, which is lower than many other banks, making TD Bank a top pick for customers who want a low-stakes, low-fee way to get started with CDs.

TD Bank CDs provide:

  • Competitive yields
  • Flexible terms
  • Tiered interest rates
  • Bump-up CD option

Be careful of the following:

  • Not available nationwide
  • Rates may vary by location

Some customers have praised TD Bank for its user-friendly platform and helpful customer service, as well as a great mobile app. One review from a TD Bank customer from Cherry Hill, New Jersey, reads: “Love TD Bank: They have friendly bank hours (pre-pandemic) and a wonderful app.”

However, some customers have reported issues with account fees, slow processing times and technical glitches.

Best for guaranteed returns
APY range
2% - 4.3%
Minimum deposit
$2,500
Terms available
3 months - 10 years

Discover might be most known for its credit cards and loans, but it also has an impressive lineup of deposit accounts, including savings accounts and CDs.

Discover’s high-yield CDs are a standout product, offering some of the highest interest rates available on the market. CD terms range from three months to 10 years. Although all terms have competitive rates, you’ll usually find the best rates on two- to three-year terms. You can also create a CD ladder to help you earn more money as your CDs mature.

One key benefit of Discover CDs is its competitive rates. When you open a Discover CD, you'll earn a fixed rate of interest for the duration of the CD term, regardless of changes in market interest rates. This helps provide a level of stability you might not find in the stock market. However, all of Discover’s CDs require a $2,500 minimum deposit, which may be a barrier if you don’t have that much money to invest upfront.

Discover Bank’s CDs come with:

  • Competitive interest rates
  • Easy sign-up process
  • Flexible terms

Pay attention to these when considering a Discover Bank CD:

  • $2,500 opening deposit
  • Longest CDs don’t earn highest APYs
  • No branch locations

Discover is often touted as having some of the best credit cards, and its online bank accounts are no different. Customers cite good interest rates, responsive customer service and an overall enjoyable experience.

“I have had a Discover bank online account for several years. They have one of the highest interest rates for savings accounts and CDs. Their customer service department is very responsive, helpful and courteous,” said a reviewer from Concord, New Hampshire.

Compare CDs reviews

Sort
  • Best Rated
  • Most Reviewed
  • Highest Rated

What is a certificate of deposit?

A certificate of deposit is a type of savings account that requires you to lock up your funds for a set period of time—usually three months to five years. In exchange, you earn a higher interest rate than what you’d normally get with a regular savings account.

Once you open a CD, you can’t withdraw your money until the term expires without incurring a penalty. Generally, the longer the term is, the higher the interest rate is.

CDs are an ideal choice for those who want to save their money but don't want to risk losing it or missing out on potential returns due to market volatility. Some common types of CDs include:

  • Traditional CDs offer a fixed interest rate for the entire term of your CD.
  • High-yield CDs offer higher interest rates than traditional CDs and are commonly found at online banks.
  • Bump-up CDs allow you to increase your rate at least once during your term.
  • No-penalty CDs allow you access to cash prior to maturity without penalty.
  • IRA CDs provide tax advantages while you save for retirement.
  • CD ladders allow you to stagger CD terms, so you have access to your money on a rolling basis.

Pros and cons of CDs

CDs offer several advantages for savers looking for a low-risk way to earn guaranteed returns. But there are also drawbacks to consider.

Pros

  • Guaranteed return
  • No monthly fees
  • Multiple term lengths
  • Security against market volatility

Cons

  • Can’t touch money until term expires
  • Early withdrawal penalties
  • Returns may not keep pace with inflation
  • Lower returns than other investments

How to compare CDs

When choosing a CD, you’ll want to consider several features before picking the one that works best for you. Some of the most important to pay attention to include:

  • Interest rate: The interest rate is the most important factor to consider when comparing CDs. Look for the highest interest rate possible, as this will maximize your earnings. However, keep in mind that higher interest rates may come with higher minimum deposits or longer terms.
  • Term length: The term length is the amount of time you agree to keep your money in the CD. The longer the term is, the higher the interest rate — but also the longer your money will be tied up.
  • Minimum deposit: Some CDs have a minimum deposit requirement of $1,000 or more, meaning you must deposit a certain amount of money to open the account. Other banks, such as Ally Bank and Synchrony, don’t require a minimum deposit at all. Make sure the minimum deposit is something you can afford and the interest rate is worth the deposit amount.
  • Early withdrawal penalties: In some cases, you may need to withdraw your money before the CD reaches maturity. However, doing so typically results in an early withdrawal penalty. Make sure you understand the early withdrawal penalty before opening a CD.

FAQ

What is the minimum deposit needed to open a certificate of deposit?

The minimum deposit needed to open a CD varies, depending on the bank or credit union, but it typically ranges from $500 to $1,000. Some banks, like Ally and Synchrony, have no minimum deposit at all.

Can I withdraw my money from a CD early if I need it?

While you can withdraw your money from a CD early, doing so may result in an early withdrawal penalty. The penalty amount is usually equal to a few months' interest but can vary based on the bank and the terms of the CD.

Are short-term CDs worth it?

Whether short-term CDs are worth it depends on your financial goals and situation. Short-term CDs typically offer lower interest rates than longer-term CDs, but they may be a good option if you want to lock in a competitive interest rate for a short period.

Can you lose money on a certificate of deposit?

You won’t lose money on a CD as long as the bank you use is insured by the Federal Deposit Insurance Corporation (FDIC) — or your credit union is insured by the National Credit Union Administration (NCUA). Keep in mind: If you withdraw your money before the end of the term and have to pay an early withdrawal penalty, it’s possible you will lose money.

Methodology

To make our choices for the top CDs, we collected 15 individual data points from 33 banks offering certificates of deposit, including over 30,000 customer reviews and overall ratings from ConsumerAffairs readers submitted between 2019 and 2022. We then used this data to examine the factors that have the most impact on borrowers:

  • APY: The most important factor we considered was annual percentage yield, or how much a CD yields. We looked at this for all banks, with the understanding that APY fluctuates frequently and according to market conditions. The banks we selected had some of the highest rates at the time of publishing.
  • Minimum opening deposit: We gave higher consideration to banks with CDs with lower opening minimums — generally $1,000 or less.
  • Term lengths: We looked at the term length offerings for each CD product, giving a higher ranking to those banks with more options and those with short-term (12 months or less) CD options.
  • Fees: Because most banks have similar policies related to early withdrawal penalties, fees did not play heavily into our decisions. However, we did consider how transparent banks are regarding their fees, as well as whether there are any exceptions to early withdrawal fees.

All of our top picks offer high APYs (at time of publishing), low minimum opening deposits and a wide range of term lengths. They also have other features, such as bump-up options, no-penalty products and automatic renewal options.

As customer feedback is a critical indicator when evaluating companies, this was an important consideration when selecting our top picks. However, for those companies on our list with no ratings, or no recent positive ratings, on ConsumerAffairs, there were other variables that made them stand out as good options for CDs, and we factored those into our decisions.

Not sure how to choose?

Get buying tips about CDs delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thanks for subscribing.

    You have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Compare CDs reviews

    Want your company to be on this guide?

    Yes, continue
    Comparing

    ×