#BuyProud: Check out These High Interest Certificates of Deposit (CDs)
Whether you're building an emergency fund or saving for gender affirming care, a CD is a great option to accelerate your savings goals and make your money work for you.
A Certificate of Deposit (CD) is a type of high yield savings account that requires a specific amount of holding time with a promised percentage of interest to grow your money. To encourage you to commit to saving, CD’s may come with penalties if you withdraw your money before the agreed upon date.
Note: APY rates may vary from month to month. APY percentages listed are as of May 28, 2024.
All options listed are from FDIC insured banks and credit unions.
Bank Name: Self Credit Builder
Check it out: Patience is a virtue. This CD ditches the minimum deposit requirement in exchange for a 3 month waiting period while you wait to be approved for a loan. You pay off the loan in 24 months, and each on time payment builds credit history while adding to your savings. At the end, you unlock your CD and get your money back!
Bank Name: American Express
Check it out: American Express offers a 4.5% APY with average penalties. Transfer your deposit in 1-3 business days!
Bank Name: BMO Bank
Check it out: BMO Bank offers a 5.05% APY for a 12 month CD, low penalties, and same day transfer time!
Bank Name: Capital One
Check it out: Capital One offers a 5% APY for a 12 month CD, standard penalties, and a 1 business day transfer time.
Bank Name: CIT Bank
Check it out: CIT Bank offers two CDs depending on your needs. Their standard CD offers a 3.5% APY, and they also offer a no-penalty CD option as well. Both accounts require a $1,000 minimum deposit and a 2 business day transfer time.
Bank Name: Discover Bank
Check it out: Discover Bank offers a 4.70% APY, requires no minimum balance, and a transfer time of 1 business day.
Bank Name: Brio Direct
Check it out: Brio Direct offers an APY of 5% with a minimum balance of $500, average penalty rates, and 3 business day transfer.
Bank Name: EverBank
Check it out: Everbank offers a 5.05% APY with a minimum balance of $1,000, and a 1 day transfer time. While other CD’s have complicated penalty conditions for early withdrawals, Everbank’s is straightforward with a 25% total interest fee across the board.
Bank Name: My Banking Direct
Check it out: My Banking Direct offers the highest APY out of all of our recommendations at 5.50%! A $2,500 minimum balance is required and a penalty of 30 days simple interest is deducted for withdrawals before the 6 month mark.
Still looking? Here are more CDs for you to check out:
Bank Name: Synchrony
APY: 5%
Minimum Balance: 0
Withdraw Penalty:<12 months, 90 day's interest, >12<48 - 180 days interest, >- 365 Days
Transfer Time: 3 business days
Bank Name: Patelco (Credit Union)
APY: 4.50%
Minimum Balance: $250
Transfer Time: 1-3 business days
Bank Name: Customer’s Bank
APY: 4.35%
Minimum Balance: $500
Bank Name: Bask Bank
APY: 5.15%
Minimum Balance: $1,000
Withdraw Penalty: CDs with terms of 6 months up to and including 1 year are subject to a fee of 90 days of simple interest based on the principal amount withdrawn.
CDs with terms greater than 12 months are subject to a fee of 180 days of interest based on the principal amount withdrawn.
Transfer Time: 3-5 Days
Extra Perks: 25k miles for referral
Bank Name: Ally Bank
APY: 4%
Minimum Balance: N/A
Withdraw Penalty: 24 months or less, 60 days of interest
25 months – 36 months-90 days of interest
37 months – 48 months-120 days of interest
48 months or longer-150 days of interest
Transfer Time: 3 Days
Bank Name: Marcus by Goldman Sachs
APY: 5% APY
Withdraw Penalty: Marcus by Goldman Sachs offers a No Penalty CD Option.
*We would like to notify our readers that Marcus by Goldman Sachs bank has been listed in the Boycott Divest and Sanctions movement. Part of sharing this information is to encourage our readers to make informed decisions when it comes to personal finances.
