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The 10 best CD rates for November 2023

If you want to earn some extra money but are risk-averse when it comes to your hard-earned cash, consider signing up for a certificate of deposit (CD) or share certificate at a bank or credit union. As long as your financial institution is covered by FDIC or NCUA insurance, your money is safe up to $250,000 per depositor. 

With CDs, you tie up your savings for a fixed term. In exchange, you get interest rates that outpace what traditional savings accounts offer—right now, some CDs offer rates that exceed 5%.

So, if you’re ready to part with your cash and earn more, the Fortune Recommends™ editorial team has rated and ranked the best CDs.

Check out our complete methodology here.

The highest current CD rates for our top picks*

BankTerm lengthAPY*Minimum opening depositSee details
MYSB Direct12 months5.51%$500
First Internet Bank12 months5.35%$1,000
Bread Savings12 months5.60%$1,500
Prime Alliance Bank6 months5.30%$500Read our review of Prime Alliance
First National Bank of America12 months5.15%$1,000Learn more
CFG Bank12 months5.35%$500Read our review of CFG Bank
Alliant Credit Union18 months5.30%$1,000Learn more
Crescent Bank12 months5.50%$1,000Learn more
Barclays12 months5.50%$0
BMO Alto12 months5.65%$0Learn more
*Above rates are current as of November 27, 2023

The 10 best CD rates overall

Here’s our rundown of the top 10 CDs, including the key figures you should know before you open an account.

Note: APYs are current as of November 27, 2023, but are subject to change.

1. MYSB Direct: For savers interested in saving for the long run

About: MYSB Direct, a.k.a. M.Y. Safra Bank, is headquartered in New York City and operates a single branch there. Its products include personal checking and savings accounts, lending services, and more.

Key numbers

Term lengthAPY
1-year CD5.51%
3-year CD5.05%
5-year CD4.80%

Minimum opening deposit: $500

Why we picked it

If you want a safe place to put money that you’ll need a few years from now, consider opening a 5-year CD with MYSB Direct. Of the banks on our list, MYSB offered the highest 5-year CD APY at 4.90%. However, MYSB also has one of the heftiest early withdrawal penalties, so be prepared to keep your hands off your money or pay up. 
MYSB Direct has one physical location in New York City, but you can reach customer service via email or phone.

Other CD rates

Term lengthAPY
3-month CD3.25%
6-month CD5.36%
7-month CD1.00%
18-month CD5.20%
24-month CD4.82%
48-month CD4.36%

2. First Internet Bank: For savers with at least $1,000 to invest

About: First Internet Bank was established in 1999, operating online with headquarters in Indiana. The bank provides savings accounts, money market accounts, and CDs, among other consumer banking services.

Key numbers

Term LengthAPY
1-year CD5.35%
3-year CD4.75%
5-year CD4.59%

Minimum opening deposit: $1,000

Why we picked it

First Internet has APYs that top 4.50% on all of the CDs we evaluated. While you’ll need at least $1,000 to take advantage of these high APYs, the minimum opening deposit is reasonable compared to other banks’ requirements 
Plus, if you ever need to contact customer service, First Internet Bank has stellar customer service even though it’s a digital bank with no physical locations: You can access customer service via email, chat, or phone.

Other CD rates*

*While our methodology only considered 1-, 3-, and 5-year CDs, here are the other CD terms available if you’re looking for more options:

Term lengthAPY
3-month CD4.18%
6-month CD5.22%
18-month CD5.07%
24-month CD4.85%
48-month CD4.54%

3. Bread Savings: For savers who prefer a digital bank

About: Bread Savings, formerly Comenity Direct Bank, is an online bank—part of Bread Financial—that offers CDs ranging from one to five years and a high-yield savings account.

Key numbers

Term lengthAPY
1-year CD5.60%
3-year CD4.95%
5-year CD4.75%

Minimum opening deposit: $1,500

Why we picked it

 Bread Savings had the highest minimum deposit requirement on our list, but it offers one of the most competitive APYs on its 1-year CD, clocking in at 5.60%. 

However, there may be costs associated with your CD. Accountholders should be aware of fees charged for outgoing wire transfers, official check requests, and paper statement fees. 
Bread Savings is a digital bank. If customers need help, they can call or send a secure message through its banking portal.

Other CD rates

Term lengthAPY
2-year CD5.25%
4-year CD4.75%

4. Prime Alliance: For savers who want the highest APYs on 1- and 3-year CDs

About: Founded in 2004, Prime Alliance is a Utah-based bank offering products like checking and savings accounts, CDs, and IRA CDs.

Key numbers

Term lengthAPY
1-year CD5.25%
3-year CD4.95%
5-year CD4.00%

Minimum opening deposit: $500

Why we picked it

Currently, shorter-term CDs have APYs that beat out rates on longer-term ones. If you opt for a Prime Alliance CD with a duration of less than three years, you can score an APY well above 5%. 
Plus, of the banks on our list, Prime Alliance had the highest APYs on 1- and 3-year CDs, so if your priority is high interest rates, Prime Alliance CDs are a good bet. 
And if you need assistance from Prime Alliance customer service, you can reach them via phone or email.

Other CD rates

Term lengthAPY
6-month CD5.30%
18-month CD5.25%
2-year CD5.25%
4-year CD4.50%

5. First National Bank of America: For savers who want to make partial withdrawals from their CD

About: Founded in 1955, First National Bank of America (FNBA) offers a handful of banking products, such as checking and savings accounts, CDs, and mortgages. Though FNBA is available nationwide, it has a handful of locations in Michigan.

Key numbers

Term lengthAPY
1-year CD5.15%
3-year CD4.85%
5-year CD4.75%

Minimum opening deposit: $1,000

Why we picked it

Though FNBA’s minimum opening deposit requirement of $1,000 may be steep for some, you’ll get a generous APY in return: All of their CDs have APYs above 4.50%. 
The early withdrawal penalties on these CDs are pretty hefty, though, so if you opt for this CD, you’ll want to be sure about tying up your money. Customers can opt for a partial withdrawal of their funds—though this could mean missing out on some compound interest.
You can access FNBA’s customer service via phone or online request.

Other CD rates

Term lengthAPY
24-month CD4.80%
48-month CD4.80%
72-month CD4.60%
84-month CD4.55%

6. CFG Bank: For savers who might tap their money early

About: Headquartered in Maryland, CFG bank was founded in 2009. The bank offers a handful of products to consumers, like money market and checking accounts, CDs, and more. 

Key numbers

Term lengthAPY
1-year CD5.35%
3-year CD4.55%
5-year CD4.25%

Minimum opening deposit: $500

Why we picked it

While you’ll need $500 to open an account with CFG, the minimum opening deposit is comparable to other banks’ deposit requirements. Though CFG doesn’t have the highest APYs of the banks we rated, customers can still get a decent APYs of above 4.40% on all of their CDs.
Even the early withdrawal penalty is relatively modest–you’ll only have to give up roughly half a year’s interest if you opt for a CD with a term over a year.
And if you ever need help with your account, you can contact customer service by calling or sending a message.

Other CD rates

Term lengthAPY
18-month CD5.05%

7. Alliant Credit Union: For savers who prefer a credit union over a bank

About: Founded in 1935, Alliant Credit Union is a not-for-profit credit union offering accounts—such as savings accounts and certificates—and lending products like auto loans and mortgages. 

To be eligible for membership, you must be a current or former employee of an organization Alliant partners with, be a partner or family member of a current Alliant member, or live or work in a community near Chicago. If you don’t meet those requirements, you can still be eligible by becoming a member of Foster Care to Success, a non-profit organization for which Alliant will pay the $5 one-time membership fee.

Key numbers

Term lengthAPY
1-year certificate5.25%
3-year certificate4.45%
5-year certificate4.35%

Minimum opening deposit: $1,000

Why we picked it

Alliant made our list because of its solid APYs and variety of customer support options. However, you must be a member to start investing and need at least $1,000 to start.
If you choose Alliant as your financial home, it is a digital credit union, so you won’t have access to physical branch locations. You will, however, be able to contact customer service via email, chat, or phone. 

Other CD rates

Term lengthAPY
3-month certificate4.50%
6-month certificate4.75%
18-month certificate5.30%
24-month certificate4.45%
48-month certificate4.30%

8. Crescent Bank: For savers who just want a CD and don’t need other bank account options

About: Founded in 1991 in New Orleans, Crescent Bank has a variety of products such as CDs, mortgages, and check and savings accounts. Not all of its banking products are available nationwide, but its CDs are. 

Key numbers

Term lengthAPY
1-year CD5.50%
3-year CD5.00%
5-year CD4.70%

Minimum opening deposit: $1,000

Why we picked it

Crescent Bank has a higher minimum opening deposit, but you’ll be rewarded handsomely for tying your money up in one of their CDs. You can get an APY above 5% on both their 1-year and 18-month CDs. Plus, if you invest in their other CDs, you’re guaranteed an APY above 4.50%, at least for now. 
Crescent Bank has a handful of locations in Louisiana, but customers nationwide can access help via phone call.

Other CD rates

Term lengthAPY
18-month CD5.30%
30-month CD5.05%
48-month CD4.75%

9. Barclays: For savers who are just getting started

About: Barclays is a London-based bank that offers a handful of banking products to customers in the U.S., such as CDs, with terms ranging from one to five years. It doesn’t have any physical locations in the U.S.

Key numbers

Term lengthAPY
1-year CD5.50%
3-year CD4.50%
5-year CD4.50%

Minimum opening deposit: $0

Why we picked it

Barclays’ CDs boast competitive APYs with no minimum opening deposit, which means you can cash in on high APYs regardless of how much money you have to save. The early penalty fees are moderate, so you could still keep some interest if you tap your money early.
Customer service is available via phone or chat.

Other CD rates

Term lengthCD rate (APY)
18-month CD5.25%
24-month CD5.00%
48-month CD4.45%

10. BMO Alto: For savers who prefer a big bank

About: BMO Alto is an online banking division of BMO Financial, one of the largest banks in the U.S. Currently, BMO Alto offers just two products: a high-yield savings account and CDs ranging from six months to five years.

Key numbers

Term lengthAPY
1-year CD5.65%
3-year CD5.10%
5-year CD5.25%

Minimum opening deposit: $0

Why we picked it

BMO Alto was one of three banks on our list with no minimum opening deposit, making it a solid choice for savers who want to dip their toes into CDs for the first time. BMO Alto also provides one of the highest interest rates on 1-year CDs, with an APY that surpasses 5.60%. There’s also a modest early withdrawal penalty compared to other banks on this list.
BMO Alto is an online-only bank with limited customer service options—you can only contact them via phone.

Other CD rates

Term lengthAPY
6-month CD5.50%
48-month CD5.20%

Best CD Rates by term length

Term LengthBankAPY
3-month CDPopular Direct5.10%
6-month CDBank5Connect5.50%
9-month CDEverBank5.50%
1-year CDMerrick Bank5.67%
18-month CDLimeLight Bank5.35%
2-year CDBread Savings5.25%
3-year CDPrime Alliance Bank5.25%
4-year CDBread Savings4.75%
5-year CDFirst National Bank of America4.75%
The rates above were last updated on Nov. 8, 2023.

Best 6-month CD Rates

Signature Federal Credit Union5.50%
My eBanc5.40%
MYSB Direct5.36%
Popular Direct5.35%
VIO Bank5.35%
Bask Bank5.25%
Colorado Federal Savings Bank5.25%
Prime Alliance Bank5.25%
Rising Bank5.25%

Rates last updated on Sept. 28, 2023. Review our full list of the best 6-month CD rates.

Best 1-year CD Rates

CIBC Agility5.62%
Prime Alliance Bank5.65%
Bask Bank5.50%
Rising Bank5.60%
MYSB Direct5.51%
CFG Bank5.50%
Bread Savings5.60%
Citadel Credit Union5.25%
VIO Bank5.25%

Rates last updated on Nov. 3, 2023. Review our full list of the best 1-year CD rates.

Best 3-year CD Rates

Prime Alliance Bank5.25%
MYSB Direct5.05%
First Internet Bank4.75%
Bread Savings4.95%
First National Bank of America4.85%
CFG Bank4.70%
Crescent Bank4.85%
Alliant Credit Union4.45%
Quontic Bank4.40%
Department of Commerce Federal Credit Union4.50%

Rates last updated on Nov. 2, 2023. Review our full list of the best 3-year CD rates.

Best 5-year CD Rates

MYSB Direct4.90%
First Internet Bank4.59%
First National Bank of America4.75%
Quorum Federal Credit Union4.50%
Bread Savings4.75%
Quontic Bank4.30%
Alliant Credit Union4.35%
BMO Alto4.50%
CFG Bank4.40%

Rates last updated on Nov. 2, 2023. Review our full list of the best 5-year CD rates.

What you should know about CDs

What is a certificate of deposit?

With CDs, customers receive a fixed interest rate in exchange for tying up their money for a fixed period. 
After a CD reaches maturity—or the end of its term—you can withdraw the money you deposited initially, plus any earned interest. Some CDs are penalty-free, so customers can withdraw funds before the term ends, but most CDs charge a penalty that’s usually worth a few days or months of interest. 

Read our complete guide to certificates of deposit.

Tips on saving with CDs: using CD ladders

A CD ladder is a savings strategy where you invest in several CDs with varying maturities. This way, you’ll benefit from higher rates on longer-term CDs, while still keeping some of your funds accessible in the near term.

We’ll walk you though how to build a CD ladder.

Frequently asked questions

In which situation would a certificate of deposit (CD) be the best banking choice?

A CD may be the best banking choice for you if you are saving for a long-term goal with a specific timeline in mind. To avoid early withdrawal penalties or potentially forfeiting any interest earned on the funds in your CD, you want to be sure that you won’t need access to your money before your CD’s maturity date.

Why is a certificate of deposit considered a safe investment?

Certificates of deposit are considered safe investments so long as they are helped by FDIC- or NCUA-insured financial institutions which insure your deposits up to $250,000 per depositor, per bank, for each account ownership category or up to $250,000 per share owner, per insured credit union, for each account ownership category. 

What is the minimum balance for a certificate of deposit?

The minimum balance for a CD will depend on your financial institution. There is no set minimum across the board. However, most institutions will require a minimum deposit between $500 and $1,000. Some may require higher or lower opening deposits.

How can I calculate earnings from a CD?

To calculate your earnings from a CD, you’ll need to  use the following formula: A = P(1+R/N)(NT). Where ‘A’ represents the value of your CD, including interest. ‘P’ is equal to your principal balance or initial deposit. ‘R’ represents your yearly interest rate, in this case it would be your APY. ‘N’ represents the compound frequency of your CD in a given year, and ‘T’ represents the number of years until your CD’s maturity date.

 What are the advantages of certificates of deposit?

CDs offer many advantages for savers, including higher APYs and fixed rates, which may offer greater returns over time. Additionally, CDs are offered in a variety of terms, making it a viable option for savers with short- and long-term goals.

What are the disadvantages of certificates of deposit?

CDs don’t offer the same liquidity as other savings accounts. Should you need to access your funds, you’ll likely be charged a penalty for doing so. Additionally, your overall returns upon your CD’s maturity date could be impacted if the inflation rate increases at a faster pace than your interest earnings.

What is a no-penalty CD?

This type of CD does not charge a penalty for withdrawing funds before your CD reaches maturity. This type of CD is less common than other CD types and may also offer lower APYs than traditional CDs.

What is a brokered CD?

Brokered CDs are purchased and sold through a brokerage account, rather than through a traditional banking institution and may offer higher APYS than CDs offered by banks.

What is a jump CD?

Jump CDs are CDs that allow you to upgrade or “jump” to a higher rate should the rate on your CD term increase after you’ve opened your account.

Is it better to get a CD at a bank or at a credit union?

As long as you meet the membership requirements needed to join a credit union and verify that the financial institutions you’re considering are FDIC or NCUA members, both banks and credit unions offer similar products, including CDs. Rates will vary across the board.

Can you add money to a CD?

When you invest in a CD, you typically deposit one lump sum and then leave it alone until the account reaches maturity. However, some financial institutions offer special types of “add-on” CDs that allow you to deposit additional funds after the initial deposit. The amount and frequency of deposits you’re allowed to make depend on the particular account.

Are short-term or long-term CD rates better?

Generally speaking, long-term CDs offer higher interest rates than short-term CDs. This is because banks reward you with a higher return for committing your money for a longer period of time.
The drawback is that while you may earn more interest with a long-term CD, your money will also be tied up for a longer period. If it turns out you need your money sooner and withdraw it before the CD matures, you’ll have to pay an early withdrawal penalty, which eats into your earnings.
However, the current economic environment can also affect CD rates. In periods of rising interest rates, shorter-term CDs can become more attractive because you can reinvest the funds more frequently at higher rates. This is sometimes referred to as a “CD ladder” strategy, where you stagger the maturity dates of your CDs to balance the benefits of short-term and long-term CDs.
Overall, whether it’s better to choose a short-term or long-term CD depends on your goals, as well as the current interest rate environment.

What is considered a good CD rate?

A “good” CD rate can be somewhat subjective. That’s because you need to strike a balance between the best rate available and the longest amount of time you can afford to keep your money tied up. For example, if you find a CD offering 5% APY, but it requires you to keep your money on deposit for five years, the interest rate may not be worth it. You might need your money sooner, or rates could go higher while you’re stuck earning a lower return.
Generally, a CD rate that’s above the national average is a solid choice. Before opening a CD, compare accounts from multiple banks and see which one offers the highest rate for the term length you want.

Is now a good time to lock in a CD?

CD rates are the highest they’ve been in years. So yes, it’s a good time to put your money in a CD. However, you’ll want to be careful about choosing a term length that’s too long. The Fed has indicated that it isn’t done raising rates, and chances are that CD rates will continue to go up. So if you do lock your money into a CD, aim for a term of two years or less.

Our methodology

The Fortune RecommendsTM team compared certificates of deposit (CDs) from more than 45 major banks, credit unions, and online-only banks that offered one-, three-, and five-year CD terms. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each CD. 

For our best overall CD rates, we ranked the best overall CDs on the following categories and weighted each category as outlined in the percentages below:
  • Annual percentage yield (APY) on a one-year term (25%): This number represents the real rate of return on your balance; the higher the APY, the better. We weighted the APY for each CD term the same amount.
  • APY on a three-year term (25%)
  • APY on a five-year term (25%)
  • Minimum deposit requirement (20%): To open a CD at any financial institution, the institution will require that you deposit a minimum dollar amount. We thought a lower minimum was preferable and rated banks with lower minimum deposit requirements higher. 
  • Customer service (5%): Top picks offer customers three ways to get in contact: chat support, by phone, or email. Among the three options, we gave phone support the most weight.
We think the best CDs offer APYs twice the for one-year, three-year, and five-year terms. We didn’t include brokered CDs on our list, which are riskier because they are sold on the secondary market through brokerages. 
CD rates, fees, and minimum deposit requirements may be limited-time offers, and APYs are subject to change. The FDIC or NCUA insures all the banks and credit unions on this list. Terminating your CD before it matures may incur a penalty fee, which varies by bank and credit union.
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EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

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