We compared certificates of deposit from over 50 banks and credit unions to find the highest APYs, lowest minimums, and most flexible terms available today.
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
Key Takeaways
- 1 The best CD rates currently range from 4.25% to 4.50% APY for 12-month terms, significantly outpacing the national average of around 1.80%.
- 2 No-penalty CDs from banks like Ally let you withdraw early without fees, offering CD-level returns with savings-account flexibility.
- 3 CD laddering—spreading deposits across multiple term lengths—helps you balance higher long-term rates with regular access to your funds.
- 4 Minimum deposit requirements vary widely from $0 to $2,500, so compare options carefully based on how much you plan to invest.
- 5 All CDs on our list are FDIC-insured up to $250,000 per depositor, per bank, making them one of the safest savings vehicles available.
Our Top Picks for CD Rates
1. Marcus by Goldman Sachs
12-Month APY
4.50% APY
Min. Deposit
$500
Early Withdrawal Penalty
90 days interest
Launched in October 2016 as Goldman Sachs' consumer banking arm, Marcus is named after founder Marcus Goldman (est. 1869) and now manages over $100 billion in consumer deposits from 3+ million customers. Marcus CDs offer terms from 6 months to 6 years, with the 12-month term consistently ranking among the top 5 nationally. Interest compounds daily and is credited monthly, maximizing effective yield. Marcus also pioneered the No-Penalty CD, allowing full withdrawal after just 14 days with zero early withdrawal fees—a product that competitors have since tried to replicate. The platform's rate-lock feature guarantees your APY for 10 days while you fund the account.
Pros
- Top-tier APY across multiple terms
- Backed by Goldman Sachs
- No minimum for some terms
Cons
- $500 minimum on 12-month CD
- No physical branches
2. Ally Bank
12-Month APY
4.25% APY
Min. Deposit
$0
Early Withdrawal Penalty
None on 11-month
Ally Bank (FDIC #57803), one of the largest online banks with $182+ billion in assets, offers a No Penalty 11-Month CD that lets you withdraw your full balance and earned interest with zero penalty after just six days from funding. Originally GMAC (founded 1919), Ally rebranded in 2009 and has built its reputation on transparent, no-fine-print banking. Ally also offers High Yield CDs in terms from 3 months to 5 years and a Raise Your Rate CD that lets you increase your APY once (2-year) or twice (4-year) if rates rise. All CDs require $0 to open, and the mobile app lets you manage maturity instructions and set up automatic renewal preferences.
Pros
- No-penalty CD option available
- $0 minimum deposit
- Highly rated mobile app
Cons
- Slightly lower APY than top competitors
- No physical branches
3. Discover® Bank
12-Month APY
4.30% APY
Min. Deposit
$2,500
Early Withdrawal Penalty
6 months interest
Discover Bank (FDIC #35546), rooted in the 1911 Greenwood Trust Company charter and now operating under Capital One following the May 2025 acquisition, offers one of the widest CD term selections available—ranging from 3 months to 10 years across 12 different term lengths. This breadth makes Discover ideal for building a customized CD ladder. The bank's 100% U.S.-based customer service team, available 24/7, has earned J.D. Power recognition for satisfaction. Interest compounds daily, and you can choose to have it deposited into a linked Discover savings or checking account. The bank's CD rates have historically tracked within the top quartile of online bank offerings across all term lengths.
Pros
- Wide range of term lengths
- Award-winning customer service
- FDIC insured
Cons
- $2,500 minimum deposit required
- Higher early withdrawal penalty
4. Barclays
12-Month APY
4.40% APY
Min. Deposit
$0
Early Withdrawal Penalty
90 days interest
Barclays traces its origins to 1690 London, making it one of the oldest financial institutions in the world. Its U.S. online banking arm, Barclays Bank Delaware, is headquartered in Wilmington, Delaware, and offers FDIC-insured savings and CD products to American depositors. Barclays CDs require no minimum deposit to open—a rarity among CD products—and offer terms from 3 months to 5 years. The bank's $1.5+ trillion global balance sheet provides exceptional institutional stability. Early withdrawal penalties are a moderate 90 days of simple interest for terms of 24 months or less. The online platform is straightforward and no-frills, focused purely on savings and CDs without the complexity of a full banking ecosystem.
Pros
- No minimum deposit
- Strong global banking reputation
- Easy online account management
Cons
- Limited term options compared to others
- No physical U.S. branches
5. Synchrony Bank
12-Month APY
4.35% APY
Min. Deposit
$0
Early Withdrawal Penalty
90 days interest
Synchrony Bank (FDIC #27314), a subsidiary of Synchrony Financial (NYSE: SYF) based in Draper, Utah, is best known as America's largest private-label credit card issuer, partnering with retailers like Amazon, Lowe's, and PayPal. Its consumer banking division offers CD terms from 3 months to 5 years with no minimum deposit. The standout Bump-Up CD lets you request a one-time rate increase during your term if Synchrony raises its posted rate—valuable protection against rising rates that most competitors don't offer. Synchrony also offers a No-Penalty CD with early withdrawal after just 7 days. Interest compounds daily and posts monthly, and the bank's CD rates have historically been among the top 10 nationally across most term lengths.
Pros
- Bump-up CD option available
- No minimum deposit
- Competitive rates across all terms
Cons
- Less well-known brand
- Online-only banking experience
How Do CDs Work?
A certificate of deposit (CD) is a type of savings account that holds a fixed amount of money for a fixed period of time—such as 6 months, 1 year, or 5 years—and in return, the bank pays you interest at a guaranteed rate.
When you open a CD, you agree to leave your money deposited for the full term. In exchange for this commitment, the bank typically offers a higher interest rate than a regular savings account. If you withdraw your money before the term ends, you'll usually pay an early withdrawal penalty.
CD Rates Compared
| Provider | 12-Month APY | Min. Deposit | Early Withdrawal Penalty | Rating |
|---|---|---|---|---|
|
Marcus by Goldman Sachs
Top Pick
|
4.50% APY | $500 | 90 days interest |
4.9
|
|
Ally Bank
|
4.25% APY | $0 | None on 11-month |
4.8
|
|
Discover® Bank
|
4.30% APY | $2,500 | 6 months interest |
4.7
|
|
Barclays
|
4.40% APY | $0 | 90 days interest |
4.7
|
|
Synchrony Bank
|
4.35% APY | $0 | 90 days interest |
4.6
|
Our Methodology
Our editorial team evaluated over 50 certificates of deposit from online banks, traditional banks, and credit unions. We focused on the factors that matter most to savers: yield, accessibility, flexibility, and institutional strength.
Annual Percentage Yield (APY)
35%We prioritized CDs offering the highest APYs across popular term lengths, especially 12-month and 24-month terms, comparing them against the national average.
Fees & Penalties
25%We assessed early withdrawal penalties, account maintenance fees, and any hidden charges that could erode your returns if you need to access funds before maturity.
Accessibility & Minimums
20%We considered minimum deposit requirements, ease of account opening, digital experience quality, and whether the bank offers a range of term lengths to suit different needs.
Safety & Reputation
20%We verified FDIC insurance coverage, evaluated the bank's financial stability ratings, customer satisfaction scores, and track record of consistent rate offerings.
Frequently Asked Questions
Sarah Chen
Senior Senior Financial Editor
Sarah Chen is a certified financial planner (CFP®) and senior editor at Zogby with over 12 years of experience covering certificates of deposit and savings. She holds a degree in Economics from Columbia University and has been published in The Wall Street Journal, Bloomberg, and Forbes. Sarah's work focuses on making complex financial products accessible to everyday consumers.
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Important Banking & Savings Disclaimers
- APYs (Annual Percentage Yields) shown are accurate as of the date of publication and are subject to change at any time without notice. APYs may vary by region. Contact the bank directly for the most current rates.
- Deposits at FDIC-insured banks are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits are insured by the NCUA up to the same limits.
- Minimum deposit requirements, monthly maintenance fees, and other account terms may apply. Review the account's fee schedule and terms before opening.
- Zogby is not a bank. We are an independent comparison service. We do not offer banking products or hold deposits on your behalf.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.