Best CD rates in June 2024

CD or Certificate of Deposit is a deposit account, that has a specific, fixed term and usually, a fixed interest rate higher than a savings account.

Best CD rates in June 2024
Photo by Morgan Housel / Unsplash

Top 12 based on variable annual percentage yield (APY %):

APY Institution Min to Open Term Early Withdrawal Penalty
5.56% Charles Schwab → $1,000 3 Month $0 - ∞
5.45% Fidelity → $0 6 Month $0 - ∞
5.4% State Bank of Texas → $25,000 12 Month $0 - ∞
5.31% CFG → $500 12 Month $0 - ∞
5.3% Popular Direct → $10,000 6 Month $0 - ∞
5.26% First Internet Bank of Indiana → $1,000 12 Month $0 - ∞
5.25% Bread Savings → $1,500 12 Month $0 - ∞
5.25% Rising Bank → $1,000 6 Month $0 - ∞
5.25% Limelight Bank → $1,000 12 Month $0 - ∞
5.1% Synchrony Bank → $0 9 Month $0 - ∞
5.1% Brilliant Bank → $1,000 3 Month $0 - ∞
5% Live Oak Bank → $2,500 12 Month $0 - ∞

What is a CD?

CD or Certificate of Deposit is a deposit account, that has a specific, fixed term and usually, a fixed interest rate higher than a savings account.

CD vs. Savings account

CD Savings
Interest Rate Fixed, with exceptions like variable rate CDs Variable
Withdrawals None, unless a penalty fee is paid for early withdrawal Unlimited (restriction lifted in 2020 by the Federal Reserve to allow more than six withdrawals or transfers)
Minimum Balance $500+ Low, or no minimum balance required