Best CD Accounts in 2024

Founded in 2009, Ally offers a full menu of financial products and services. The company is based in Michigan and its services are available across the entire country. Ally specializes in car loans, but the bank also offers personal loans, mortgage refinancing, checking accounts, and savings accounts.

CD Account Features 

One of the great things about Ally is that it offers three types of CD accounts - the high-yield CD, the Raise-Your-Rate CD, and no-penalty CDs. Ally offers some of the highest CD rates on all three accounts.  

Ally’s high-interest CD accounts have fixed rates ranging from 1.00% to 3.15%. With these accounts, you should plan to lock your deposit the entire term, because early withdrawals earn steep penalties.

You can choose terms that range from three months to five years. Ally offers some of the industry’s best one-year rates of 3.00%. 

A unique Ally CD account is the Raise-Your-Rate CD. With this account, you purchase a CD that matures in two or four years. You get a competitive APY to start, and you can increase your CD rate once with a two-year account and twice with a four-year account.

A no-penalty CD is also available from Ally. This option gets you an APY of 2% and no maturity date, meaning that you can withdraw your deposit and earned interest anytime you like. 

Fees and Penalties

In addition to offering the nation’s highest rates for a certificate of deposit, Ally charges no setup or maintenance fees. 

Ally’s biggest disadvantage is that you’ll pay penalties based on the lenght of the CD term if you withdraw money before the maturity date.

• 24 months or less: 60 days of interest
• 25-36 months: 90 days of interest
• 37-48 months: 120 days of interest
• 49 months or longer: 150 days of interest

Renewal Options 

Ally gives you a 10-day grace period to decide what to do with your account after it matures. The bank gives a generous 0.05% loyalty reward to account holders who renew their CDs.

Ally gives you advance notice that your CD’s term is about to end so you can choose what to do with your account. If you take no action, the bank will automatically renew it for the original term.

Additional Products

You can open an Ally account quickly and easily through the bank’s website - even with your mobile phone. Ally’s mobile app is especially useful, allowing you to manage your account on the go. 

Every new account holder gets a 10-day best-rate guarantee. If interest rates rise during this period, the bank will adjust your CD to give you the best rate. The same offer is available when you renew the account. 

Customer Service

Should you have any questions about Ally’s CD accounts, you can contact the bank’s agents. You can call agents on the phone, write an email, or contact them via live chat.

The bank is also active on social media, including Facebook, Twitter, and Instagram. 

Ally’s website is well-organized with a comprehensive FAQ that can help you learn about CDs. 

Bottom Line 

If you are looking for high CD interest rates, Ally is the bank for you. Regardless of which account you choose, the bank will set the APYs based on your deposit and the account term.

Reasons to open a CD account:

• Handy mobile app 
• Best rates with 10-day guarantee
• Varied accounts
• No-penalty option

For more than a decade, CIT Bank has offered customers financial products ranging from competitive high-yield savings accounts and certificates of deposit to personal loans, small business loans, and money market accounts.

CIT Bank is a perfect solution if you are looking for high-interest CD accounts with versatile terms. Its 11-month no-penalty CD account is hard to resist.

The bank specializes in high-interest jumbo accounts, so it’s worth an extra look if you have a large sum to invest.

CD Account Features

The minimum deposit required to open an account at CIT Bank is $1,000. There are eight CD terms that you can choose from. The term can be as short as six months or as long as five years.

You should choose wisely so you won’t have to withdraw money early and pay penalties. 

The duration of your CD account will also determine your APY. CIT offers its best rate, of 3.50%, for the product with a 13-month term.

Regardless of the term, CIT Bank rates are low compared to what you can get from other lenders - especially for short-term investments.

While a $1,000 CD with a five-year term gets you an APY of 0.50%, the same amount earns you only 0.30% if you choose a one-year term.

CIT Bank also offers a no-penalty certificate of deposit with an 11-month term. You can withdraw your deposit and earned interest at any time you want, without paying penalties.

Even if you qualify for CIT’s highest rate, however, you will find it to be lower than you can earn elsewhere.

CIT Bank’s most alluring interest rates are reserved for jumbo CDs that require a deposit of at least $100,000. The APY rates are 0.40% to 0.50% for accounts with terms ranging from two to five years.

CIT has discontinued its unique RampUp and RampUp Plus CDs, which allowed investors to make deposits to a CD during its maturation period to earn a higher interest rate.

Fees and Penalties

CIT Bank doesn’t charge any fees for account maintenance. If you withdraw funds before your account matures, the bank will charge you a penalty, however. 

Renewal Options

At your CD’s maturity date, the bank will renew your CD automatically after a short grace period. Your funds will roll over into a new CD with the same terms as the original, except that 13-month CDs renew for 12 months and 18-month CDs renew for two years.

Additional Products

CIT bank offers a top-notch online banking experience. To open an account, you follow a three-step application process at the bank’s website. 

A rate comparison chart is handy - and you’ll find one at the site along with an online yield calculator. A mobile app is available for Android and iOS smartphones; you can download it directly from CIT’s website.

The app lets you monitor your account and manage the funds after maturation, specifying whether you want to renew it, withdraw funds, or choose a different CD term. 

Customer Service

CIT Bank offers customers support via telephone and email. With online and mobile banking, you can contact agents via email at any time you wish. The service is available 24/7.

The bank’s website is well-organized so you can find the current CD rates quickly. 

Agents are available by phone on business days from 9 a.m. to 9 p.m. Eastern time and Saturdays from 10 a.m. to 6 p.m. 

Bottom Line

CIT Bank offers secure CD accounts and other financial products. It’s the best choice for those who are looking for flexible account terms.

The downside is that the bank offers lower rates of return than other providers.  

Reasons to open a CD account:

• Reputable bank
• Variety of CD accounts
• Interest compounded daily
• Security and protection features

BrioDirect is an online bank owned and operated by Webster Bank.

The company specializes in two financial products: high-yield savings accounts and high-interest CD accounts.

This is an FDIC-insured financial institution, meaning that the government guarantees your funds even if calamity hits the bank. Each account holder at BrioDirect is insured up to $250,000.  

CD Account Features

BrioDirect offers high-yield CD accounts that you can open with a minimum deposit amount of $500. The application is online, and you can open a certificate of deposit account within 10 minutes.

The bank requires only a bit of personal information - name, address, Social Security number. Once you submit that data, you can open your account, choose the account duration, and purchase a certificate of deposit.

If you like flexible account terms, you’ve come to the right place. BrioDirect’s high-yield CD accounts are available with 11 term options.

Naturally, the longer your term, the higher APY you’ll enjoy. For example, 1 year CD rates for a $500 deposit earn an excellent APY of 1.80%.

BrioDirect’s main selling point is a three-month CD account that earns an APY of 0.25%. You won’t find an account like this from any other bank. Twelve-month CDs earn 1.80%.

Curiously, CDs with longer terms have yields of just 0.45%. The three-month and one-year accounts are the stars of the show at BrioDirect.

These CDs are an excellent opportunity if you have a short-term financial goal.

If you prefer a no-penalty account, you’ll have to look elsewhere. This online bank doesn't offer no-penalty CDs. This might be its biggest imperfection.  

Fees and Penalties 

If you decide to cash out your CD account before it matures BrioDirect will charge you an early withdrawal penalty. Penalties are calculated based on your account terms: 

• 30 days or less: 30 days of interest
• 12 months or less: 90 days of interest
• 18 to 60 months: 9 months of interest
• 60 months or more: 12 months of interest

Renewal Options 

A seven-day grace period begins when your BrioDirect CD matures. During this period you can withdraw your funds or choose a different account. If you have done nothing after seven days, your account renews automatically. 

Additional Products

BrioDirect CDs are secured with the latest technology measures. The bank uses advanced security protocols to ensure safe transactions and protect your account from fraudulent activities. 

Sterling’s mobile app is available to all account holders. Whether you prefer iPhones or Android phones, you will find the mobile app a handy option for managing your account while you’re on the go. You can use it to check the maturity date. 

But you don’t need to worry about the maturity date. BrioDirect will notify you before your grace period starts. They’ll give you plenty of time to decide what you want to do with the funds in your account. 

Customer Service

Phone support is available on business days from 8 a.m. to 8 p.m. and Saturdays from 8:30 a.m. to 3 p.m. Eastern time. Unfortunately, BrioDirect offers neither live chat nor email support.

Bottom Line

We think BrioDirect is a perfect fit for clients who want to open short-term CD accounts, as the bank offers highly competitive rates for a three-month CD account.

Reasons to open a CD account:

• High APY for short-term CDs
• Quick and easy online application 
• Excellent phone support
• No maintenance fees

Established in 2003, Synchrony is a reputable online bank with more than $100 billion in assets, making it one of America’s largest banks. Synchrony is an ideal destination if you’re looking for high-yield savings accounts and CDs. 

In addition to savings accounts and traditional CDs, this bank also offers money market accounts and IRA CDs. 

CD Account Features

Synchrony's five-year CD account delivers an APY of up to 3.61%. Depending on how much you invest, you could see a substantial return on your money.

If you are not ready to lock up your funds for such a long period, you can choose from Synchrony’s other options, including short-term accounts of three, six, and nine months. Synchrony Bank CD rates start at 1.75% APY and rise to a ceiling of 3.61%. 

Synchrony differs from other banks because it offers distinctive 13-, 14-, and 15-month CDs. The APY for these accounts is from 3.15% to 3.50%.

Another advantage of Synchrony CDs is that there is no minimum balance to open an account. Other online banks require much less to open a CD, and some banks don’t even specify a minimum amount. 

Synchrony also offers IRA CDs. With a Synchrony IRA account, you can save for retirement independently. The IRA CD allows you to save more money than you would with a regular CD, and of course, with IRA CDs, you benefit from IRA tax exemptions. 

Synchrony Bank CDs don’t require monthly maintenance fees and you don’t pay a setup fee when opening your account. And of course, Synchrony CDs are federally insured up to $250,000 by the FDIC. 

Fees and Penalties

Although Synchrony doesn’t charge fees for opening and maintaining accounts, steep penalties apply if you withdraw money before your account matures. Penalties are keyed to your CD’s term: 

• 12 months or less: 90 days of interest 
• 12-48 months: 180 days of interest 
• 48 months or more: 365 days of interest 

Synchrony’s ladder strategy, which involves splitting your investment into separate CDs with long and short terms.

Synchrony also offers 11-month no-penalty CDs with a 2.20% APY that allow you to withdraw your money whenever you need to.

Another unusual feature: Synchrony lets you add money to your CD multiple times during the first 10 days.

Renewal Options

When it comes to renewal options, Synchrony is more restrictive than other online banks.

You can check online to see when your account matures - and you’d better, because Synchrony offers a grace period of just one day to decide what you want to do with your funds.

You can check Synchrony’s CD rates, and if a new rate fits you, you can renew your account. 

Additional Products

Synchrony Bank offers a 15-day best rate guarantee, but it’s not very impressive.

When you open your CD account, you don’t have to deposit funds right away. For example, you might mail a check that takes several days to get to Synchrony headquarters.

The best rate guarantee says that if Synchrony is offering a higher APY on the day your funds arrive (within 15 days of opening your account), you’ll get the higher rate instead of the rate you signed up for.

Customer Service

Customer support is available via live chat, email, and phone. You can call agents from 8 a.m. to 10 p.m. Eastern time on business days and 8 a.m. to 5 p.m. on weekends.

Bottom Line 

High-yield CD accounts, modern online and mobile banking, and a wide variety of accounts with different terms are some of the reasons you should consider Synchrony Bank.

Furthermore, this site’s CD rates are great for those who don’t want to make large opening deposits.

Reasons to open a CD account:

• No monthly fees
• Multiple deposits first 10 days
• FDIC-insured
• IRA CDs

Crescent Bank is a financial institution with over three decades of experience. Founded in 1991, this bank provides a range of services, including car loans, certificates of deposit, personal and commercial checking, individual retirement accounts, and debit cards. 

CD Account Features

Like other financial institutions on our list, Crescent Bank offers a fixed interest rate, which is higher for longer terms. Crescent Bank CD rates start at 0.50% for a three-month-long term. The longest term you can sign up for is five years, with a 3.75% APY. 

The bank doesn’t offer a no-penalty account, so if you know you won’t be able to commit to at least a three-month term, then this offer may not be for you. Furthermore, the bank asks for a minimum deposit of $1,000, which may be an inconvenience for some customers. It’s not the largest minimum deposit on the market, but it’s still a hefty sum. 

Nevertheless, Crescent Bank doesn’t charge any maintenance fees, which is a major plus. It’s also FDIC-insured, so you can rest assured that your money is safe. Should anything happen to your money, you will be compensated at least $250,000.

Fees and Penalties 

Crescent Bank doesn’t charge any service fees. However, you’ll be subjected to early withdrawal penalties should you decide you need access to your money before the term expires.  

Renewal Options 

Renewal for the Crescent Bank CDs is automatic. When your CD term expires, it’s renewed at the current rate unless you choose to close the account.

Additional Products

Crescent Bank allows you to apply online. The application process is quite quick and straightforward. 

Apart from regular CDs, you may also apply for an IRA CD. Your payments are not subject to taxes on interest until you withdraw them. However, keep in mind that the interest you receive is lower than for a regular CD, while some other bank or credit union may offer the same rates for both CD types. 

For instance, the shortest term you can sign up for, which is 18 months, will get you a 3.10% APY, compared to the 3.30% you would receive with a regular CD. The most interest you can earn is 3.60% for a five-year term.

Customer Service

Crescent Bank customer service is available only via phone. Unfortunately, there is no live chat or email option. The agents are available from 7 a.m. to 8 p.m. CT on weekdays. On Saturdays, you may reach them between 8 a.m. and 1 p.m. CT. 

Judging by user testimonials, customer service quality oscillates. Some users had a wonderful experience, noting that the agents have a friendly attitude and are willing to help. On the other hand, there are customers who claim they did not receive sufficient attention. 

Bottom Line 

Ultimately, Crescent Bank is a viable choice if you’re looking for a long-term certificate of deposit. The bank offers high rates, but keep in mind that there is no penalty-free option, which means that you’ll have to pay a fee if you withdraw money early.

This bank has plenty of strengths, as it doesn’t charge any service fees, has an excellent online banking feature, and offers an IRA CD for those looking to save up for retirement.

Reasons to open a CD account:

• No service fees
• No account minimum
• FDIC-insured
• Quick online application