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Best CD Rates for November 2018

Nov. 14, 2018
Banking, CDs
nerdwallets-best-cd-rates
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
Top CD interest rates
Marcus by Goldman Sachs

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Overall bank rating:

• 1-year: 2.55% APY
• 3-year: 2.65% APY
• 5-year: 3.10% APY
• $500 minimum deposit
• Terms: Six months to six years; other details

 

Capital One 360
Capital One

at Capital One,

Member, FDIC

Overall bank rating:

• 1-year: 2.60% APY
• 3-year: 2.80% APY
• 5-year: 3.10% APY
No minimum deposit
Terms: Six months to five years; other details

Citizens Access

Citizens Access

at Citizens Access,

Member, FDIC

Overall bank rating:

• 1-year: 2.70% APY
• 3-year: 3.05% APY
• 5-year: 3.15% APY
• $5,000 minimum deposit
• Terms: Six months to five years; other details

Barclays

Barclays

at Barclays,

Member, FDIC

Overall bank rating:

• 1-year: 2.55% APY
• 3-year: 2.65% APY
• 5-year: 3.10% APY
• No minimum deposit
• Terms: Three months to five years; other details

Synchrony Bank

Overall bank rating:

• 1-year: 2.50% APY
• 3-year: 2.85% APY
• 5-year: 3.10% APY
• $2,000 minimum deposit
• Terms: Three months to five years; other details

 

TIAA Bank

Overall bank rating:

• 1-year: 2.73% APY
• 3-year: 3.05% APY
• 5-year: 3.15% APY
• $5,000 minimum deposit
• Terms: Three months to five years; other details

Connexus Credit Union

Overall bank rating:

• 1-year: 2.80% APY
• 3-year: 3.35% APY
• 5-year: 4.00% APY
• $5,000 minimum deposit
• Terms: One year to five years; other details

The best CDs offer high rates and no fees. If you don’t need immediate access to some of your money, high yield CDs can be a great way to build your savings.

The following banks offer some of the highest CD rates available in November. With rates on the rise, a one-year CD might be a better option than a long-term CD; you’ll be able to access your cash in 12 months and potentially reinvest at higher rates. (See the best one-year rates.) Although CDs with five-year terms offer greater yields, you’ll need to keep your money locked away longer. (If that’s appealing, check out more five-year CDs. And if you’re in the middle, consider three-year CD rates.)

Here’s a closer look at some of the best one-year CD rates on the market. Keep in mind that the average annual percentage yield (APY) on one-year CDs is just under 0.50%.

» Want to grow your long-term savings a different way? Skip ahead to CD alternatives

Compare CD rates for November 2018

Marcus by Goldman Sachs, 0.60%–3.15% APY

Terms: 6 months to 6 years
Minimum deposit: $500

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus, the Goldman Sachs branch that handles banking products, has a one-year CD that earns 2.55% APY. And the bank pays 3.10% APY on its five-year CD. Its savings account has a similarly impressive rate. The bank does not, however, offer ATMs, branches or checking accounts.

Capital One 360, 0.60%–3.10% APY

Terms: 6 months to 5 years
Minimum deposit: None

Capital One

at Capital One,

Member, FDIC

Along with stellar long-term CD options, Capital One 360 has a one-year CD with an APY of 2.60%. Its five-year CD earns a competitive APY of 3.10%. The bank also offers excellent checking and savings accounts, making Capital One 360 a good choice for customers looking to keep all of their accounts with the same institution.

Citizens Access, 2.20%–3.15% APY

• Terms: 6 months to 5 years
• Minimum deposit: $5,000

Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access, the online-only offshoot of Citizens Bank, has a variety of high-yield CDs, including its one-year CD with an APY of 2.70%, and a five-year CD at 3.15% APY. The bank has CD term lengths starting at six months. Like other online banks with stellar CD options, it doesn’t have checking, but Citizens’ savings account is a top contender when it comes to APY.

Barclays, 0.35%–3.10% APY

Terms: 3 months to 5 years
Minimum deposit: None

Barclays

at Barclays,

Member, FDIC

People looking to open a CD have plenty to choose from at Barclays. The online-only bank’s five-year option comes with a 3.10% APY, and its one-year CD pays 2.55%. Barclays’ savings account is just as competitive, offering one of the highest APYs on the market. The bank, however, does not offer checking accounts.

Synchrony Bank, 0.75%–3.10% APY

• Terms: 3 months to 5 years
• Minimum deposit: $2,000

An online bank, Synchrony has a one-year CD with an APY of 2.50%. For the five-year option, the APY is 3.10%. Although the bank doesn’t offer checking accounts, its savings account is one of the best of its kind, making Synchrony a great choice for customers looking to separate their spending money from their savings.

TIAA Bank, 1.90%–3.15% APY

Terms: 3 months to 5 years
Minimum deposit: $5,000

TIAA Bank has high rates across its wide range of CD terms, including three-month CDs with 1.90% APY and five-year CDs with 3.15% APY. The minimum to open is steep compared to some banks, but the rates can be worthwhile. Although there are some branches, TIAA Bank mainly functions as an online bank with mobile apps and 24/7 customer service by phone.

Connexus Credit Union, 2.80%–4.00% APY

Terms: 1 year to 5 years
Minimum deposit: $5,000

All of Connexus’ share certificate rates are impressive — its rate on a one-year option (2.80% APY) is higher than many banks’ rates for five-year CDs. (“Share certificates” are what credit unions call CDs.) For a five-year term, the return is at 4.00% APY. You’ll have to put down a hefty amount to take advantage, but you won’t have a hard time applying. Just make a one-time $5 donation to the Connexus Association, a charitable organization, and you are eligible to apply for membership.

Alternatives to CDs

Let’s say you have an emergency fund that consists of enough cash to cover about three to six months’ worth of living expenses. To grow your long-term savings, consider opening an online brokerage account. Although these financial products come with more risk than CDs, they could lead to higher returns.

Picking the right broker comes down to your priorities. Some investors are willing to pay more for a top-notch platform; others count costs above all else. With brokerage accounts, you don’t have to worry about early withdrawal penalties, but your funds may be more difficult to access in a pinch, given that you’ll likely need to sell some investment shares before you can devote that money to anything else.

» For in-depth guidance, check out cheatgame.info’s best online stock brokers for beginners

CD rates | November 2018

BankAPYTermMinimum deposit
Connexus Credit Union


2.80% - 4.00%


1 - 5 years


$5,000


Citizens Access2.20% - 3.15%6 months - 5 years$5,000
TIAA Bank1.90% - 3.15% APY3 months - 5 years$5,000
Capital One 3600.60% - 3.10%6 months - 5 yearsNo minimum
Marcus by Goldman Sachs0.60% - 3.15%6 months - 6 years$500
Barclays0.35% - 3.10%3 months - 5 yearsNo minimum
Synchrony Bank0.75% - 3.10%3 months - 5 years$2,000

Tony Armstrong is a staff writer at cheatgame.info, a personal finance website. Email: [email protected] Twitter: @tonystrongarm.


METHODOLOGY

We featured easy-to-join financial institutions that we’ve reviewed with the highest rates currently listed on cheatgame.info’s CD rates tool. For the ZIP code and minimum deposit requirement, we used 94103 and $5,000, respectively. We also included select, standout rates from other trusted online financial institutions that we have reviewed. Higher rates might be available elsewhere.