In this day and age, people seek safety when deciding how to invest. Traditional vehicles of investment such as stocks, bonds and mutual funds are still somewhat unpredictable, driving people to look for other ways to ensure financial security for their families. One of the great alternatives is to consider using a certificate of deposit with today’s best CD rates. These savings plans allow banks to take portions of your money and give you guaranteed returns after set amounts of time. While this ties up your funds until the specified time, it also offers a guaranteed return. Which CDs offer the best rates right now? Read below to learn about five CDs that offer great rates.
Top Providers of High-Rate CDs:
- Navy Federal Credit Union
- Live Oak Bank
- Ally Bank
- Synchrony Bank
- E-Loan
Navy Federal Credit Union
Navy Federal Credit Union is a credit union located in Vienna, Virginia. Founded in 1933, this credit union has been serving families of the armed forces for decades. It now serves more than 5 million people and has developed a track record of trust among members of the armed services. They are offering one of the best CDs available, and they make it easy to find the highest CD rates. People must be a member of the military or part of a military family to be eligible for this credit union. For those that are eligible, Navy Federal Credit Union offers arguably the best CD option available.
Highlights:
- Special Easy Start Certificate: 3.00% APY is more than twice any other CD.
- This is a 1-year term.
- The maximum principal is $3,000.
Live Oak Bank
Live Oak Bank is a financial services corporation that offers a wide variety of services. It specializes in granting loans to small businesses looking to get started. They have funded the capital required to start a wide variety of small businesses all over the country. They are offering one of the best CDs available, and they also offer high-yield savings account options. They stay on the cutting edge of technology to maintain strong relationships with their clients.
Highlights:
- Live Oak Bank is offering a %1.3 APY. Interest starts accruing from day 1.
- Live Oak Bank is a member of the FDIC and does not require any opening or maintenance fees.
- The minimum balance to open an account is $2,500.
Ally Bank
Most people have seen the catchy commercials of Ally Bank. This financial institution is more than just an advertising machine. They are a bank headquartered in Detroit Michigan that started in 2001. Since its inception, it has developed a reputation for quick and easy banking and lending for individuals and families in need to capital. Today, Ally offers one of the best CD rates. Making a name for easy customer service from mobile devices, people have been looking to Ally Bank for their banking needs for over 15 years.
Highlights:
- 1-year term CD currently pays %1.05 APY with Ally Bank.
- Ally Bank is a member of the FDIC. There is no minimum balance to qualify.
- They have maintained their 24/7 commitment to customer service.
Synchrony Bank
Synchrony Bank is a financial institution that prides itself on the most innovative of technology and competitive CD rates, money market accounts, and high-yield savings accounts. The company has been consistently rated as above average by reputable sources such as Monday Magazine. They are also known for their safety and security. For those looking for an attractive CD offer, Synchrony has one of the best offers available.
Highlights:
- A 1-year term with Synchrony pays %1.25 APY.
- They are a member of the FDIC.
- A minimum balance is required to open of $2,000.
E-Loan
E-Loan is one an eclectic option on the market. They are the latest in a growing trend of electronic banking. This makes it easy to shop and compare rates because you can contact them from the comfort of your own home. Unfortunately, this often means there isn’t a physical location to go to if you need help. Regardless, E-Loan makes it easy to find CD rates that are comparable to the other options above.
Highlights:
- A 1-year term with E-Loan pays a %1.3 APY
- The minimum balance to open an account is $10,000
- This bank is not FDIC insured. This places funds at risk if the company goes out of business.