Top Performing Bank/Brokered CDs and Savings Account rates for the Week ending June 2, 2023
With the on-going interest rate increases and the uncertainties in the equities market, it may not be a bad idea to put some of your hard-earned money in fixed income investments such as CDs and Savings Accounts. Below are some examples of such investments that you may want to check out depending on your investment time horizon:
High Yield Savings Account (No Holding Period Required)
+ Can deposit and withdraw funds without penalties
- Interest rates may go down without notice depending on Fed rate decision
My Banking Direct - 5.00%
Website: https://www.mybankingdirect.com/Products/HighYieldSavings
Fees / Features:
Minimum to Open: $500
Domestic Wire transfer fee - outbound: $10
CIT Bank - 4.85%
Website: https://www.cit.com/cit-bank/platinum-savings
Fees / Features:
Minimum to Open for 4.85% interest: $5,000
Domestic Wire transfer fee - outbound: $10
TOP BANK CDs
+ Ability to lock-in fixed interest rate until the maturity of the CD
- There will be penalties if the CD is withdrawn before maturity
6 Months Term Bank CD:
Mountain America CU - 5.50%
Website: https://www.macu.com/accounts/savings/certificate-accounts
Fees / Features:
Minimum to Open : $500
Domestic Wire transfer fee - inbound: $10
Domestic Wire transfer fee - outbound: $15
Early Redemption Fee/Penalty: 90 days
Bask Bank - 5.10%
Website: https://www.baskbank.com/products/certificates-of-deposit
Fees / Features:
Minimum to Open : $1.000
Early Redemption Fee/Penalty: 90 days
Vio Bank - 5.05%
Website: https://www.viobank.com/cd
Fees / Features:
Minimum to Open : $500
Domestic Wire transfer fee - outbound: $30
Early Redemption Fee/Penalty: 1% of amount withdrawn + $25
Synchrony Bank - 5.00%
Website: https://www.synchronybank.com/banking/cd/
Fees / Features:
Minimum to Open : $0
Domestic Wire transfer fee - outbound: $25
Early Redemption Fee/Penalty: 90 days
9 Months Term Bank CD:
NASA FCU - 5.65%
Fees / Features:
Minimum to Open : $10.000
Domestic Wire transfer fee - outbound: $15
Early Redemption Fee/Penalty: 182 days
USALLIANCE Financial - 5.10%
Website: https://www.usalliance.org/investment-products/cd
Fees / Features:
Minimum to Open : $500
Domestic Wire transfer fee - inbound: $25
Domestic Wire transfer fee - outbound: $35
Early Redemption Fee/Penalty: 180 days
1 Year / 12 Months Term Bank CD:
Merchants Bank of Indiana - 5.65%
Website: https://www.merchantsbankofindiana.com/certificates-of-deposit/
Fees / Features:
Minimum to Open : $1,000
Early Redemption Fee/Penalty: 90 days
CFG Bank - 5.28%
Website: https://www.cfg.bank/personal-banking/personal-deposit-rates/
Fees / Features:
Minimum to Open : $500
Early Redemption Fee/Penalty: 180 days
Mountain America CU - 5.25%
Website: https://www.macu.com/accounts/savings/certificate-accounts
Fees / Features:
Minimum to Open : $500
Domestic Wire transfer fee - inbound: $10
Domestic Wire transfer fee - outbound: $15
Early Redemption Fee/Penalty: 90 days
15 Months Term Bank CD:
NASA FCU - 5.45%
Fees / Features:
Minimum to Open : $10.000
Domestic Wire transfer fee - outbound: $15
Early Redemption Fee/Penalty: 182 days
18 Months Term Bank CDs:
USALLIANCE Financial - 5.25%
Website: https://www.usalliance.org/investment-products/cd
Fees / Features:
Minimum to Open : $500
Domestic Wire transfer fee - inbound: $25
Domestic Wire transfer fee - outbound: $35
Early Redemption Fee/Penalty: 360 days
CFG Bank - 5.25%
Website: https://www.cfg.bank/personal-banking/personal-deposit-rates/
Fees / Features:
Minimum to Open : $500
Early Redemption Fee/Penalty: 180 days
ALLIANT Credit Union - 5.15%
Website: https://www.alliantcreditunion.org/
Fees / Features:
Minimum to Open : $1,000
Domestic Wire transfer fee - inbound: $0
Domestic Wire transfer fee - outbound: $25
Early Redemption Fee/Penalty: 120 days
2 Year Term Bank CDs:
Merchants Bank of Indiana - 5.65%
Website: https://www.merchantsbankofindiana.com/certificates-of-deposit/
Fees / Features:
Minimum to Open : $1,000
Early Redemption Fee/Penalty: 180 days
Bread Financial - 5.00%
Website: https://savings.breadfinancial.com/products/certificates-of-deposit
Fees / Features:
Minimum to Open : $1,500
Early Redemption Fee/Penalty: 180 days
USALLIANCE Financial - 4.85%
Website: https://www.usalliance.org/investment-products/cd
Fees / Features:
Minimum to Open : $500
Domestic Wire transfer fee - inbound: $25
Domestic Wire transfer fee - outbound: $35
Early Redemption Fee/Penalty: 360 days
27 Months Term Bank CDs:
Sallie Mae Bank - 5.15%
Website: https://www.savebetter.com/banks/sallie-mae/27-month-high-yield-cd
Fees / Features:
Minimum to Open : $1
Early Redemption Fee/Penalty: 180 days
3 YearTerm Bank CDs:
Merchants Bank of Indiana - 5.65%
Website: https://www.merchantsbankofindiana.com/certificates-of-deposit/
Fees / Features:
Minimum to Open : $1,000
Early Redemption Fee/Penalty: 180 days
CFG Bank - 4.60%
Website: https://www.cfg.bank/personal-banking/personal-deposit-rates/
Fees / Features:
Minimum to Open : $500
Early Redemption Fee/Penalty: 180 days
4 YearTerm Bank CDs:
NASA FCU - 4.85%
Fees / Features:
Minimum to Open : $10.000
Domestic Wire transfer fee - outbound: $15
Early Redemption Fee/Penalty: 365 days
First National Bank of America - 4.50%
Website: https://www.fnba.com/online-banking/online-cd-rates/
Fees / Features:
Minimum to Open : $1,000
Early Redemption Fee/Penalty: 540 days
5 YearTerm Bank CDs:
CFG Bank - 4.50%
Website: https://www.cfg.bank/personal-banking/personal-deposit-rates/
Fees / Features:
Minimum to Open : $500
Early Redemption Fee/Penalty: 180 days
First National Bank of America - 4.50%
Website: https://www.fnba.com/online-banking/online-cd-rates/
Fees / Features:
Minimum to Open : $1,000
Early Redemption Fee/Penalty: 540 days
84 Months Term Bank CDs:
First National Bank of America - 4.50%
Website: https://www.fnba.com/online-banking/online-cd-rates/
Fees / Features:
Minimum to Open : $1,000
Early Redemption Fee/Penalty: 540 days
10 YearTerm Bank CDs:
DISCOVER - 3.80%
Website: https://www.discover.com/online-banking/cd/
Fees / Features:
Minimum to Open : $2500
Domestic Wire transfer fee - outbound: $30
Early Redemption Fee/Penalty: 720 days
TOP BROKERED CDs (Non-callable)
+ Ability to lock-in fixed interest rate until the maturity of the CD
+ Flexibility to sell the CD in the open market if you need cash before the maturity
< 9 Months Brokered CDs:
9 Months to 1.5 Year Brokered CDs:
2 Year Brokered CDs:
3 to 4 Year Brokered CDs:
5 Year Brokered CDs:
