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Best Bank/Brokered CDs and Savings Account rates for the Week ending May 26, 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

 

Salem Five Direct - 5.01%





Fees / Features:

  • Minimum to Open : $10

  • Domestic Wire transfer fee - outbound: $25

  • Domestic Wire transfer fee - inbound: $15


My Banking Direct - 5.00%



Fees / Features:

  • Minimum to Open: $500

  • Domestic Wire transfer fee - outbound: $10



CIT Bank - 4.85%


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- There will be penalties if the CD is withdrawn before maturity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:


Bask Bank - 5.10%




Fees / Features:

  • Minimum to Open : $1.000

  • Early Redemption Fee/Penalty: 90 days


Vio Bank - 5.05%


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  • Early Redemption Fee/Penalty: 1% of amount withdrawn + $25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%


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 - 5.50%

Fees / Features:

  • Minimum to Open : $10.000

  • Domestic Wire transfer fee - outbound: $15

  • Early Redemption Fee/Penalty: 182 days



USALLIANCE Financial - 5.10%





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%



Fees / Features:

  • Minimum to Open : $1,000

  • Early Redemption Fee/Penalty: 90 days


CFG Bank - 5.28%




Fees / Features:

  • Minimum to Open : $500

  • Early Redemption Fee/Penalty: 180 days


BRIO DIRECT - 5.25%




Fees / Features:

  • Minimum to Open : $500

  • Early Redemption Fee/Penalty: 90 days


BREAD FINANCIAL - 5.20%




Fees / Features:

  • Minimum to Open : $1,500

  • Early Redemption Fee/Penalty: 180 days

 

15 Months Term Bank CD:


NASA FCU - 5.30%


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%



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%




Fees / Features:

  • Minimum to Open : $500

  • Early Redemption Fee/Penalty: 180 days




ALLIANT Credit Union - 5.15%


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 YearTerm Bank CDs:


Merchants Bank of Indiana - 5.65%



Fees / Features:

  • Minimum to Open : $1,000

  • Early Redemption Fee/Penalty: 180 days


Bread Financial - 5.00%





Fees / Features:

  • Minimum to Open : $1,500

  • Early Redemption Fee/Penalty: 180 days


USALLIANCE Financial - 4.85%





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%



Fees / Features:

  • Minimum to Open : $1

  • Early Redemption Fee/Penalty: 180 days


 

3 YearTerm Bank CDs:


Merchants Bank of Indiana - 5.65%



Fees / Features:

  • Minimum to Open : $1,000

  • Early Redemption Fee/Penalty: 180 days


CFG Bank - 4.60%




Fees / Features:

  • Minimum to Open : $500

  • Early Redemption Fee/Penalty: 180 days

 

4 YearTerm Bank CDs:


NASA FCU - 4.60%


Fees / Features:

  • Minimum to Open : $10.000

  • Domestic Wire transfer fee - outbound: $15

  • Early Redemption Fee/Penalty: 365 days


BARCLAYS - 4.40%




Fees / Features:

  • Minimum to Open : $0

  • Early Redemption Fee/Penalty: 180 days


 

5 YearTerm Bank CDs:



BARCLAYS - 4.50%



Fees / Features:

  • Minimum to Open : $0

  • Early Redemption Fee/Penalty: 180 days


CFG Bank - 4.50%




Fees / Features:

  • Minimum to Open : $500

  • Early Redemption Fee/Penalty: 180 days

 

84 Months Term Bank CDs:


First National Bank of America - 4.50%



Fees / Features:

  • Minimum to Open : $1,000

  • Early Redemption Fee/Penalty: 540 days


 

10 YearTerm Bank CDs:


DISCOVER - 3.80%






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:






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