Savings

Best CD Rates on SaveBetter in August 2022

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

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  • mph.bank
    18 monthsHigh Yield CD
    APY
    2.85%
  • Sallie Mae Bank
    14 monthsNo Penalty CD
    APY
    2.50%
  • SkyOne Federal Credit Union
    12 monthsCertificate
    APY
    2.00%
  • The State Exchange Bank
    13 monthsHigh Yield CD
    APY
    2.35%
  • mph.bank
    15 monthsHigh Yield CD
    APY
    2.75%
  • Patriot Bank N.A.
    13 monthsHigh Yield CD
    APY
    2.75%
  • mph.bank
    12 monthsHigh Yield CD
    APY
    2.65%
  • Patriot Bank N.A.
    17 monthsNo Penalty CD
    APY
    2.55%
  • mph.bank
    10 monthsHigh Yield CD
    APY
    2.55%
  • SkyOne Federal Credit Union
    18 monthsCertificate
    APY
    2.30%
  • Sallie Mae Bank
    10 monthsNo Penalty CD
    APY
    2.00%
  • The State Exchange Bank
    60 monthsHigh Yield CD
    APY
    1.71%
  • Ponce Bank
    48 monthsHigh Yield CD
    APY
    1.61%
  • The State Exchange Bank
    36 monthsHigh Yield CD
    APY
    1.51%
  • The State Exchange Bank
    24 monthsHigh Yield CD
    APY
    1.36%
  • Ponce Bank
    13 monthsHigh Yield CD
    APY
    1.31%
  • Ponce Bank
    11 monthsHigh Yield CD
    APY
    1.21%
  • The State Exchange Bank
    7 monthsHigh Yield CD
    APY
    1.10%
  • Continental Bank
    13 monthsHigh Yield CD
    APY
    0.90%
  • The State Exchange Bank
    9 monthsHigh Yield CD
    APY
    0.90%
  • Continental Bank
    5 monthsHigh Yield CD
    APY
    0.65%
  • Continental Bank
    3 monthsHigh Yield CD
    APY
    0.55%
  • The State Exchange Bank
    4 monthsHigh Yield CD
    APY
    0.55%

Benefits of Certificates of Deposit (CDs)

Dropping a coin into a piggy bank

Certificates of deposit, also known as CDs, are a type of deposit account offered by banks and credit unions. CDs allow you to earn interest on your money like other deposit accounts, such as a savings account, but there are some key aspects that make CDs unique. Notably, CDs tend to offer among the highest available interest rates of all banking deposit products.

Unlike savings accounts or money market accounts, you can deposit a set amount of money into your CD account and commit to leaving your money there for a fixed period of time. Terms may last as little as three months, or as long as five years (60 months) or even longer. In return, you'll earn a fixed amount of interest based on a predetermined interest rate. The rate of a CD typically does not change during the term, which is why you may see the product called a fixed-term CD. Another type of CD is a no-penalty CD, which gives the owner more flexibility to withdraw funds before the CD's maturity date.

When the CD term is up — when the product has reached maturity — you’ll be able to withdraw your original balance plus any interest earned, or opt to rollover all or part of those proceeds into a new CD with a new term. A key benefit of opening a CD is you’ll know exactly how much of a return you’ll receive when your money is ready to withdraw at the maturity date you selected.

CD Accounts vs. High-Yield Savings Accounts

CD Accounts
Fixed interest rates depending on the term length.

VS

High-Yield Savings Accounts
Interest rate may be subject to change based on market conditions and financial institution
CD Accounts
Some banks may require high minimum deposits for CDs; $500 is common (SaveBetter does not)

VS

High-Yield Savings Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minimum (SaveBetter does not)
CD Accounts
With fixed-term CDs, customers may be charged a penalty for early withdrawal. No-penalty CDs do not have early withdrawal fees

VS

High-Yield Savings Accounts
Some banks may place limits on frequency of withdrawals from high-yield savings accounts (SaveBetter does not)

Tips for Using Certificates of Deposit

Flat lay arrangement with a calculator, cash, a notepad, and a pen

There are a host of advantages to leveraging certificates of deposit (CDs) to boost your savings. You are likely to earn more interest with a CD compared to that of a competitive high-yield savings account. Plus, the interest rate you earn for the duration of the CD term won’t fluctuate over time. And you can pick a term to fit your needs. This feature allows you to structure CDs in sequences, such as the CD ladder, which provides periodic access to savings while tapping the highest available interest rates of the longest-term products.

Click the button to read more about how to maximize your savings with CDs.

More About CD Accounts

What Is a Certificate of Deposit Account?

A CD account offers savers a way to lock in a strong and predictable rate of return on their cash deposits. CD (short for “certificate of deposit”) accounts are interest-bearing deposit products most commonly offered by banks. (Credit unions may offer a similar product under the names “share certificate” or “certificate.”) A CD account’s rate won’t change over the time period it lasts, known as the term. For instance, a 12-month CD will pay the same interest rate in the first month as it does in the twelfth month. This is in contrast to most savings accounts, where the rate may be subject to change. Many savers like this stable, guaranteed return offered by CD accounts. Plus, CD accounts (often simply called “CDs”) appeal to savers because of their elevated interest rates in comparison to other categories of savings products.  

But there is a notable tradeoff savers must consider before tapping CD accounts and, in turn, their more muscular rates: generally, you are discouraged from accessing the funds in a CD account until it matures, which happens when it reaches the end of its term length. There might be a penalty fee incurred if you have to withdraw funds from a CD account prior to its maturity date. Check the product terms of a CD to better understand what would happen in the event you had to make an early withdrawal from it. 

CDs are a very safe, very low-risk vehicle for earning passive income. They’re low-risk in part because CD accounts held at FDIC member banks, as well as certificates held at credit unions backed by the NCUA, offer savers the protection of federal deposit insurance. Deposits in a CD account are insured against loss up to the applicable legal limit. You just don’t get that level of security from other types of investments, such as stocks or ETFs, which may lose value. For cash reserves you may not need access to for a while, a CD account is a great way in which to put that money to work without taking on much if any risk.

CD Account Rates

Interest rates on CD accounts, and dividend rates on credit union certificates, generally well exceed what financial institutions offer for liquid cash accounts like checking and savings accounts. For the opportunity to hold your funds for longer, predictable, uninterrupted spans of time, banks are willing to pay a premium in interest and credit unions are willing to issue a higher dividend.   

CD accounts come in a wide range of term lengths and, typically, the longer a CD’s term, the higher the interest rate. Here’s an illustration of that: on a monthly basis the FDIC tracks the average rates offered for a range of bank products, and in a recent set of published findings there was a 7x difference in the average rate comparing a 1-month CD to a 12-month CD (0.03% vs 0.21%). In this scenario, the patience to lock away cash for 11 additional months yields seven times the financial benefit. 

You can find banks offering CD accounts with relatively quick maturities (e.g., three months), all the way up to terms that last 5 or more years. Many savvy savers choose to buy CDs at a range of maturities so as to balance the competing needs to tap the highest yield and retain access to funds.  

How Does a CD Account Work?

A CD account works like this: you make a one-time, lump-sum deposit to open the account. You won’t be able to add more funds to the CD once it’s been established, so it’s best to fund a CD with the full amount of principal cash you wish to save at the outset of the account. A CD account will have a specific term length, like 12 months. Oftentimes, banks will have a range of options to choose from when it comes to the duration of a CD, or, in the case of credit unions, the duration of a certificate. Over the course of the term, your deposit is effectively locked in; you earn a steady return based on the CD or certificate’s rate, however the funds — both principal and any accrued earnings — are typically not accessible. 

In general, it’s only when the CD reaches maturity that you can freely access the combined principal and earnings without penalty. At maturity, CDs can be rolled over, which means the account is restarted for another term and locked in at whatever is the current advertised rate (which could be different from before). You can opt to change your investment — for example, switch from a 12- to a 60-month CD, redepositing all or part of your cash  — or simply pocket the original CD’s principal and earnings in the form of a payout, which in effect closes the original account. 

Some institutions may have default instructions in place, such as setting a CD to automatically rollover, for when it matures. In the case of SaveBetter, customers can visit their account dashboard and easily change their CD rollover preferences up until a CD is set to mature. Consult either the CD’s product terms and/or your financial institution to determine your options and set your preferences for when a CD matures. 

Can I Withdraw Money from a CD Account?

Withdrawals from a fixed-term CD account prior to its maturity may not be permitted or may be subject to a penalty fee in addition to lost earnings. Check with your bank to find out what it may cost you to access your funds early. If you acquired a CD through SaveBetter, you can refer to the CD’s product information sheet. SaveBetter Customer Service can also provide assistance in calculating early withdrawal penalties. 

There is a category of CD account known as a no penalty CD that offers more flexible terms with respect to early withdrawals. As the name suggests, you may be able to avoid early withdrawal penalties if you purchase a no penalty CD.

For most CDs, the ideal time to make a withdrawal from a CD account is at maturity. This is when there are no restrictions or penalties associated with accessing your cash. You can withdraw all the CD’s funds, closing the account, or take out some and roll over the rest.

Find and Open CD Accounts, All Through the Convenience of Savebetter

With SaveBetter’s unique online marketplace, you can compare and access a curated selection of federally insured CDs and certificates with competitive rates and flexible features, all with a single one-time registration, all in one portfolio. 

The CDs and certificates curated by SaveBetter are a smart alternative to the standard savings account you may get through a local brick-and-mortar financial institution. It also pays to compare the rates your longtime bank is offering for CDs and what’s available through SaveBetter’s online marketplace. SaveBetter exclusively selects higher-earning products from its network of partner financial institutions. 

What Can a CD Account Be Used for?

The way you use a CD account should be tailored to how it works. A CD account differs from, say, a money market account or a checking account foremost in accessibility of funds. With a CD, you cannot easily add or take out funds. So a CD doesn’t lend itself well to serving as a day-to-day savings account or the account to hold your emergency fund. A CD shines when it’s used to accelerate the growth of cash reserves you don’t expect to need to spend in the near future. If you are saving for college, CDs can help. If you foresee needing to purchase a car or putting a down payment on a house in a few years, CDs can help. 

Fixed-term CDs vs. No Penalty CDs

If access to funds matters more to you than tapping the very best rate, look into no penalty CDs, which typically offer stronger rates than savings accounts but don’t come with early withdrawal penalties. Generally, no penalty CDs don’t pay quite as well as fixed-term CDs.

How to Choose a CD Account

Interest rate

APY.

Annual percentage yield (APY) is one of the most important figures associated with a CD account or certificate because it dictates how much you’ll earn on your money. The higher the rate, the more you’ll make over time. A CD’s rate is fixed over its term length; it won’t vary up or down. This means your rate (and, by extension, your return) is insulated against the changes in market conditions that might impact a variable-rate product like a money market account. Bear in mind that APY is annualized, meaning that it tells you the expected performance over a year-long period. (A 3-month CD with a 1% APY is not going to return 1% interest in 3 months.) But APY helps with comparing CDs of different term lengths because it normalizes the rates for comparison.

Security

Security.

CDs and certificates are types of deposit accounts, which means they are eligible for FDIC or NCUA insurance through financial institutions. FDIC insurance (covering banks) and NCUA insurance (covering credit unions) offers government-backed protection on your money, up to $250,000 per depositor, per insured institution. Ensure your funds will be covered by choosing a federally insured account. Visit fdic.gov and ncua.gov for more information.

Deposit

Minimum deposit.

Different CDs have different rules for the minimum amount required to open an account — varying from as little as $1 to as high as several thousand dollars. The CD accounts and certificates available through SaveBetter can be opened with as little as $1.

Fees

Fees (or lack thereof).

Some financial institutions might charge monthly maintenance fees, which can quickly eat into your savings. Make sure you understand any fees that are associated with an account — or choose one that doesn’t charge any. There are no fees to open or maintain a CD account or certificate through SaveBetter.

Withdrawal penalties

Withdrawal penalties.

CDs are not considered liquid, which means you cannot withdraw or transfer funds out of a CD freely. There may be penalties associated with early withdrawal. But the specific terms — how the penalty is determined — may vary by institution. Consult the product terms for a CD you’re considering to learn how withdrawal penalties are handled. Options like no penalty CDs (see above) may allow you to avoid the risk of incurring withdrawal penalties.

What Is SaveBetter?

Family spending time out door

SaveBetter brings together high-yielding savings products offered by a network of U.S. financial institutions. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions and manage them all from one account.

Safety

Safety

Funds deposited into any of the savings products available through SaveBetter are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How SaveBetter Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at SaveBetter

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include Multi-Factor authentication, encryption, and Cloudflare advanced internet protection and monitoring. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

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the right product for your savings goals.

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with an email address and password, then verify your identity and bank information.

Add funds

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the savings products you add to your new SaveBetter account.

Why SaveBetter Is, Well, Better

With SaveBetter
One secure account guards your personal data and safely allows you to tap into yields from multiple savings products

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With SaveBetter
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With SaveBetter
Only one account is required. You manage all your chosen savings products through the SaveBetter platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

CD Account Rates Available on SaveBetter

Financial institution
APY
Term
Type
The State Exchange Bank
{61fd20b4dd17cd00017743cf-APY}
60 Months
Fixed-term
Ponce Bank
{61a52c77c952900001743a56-APY}
48 Months
Fixed-term
The State Exchange Bank
{61fd0deedd17cd00017743c8-APY}
36 Months
Fixed-term
The State Exchange Bank
{61fd0d0cdd17cd00017743c5-APY}
24 Months
Fixed-term
mph.bank
{62bded3122835f0001d573de-APY}
18 Months
Fixed-term
SkyOne Federal Credit Union
{628fa6c87ac6500001ff1d47-APY}
18 Months
Fixed-term
Patriot Bank
{62e7ed8ff1ebaa000106419f-APY}
17 Months
No-penalty
mph.bank
{626061310147f30001227ed3-APY}
15 Months
Fixed-term
Sallie Mae
{62be0a6822835f0001d573e1-APY}
14 Months
No-penalty
Patriot Bank
{62e7ec8ff1ebaa000106419c-APY}
13 Months
Fixed-term
The State Exchange Bank
{626ff7d8d56050000196e6a8-APY}
13 Months
Fixed-term
Ponce Bank
{61a52b57c952900001743a52-APY}
13 Months
Fixed-term
Continental Bank
{61a52a7bc952900001743a4e-APY}
13 Months
Fixed-term
mph.bank
{62bdebf8121ff300014e8c9f-APY}
12 Months
Fixed-term
SkyOne Federal Credit Union
{628fa6457ac6500001ff1d44-APY}
12 Months
Fixed-term
Ponce Bank
{624ae36cd433b90001f1cd73-APY}
11 Months
Fixed-term
Sallie Mae
{62be090d121ff300014e8ca6-APY}
10 Months
No-penalty
mph.bank
{62605fb00147f30001227ed0-APY}
10 Months
Fixed-term
The State Exchange Bank
{61a52928c952900001743a4a-APY}
9 Months
Fixed-term
The State Exchange Bank
{61a52872c952900001743a46-APY}
7 Months
Fixed-term
Continental Bank
{61a52734c952900001743a42-APY}
5 Months
Fixed-term
The State Exchange Bank
{61a51e8cc952900001743a3a-APY}
4 Months
Fixed-term
Continental Bank
{61a4b964c952900001743a34-APY}
3 Months
Fixed-term

Refer to the selection tool at the top of this page to access terms for the savings products listed.

FAQs

Call us: 844-994-EARN (3276)(Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)
SaveBetter logo

The SaveBetter name and logo are trademarks of Raisin US LLC. The Raisin Solutions US name and logo are trademarks of Raisin GmbH, used with permission. The Central Bank of Kansas City name and logo are trademarks of Central Bank of Kansas City, used with permission. Continental Bank is a trademark of Continental Bank, used with permission. Ponce Bank and the Ponce De Leon image are trademarks of Ponce De Leon Federal Bank, used with permission. WEX Bank is a trademark of WEX Bank, used with permission. The State Exchange Bank is a trademark of The State Exchange Bank, used with permission. Patriot Bank is a trademark of Patriot Bank N.A., used with permission. Liberty Savings Bank is a trademark of Liberty Savings Bank, used with permission. mph.bank and mph.bank Mark are trademarks of Liberty Savings Bank, FSB, used with permission. SkyOne Federal Credit Union is a trademark of SkyOne Federal Credit Union, used with permission. Sallie Mae is a trademark of Sallie Mae Bank, used with permission.

© 2022 Raisin US LLC. All rights reserved.

APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.

Each customer authorizes the Custodian Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from deposit accounts at various Product Banks that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the deposit accounts, or offer the deposit accounts to customers, and provides no advice to customers about deposit accounts. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Custodian services are provided by Lewis and Clark Bank.