CD Rates
Best CD Rates Effective February 23, 2021
Compare bank rates from across the United States including high yield savings accounts, CD rates, money market accounts, and fixed annuity rates. Our mission to allow you to find the best-fixed rate high-yield savings account to grow your money in an easy convenient way.
You can sort the table below by bank, term of the CD, interest rate and minimum deposit required.
| Financial Institution | Term (months) | Rate | Minimum |
|---|---|---|---|
| Bethpage Federal Credit Union | 3 | 0.40% APY | $50 |
| Navy Federal Credit Union | 3 | 0.40% APY | $1,000 |
| BrioDirect | 3 | 0.25% APY | $500 |
| Quontic Bank | 6 | 0.60% APY | $500 |
| Limelight Bank | 6 | 0.50% APY | $1,000 |
| MySavingsDirect | 6 | 0.30% APY | $1,000 |
| Navy Federal Credit Union | 9 | 0.50% APY | $1,000 |
| VyStar Credit Union | 9 | 0.35% APY | $500 |
| Discover Bank | 9 | 0.30% APY | $2,500 |
| Delta Community Credit Union | 12 | 0.80% APY | $1,000 |
| Quontic Bank | 12 | 0.65% APY | $500 |
| Ally Bank | 12 | 0.60% APY | $0 |
| Delta Community Credit Union | 24 | 0.95% APY | $1,000 |
| Quontic Bank | 24 | 0.70% APY | $500 |
| Live Oak Bank | 24 | 0.70% APY | $2,500 |
| Delta Community Credit Union | 36 | 1.05% APY | $1,000 |
| Quontic Bank | 36 | 0.75% APY | $500 |
| Navy Federal Credit Union | 36 | 0.70% APY | $1,000 |
| VyStar Credit Union | 48 | 0.90% APY | $500 |
| First Internet Bank of Indiana | 48 | 0.86% APY | $1,000 |
| Golden 1 Credit Union | 48 | 0.80% APY | $500 |
| Delta Community Credit Union | 60 | 1.25% APY | $1,000 |
| First National Bank of America | 60 | 1.00% APY | $1,000 |
| Golden 1 Credit Union | 60 | 0.90% APY | $500 |
The Federal Reserve and CD Rates
The Federal Reserve’s interest rates decisions can impact the rates that banks offer on CDs. When the Fed raises or lowers the federal funds rate, banks typically respond by moving savings and money market account yields in the same direction. CDs tend to track Treasury’s closely. In 2019, a year when the Fed lowered rates three times, CDs generally decreased before or after a Fed rate cut.
Two emergency Fed rate cuts in March, and decreasing Treasury’s, are reasons many high-yield CDs decreased in 2020.
If you’re concerned about rates potentially decreasing or want to lock in a fixed yield, a CD may be right for you. Savings accounts and money market accounts generally have variable rates, meaning your yield can decrease. Introductory rates on those accounts are an exception to this rule. Intro rates may give you a fixed rate during the introductory period, though there may be certain requirements to keep this rate.
Fixed Annuity vs CD
Certificate of Deposit
A Certificate of Deposit (CD) is a savings product sold by banks and credit unions, offering a fixed interest rate (set by the bank) to customers wanting to earn a little more interest than personal savings accounts provide. Each CD offers a term ranging from 6 months to 10 years in length.
Fixed Annuity
A Fixed Annuity is a retirement savings plan sold by an insurance company, offering a fixed interest rate (set by the insurance company) to customers wanting to earn more interest than a Certificate of Deposit (CD). Each fixed annuity has a term ranging from 2 years to 20 years in length.
Fixed annuities are work very much like a certificate of deposit (CD). Both a fixed annuity and a CD provide principal protection, meaning your account value will not decrease due to market performance.
As you can see a fixed annuity or MYGA, guarantees a set interest rate for a specified period of time – just like a CD. However, Fixed annuity guarantees are backed by the claims-paying ability of the issuing insurance company and are not insured by the FDIC like a CD.
While not FDIC insured, State Insurance Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent.
You can view the limits of your state at our State Guarantee Associations Explained page.
CD vs Annuity Comparison Table
| FIXED ANNUITY | CD (CERTIFICATE OF DEPOSIT) | |
|---|---|---|
| SOLD BY | Insurance Companies | Banks |
| AMOUNT YOU CAN INVEST | $2,000 - $1,000,000 | Essentially Any Amount |
| INVESTMENT DURATION | 3 years - 10 years | 3 months - 5 years |
| INTEREST RATES | Varies by insurer, term and investment amount. Typically higher than CDs | Varies by financial institution, term and investment amount. |
| LIQUIDITY | Varies by insurer and annuity. Usually either 10% of account value or accumulated interest annually. | Almost always accumulated interest. |
| GUARANTEES | Backed by the claims paying ability of issuing Insurer and by State Guaranty Funds. | Backed by the FDIC up to $250,000 per depositor, per institution. |
| DEATH BENEFIT | Asset passed directly to beneficiary without going through the probate process | Probate process required to pass asset to heirs |
Calculating Real Rate of Return on a CD
In 18 of the past 30 years, CDs have had a negative return (after taking into account the impact of taxes and inflation), and in three of the positive years, they earned less than a 1% real rate of return.
Have you considered the impact that taxes on interest and adjustments for inflation may have on your overall rate of return? Generally, the interest received in these types of vehicles may not keep pace with inflation. This could mean lower purchasing power for you over time. Also, at renewal, a new rate along with a new withdrawal penalty may apply.
Here’s a quick way to determine your CD’s real rate of return:
Fixed Annuity Rates
If you are disappointed with CD rates you may consider a fixed annuity. Below is a table of today’s best-fixed annuity rates.
| Insurance Company/ Annuity | AM Best | Minimum | Term | Liquidity | Rate |
|---|---|---|---|---|---|
| Guaranty Income Life Guaranty Rate Lock 10 High Band | B++ | 250,000 | 10 yrs | 0% / 5% | 3.00 |
| Sentinel Security Life Insurance Company Personal Choice Annuity 10\ | B++ | 2,500 | 10 yrs | 0% / 0% | 3.00 |
| Guaranty Income Life Guaranty Rate Lock 10 Low Band | B++ | 10,000 | 10 yrs | 0% / 5% | 2.90 |
| Guaranty Income Life Guaranty Rate Lock 10 Mid Band | B++ | 100,000 | 10 yrs | 0% / 5% | 2.90 |
| Sentinel Security Life Insurance Company Personal Choice Annuity 10 (CA, FL) | B++ | 2,500 | 10 yrs | 0% / 0% | 2.9 |
| Upstream Life Secure Legacy 10-Year | B++ | 10,000 | 10 yrs | Int / Int | 2.90 |
| Upstream Life Secure Legacy 10-Year NV | B++ | 10,000 | 10 yrs | Int / Int | 2.80 |
| Guaranty Income Life Guaranty Rate Lock 10 (Non MVA) High Band | B++ | 250,000 | 10 yrs | 0% / 5% | 2.75 |
| Guggenheim Life and Annuity Company Preserve MYGA 10 High Band | B++ | 250,000 | 10 yrs | 0% / 10% | 2.70 |
| Guaranty Income Life Guaranty Rate Lock 10 (Non MVA) Low Band | B++ | 10,000 | 10 yrs | 0% / 5% | 2.65 |
My Annuity Store, Inc. pulled the CD rate information listed on this page from Bankrate.com. Rates are not guaranteed, can change frequently and may not be available in all states. These rates are meant for general education and comparison purposes only.
The rate information above is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com.
All rates are subject to change without notice and may vary branch to branch. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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