Are you concerned that the money in your savings account isn’t going to even increase as quickly as inflation? Certified Deposits are a great way to protect your assets while receiving a higher interest rate than anything you’ll get from a regular savings account.
But not all CD accounts are made equal. Some require large minimum deposits and the interest rates vary dramatically. The only thing you can count on is that you’ll receive a higher interest rate if you decide to put your money away for the longest period of time possible.
We’ve saved you hours of research by compiling the best CD accounts into this list:
Barclays Online CD
Barclays CD accounts are great because they’re quite flexible. You can set up a Barclay CD account for a term as short as three months, but you’ll get the best interest rate—2.25% annually—if you’re willing to put your money away for a full five years. The 4 year CD account with a 1.85% interest rate is also a great option. And the Barclays online CD account comes with the low minimum deposit of $1.
Website: https://www.banking.barclaysus.com/index.html
First Internet Bank
If you have at least $1,000 to put in your new CD, the First Internet Bank will give you an interest rate as high as 2.15% if you’re willing to agree to a 5 year term. The 4 year term also gets a pretty good interest rate of 1.76%.
Website: https://www.firstib.com/personal-banking-overview/cds/
AbleBanking
The AbleBanking CD accounts require a minimum deposit of $1,000 but they come with a decent interest rate of 1.65% for a 4 year term. They don’t offer a 5 year CD option.
Website: http://www.ablebanking.com/saving.aspx
Discover
This is the best CD account if you have at least $2,500 to deposit. Discover offers a wide range of term options, with terms as low as 3 months or as long as 10 years. A 4 year term will net you a 1.76% interest rate and a 5 year term will net you a full 2.00%. If you’re willing to invest your money for a solid 10 years you can enjoy a 2.30% interest rate.
Website: https://www.discover.com/online-banking/cd/
Remember to thoroughly read the terms of the CD account before you make any long term investment decisions. While CDs are generally very safe investments, it’s important to know exactly what’s going on with your finances.
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