Managing your hard-earned money requires making choices. Investing in stocks has growth potential, but there are also risks involved. A savings account may seem safe, but inflation will slowly erode the value of your funds. A certificate of deposit (CD) can provide stability and returns.
These accounts typically offer higher annual rates of return (APY) than most savings accounts. You agree to retain funds for a certain period of time (i.e. “term”). The term usually ranges from three months to five years or longer. If you don’t need cash in the short term, a fixed deposit may be a strategic choice. It may bring substantial returns.
1. **Bask Bank**: The management cost of this online bank is relatively low. The interest rates offered by their savings products are quite attractive. Their CDs fully demonstrate this advantage. The APY of CDs with a term of one year or less is relatively high. If you want competitive returns but don’t want to take on long-term commitments, then this bank is your best choice. The annualized yield of three-month CDs is the highest, reaching 4.25%. The annualized yield of one-year CDs is as high as 4.30%, thanks to our analysis. Bask Bank offers a variety of fixed deposit terms for you to choose from, including 3 months, 6 months, 9 months, and 18 months, as well as 1-year and 2-year options. You need to deposit at least $1000 to open a CD with Bask Bank.
This bank has indeed simplified the maturity process. They will automatically extend your funds. These funds will be deposited into a new certificate of deposit with the same maturity and subject to the prevailing interest rate at that time. You don’t have to worry about missing this date. The bank will remind you 30 days in advance of the certificate of deposit that is about to expire. After expiration, you will receive a grace period of 10 days, which is very generous. During this period, you can flexibly deposit more funds into the certificate of deposit. Partial withdrawal is possible. Or completely close the account without penalty. If you need funds before the deadline ends, there will be a penalty for early withdrawal. For certificates of deposit of one year or less, the penalty is 90 days of interest. For certificates of deposit with a term exceeding one year, the penalty is 180 days of interest. Bask Bank does not provide certificates of deposit for more than two years, nor does it offer special types of certificates of deposit.
2. **Bread Savings**: Bread Savings quickly gained fame in the industry. People seeking high-yield accounts have found them. Their highly competitive products also confirm this reputation. The interest rate of this online bank’s certificate of deposit product is extremely attractive. The high annual interest rate of 4.45% for 6-month certificates of deposit is particularly noteworthy. It ranks among the top in specific maturity certificates of deposit. The interest rates of all its certificates of deposit are highly competitive. Especially this 6-month certificate of deposit, it is even more valuable than expected. Bread Savings offers a wide range of deposit maturity options and can meet the needs of different maturities.
The term covers short-term deposits, such as 3 months, 6 months, 9 months, and 18 months. The term also covers long-term deposits, such as 1 year, 2 years, 3 years, 4 years, and 5 years. Such a wide range of maturity options allows depositors to use CD laddering for deposit certificates. Alternatively, you can adjust the deadline based on specific financial goals. However, please note the minimum deposit requirement. Opening a deposit certificate here requires $1500.
This is higher than the usual minimum deposit of $500 or $1000 in other regions. This factor will affect some depositors. Like most fixed deposits, early withdrawals will incur fines. Its structure depends on the deadline. For fixed-term deposits with a term less than one year, the penalty is 90 days of interest.
A penalty of 180 days of interest will be charged on certificates of deposit for one to three years. A penalty of 365 days of interest will be charged for certificates of deposit with a maturity of four years or more, which is quite high for long-term certificates of deposit.
The deposit certificate of Bread Savings will be automatically renewed upon maturity. Unless you close your account or notify the company not to renew, it will be automatically renewed. We offer a standard 10 day grace period.
3. **First Internet Bank**: The first online bank is another online bank that offers multiple savings accounts. This can help clients with short-term fund storage. However, the APY for three-month fixed deposits is lower than that for CD. The first online bank offers a wide range of options for CD terms, including common terms such as 3 months, 6 months, and 18 months, as well as longer terms such as 1 year, 2 years, 3 years, 4 years, and 5 years. Customers can choose the appropriate deadline according to their own plan. The minimum deposit amount for opening a CD is $1000.
Interest is compounded daily and credited to the account on a monthly basis. This constitutes the total return on your deposit. The penalty for early withdrawal isrelatively high, which differs greatly from the penalties of many other banks. The penalty for a three-month certificate of deposit is 90 days of interest. The penalty for certificates of deposit from six months to eighteen months is 180 days of interest. The penalty for certificates of deposit of two years or more is 360 days of interest. The penalty for some selected certificates of deposit does not exceed 180 days. Even if the deadline is longer, the fine is the same.
4. **Limelight Bank**: Limelight Bank is an online platform part of Capital Community Bank. It offers attractive rates for savers. This is particularly true on specific CD terms. The bank offers four different CD options. Terms range six months to three years. APYs fall between 3.80% and 4.40%. Notably, Limelight Bank’s one-year CD boasts 4.40% APY. This places it among top rates for that term. It is strong choice for competitive returns on a one-year commitment.
Rates are competitive, but term selection is limited. They compare to some other institutions list. Limelight Bank offers terms of 6 and 18 months. Also 1 and 3 years are offered. No shorter terms like three-month CD exist. No special CD types provided, like bump-up. To open any available CD, $1,000 minimum needed. Account management is convenient online. Use parent company CCBank’s mobile app too. Need to withdraw funds before maturity? Early withdrawal penalty applies. For six, 12, and 18-month CDs, penalty is 90 days interest. For the longer 36-month CD, penalty is 180 days interest. At CD maturity date, Limelight Bank provides standard 10-day grace period. This allows withdrawing funds penalty-free. This happens before CD auto-renews same term. It uses current interest rate then.
5. **Live Oak**: Live Oak looks like a good choice. It is suitable for individuals seeking multiple options for certificate of deposit maturities, especially those who wish for short-term certificates of deposit. Their interest rates are the most competitive. They offer APY ranges with different maturities, allowing you to choose the appropriate maturity based on your savings goals. For example, the APY of a one-year certificate of deposit is 4.10%, which is highly competitive. The annual interest rate for a nine month certificate of deposit is 4.00%. The annual interest rate for both six-month and eighteen month certificates of deposit is 3.90%. Even the annual interest rate for three-month certificates of deposit is quite good, reaching 3.00%.
Regarding early withdrawal of funds, a penalty will be imposed. Live Oak has a penalty for early withdrawal. The amount of the fine depends on the duration of the period. The penalty for a term less than two years is 90 days of interest. The penalty for a term of two years or more is 180 days of interest. Your certificate of deposit will automatically renew upon maturity, with a renewal period equal to the expiration date. Unless you choose to withdraw funds, it will be automatically renewed. You have a grace period of 10 days after expiration. At that time, you can complete the transaction and withdraw the balance without being fined.
6. **Marcus by Goldman Sachs**: Marcus’ CD investment portfolio has key advantages. It offers a wide range of terms, including 6 months, 7 months, 9 months, 11 months, 13 months, 18 months, and 20 months.
We also offer 1-year, 2-year, 3-year, 4-year, 5-year, and 6-year terms. The wide range of options allows clients to accurately find the appropriate deadline and match their investment horizon. The product range is extensive, but it does not offer a three-month fixed deposit. Worth mentioning advantage: Low minimum deposit requirement.
You only need $500 to open a fixed-term deposit account. This is easier to accept than any other account with a minimum deposit of $1000 or higher. In addition to traditional CDs, Marcus also offers other special options to make you more flexible. In addition, a non penalty CD is also provided. Provide options for a period of 7 months, 11 months, and 13 months.
7. **NASA Federal Credit Union**: People seeking diversified savings believe that NASA Federal Credit Union has strong capabilities. They offer highly competitive interest rates, especially suitable for short-term certificates of deposit. You need to become a member of a credit union to open an account. Qualification can usually be obtained by joining cooperative organizations, such as the National Space Association. This provides a pathway for non NASA employees to access services through this method.
NASA Federal Credit Union offers a wide range of deposit maturity options, surpassing many banks’ standard choices. The deposit terms they offer include 6 months, 9 months, 15 months, and 49 months, in addition to various options such as 1 year, 2 years, 3 years, 4 years, and 5 years. It is worth mentioning that they also offer unique 15 month and 49 month maturity certificates of deposit. The minimum deposit amount is 10000 US dollars. The minimum deposit amount for most other maturities is $1000. They also offer traditional certificates of deposit, as well as special types of certificates of deposit, including two-year and three-year upgrade options. The minimum deposit amount for a one-year additional certificate of deposit is only $250, and the maximum monthly deposit amount is $2500. In addition, there is a particularly attractive option for young depositors, suitable for those aged 23 and below. The minimum deposit amount for a one-year ‘early savers’ certificate of deposit is very low, only $50.
If funds need to be withdrawn before the maturity of the certificate of deposit, a penalty must be paid. The penalty structure for early withdrawal depends on the deadline. Deposit certificates with a term of less than two years are subject to a penalty of 182 days of interest. Deposit certificates with a maturity of two years or more are subject to a penalty of 365 days of dividends. When your certificate of deposit expires, you will receive a grace period of 10 days. You can use this time to decide on the use of your funds without paying any fines. The deposit certificate is set to automatically renew. Unless you choose to exit, it will automatically renew. Please operate within the grace period. This ensures that you continue to save unless otherwise instructed.
