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How To Find The Best Certificates Of Deposit Rates

Opening a certificate of deposit (CD) provides the security and comfort of knowing that your money is in a product with a consistent rate. This article provides a few tips to help you find the best certificate of deposit rate and maximize your CD earnings.

Keep reading to learn about CD rates and where to open your deposit product. 

Finding The Best Certificate Of Deposit Rates

Certificate of deposit

Online Banks

Many experts have noted that online banks frequently offer the best certificate of deposit rate options, as compared to traditional brick-and-mortar banks. Many online banks offer better rates on deposit products because they avoid the increased overhead of operating numerous physical locations.

Not only do online banks frequently offer better deals, but you’re not restricted to local bank CD choices. The internet makes it easy to search for banks and compare rates nationwide. Be sure to research your online bank options before opening a CD.

CD Term

Do you need your CD contribution back quickly? If not, consider a longer term. A CD with a longer term often offers a higher rate. For instance, opening a CD for 36 months will often provide a higher interest rate than a 12-month CD.

Withdrawing Before Maturity

If you need to withdraw from your CD before it reaches maturity, you may experience a financial penalty and forfeit several months of earned interest. Plan ahead for a rainy day with a different savings vehicle to best maximize your earnings from your CD.

Consider creating more liquid accounts, such as a traditional deposit account, for quick access to money.

open a CD at synchrony bank

Finding A Great CD: Synchrony Bank

Synchrony Bank has award-winning certificates of deposit, as well as the security and convenience to know you’re banking on your terms.

Opening a CD with Synchrony Bank offers the peace of mind that the product is insured by the FDIC up to $250,000 per depositor for each ownership category. Our online portal and tools make it easy to check on your funds at any time. Synchrony Bank also provides 24/7 customer service on your computer, smartphone or tablet.

Call Synchrony Bank at 1-844-345-5789 to learn more about getting a great rate on a certificate of deposit or other savings products. Or you can click here to open an account with Synchrony Bank today.

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Sources: 

BankRate: www.bankrate.com/financing/cd-rates/cd-rates-higher-online-is-it-safe/

Investopedia: www.investopedia.com/university/certificate-of-deposit-cd/cd1.asp


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