Best CD Rates in Pennsylvania, PA

You are viewing rates from banks across Pennsylvania

Below are the best one-year CD Rates from banks in Pennsylvania. One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts.

PA - December 12, 2024

1 Year CD National Average : 0.55% ^?

Banks	APY	MIN	MILES ^?
Mid Penn Bank	5.10%	$500	-	Learn More Add Review
Quaint Oak Bank	5.00%	$500	-	Learn More Add Review
Rate History: 5.25% → 5.00%
InsBank	4.70%	$50,000	-	Learn More
Rate History: 5.38% → 5.35% → 5.10% → 4.90% → 4.70%
judy \| Jul 7, 2022 Insbank 1 yr is 1.5 % 18month is 1.6% 7-7-2022 Read More Reviews (6)
Beal Bank USA	4.50%	$1,000	-	Learn More
Rate History: 4.85% → 5.15% → 5.05% → 4.50%
george \| Feb 9, 2021 The wonderful assistants at Beal Bank are wonderful. Rebeca took great care of me and made sure all my concerns were addressed. Read More Reviews (3)
Beal Bank	4.50%	$1,000	-	Learn More Add Review
Rate History: 4.85% → 5.15% → 5.05% → 4.50%
Merrick Bank	4.35%	$25,000	-	Learn More
Warning: Early Withdrawal Penalty is 2% of the account balance. Rate History: 4.95% → 4.35% → 4.05% → 4.20% → 4.35%
Frank M \| Jul 3, 2023 A 2% early withdrawal fee on a 1-year CD is almost equally insane as a 270 day one. Read More Reviews (2)
Bank of Whittier, National Association	4.34%	$1,000	-	Learn More Add Review
Seattle Bank	4.30%	$1,000	-	Learn More
Early Withdrawal Penalty is 180 days interest. Rate History: 5.25% → 5.00% → 5.00% → 4.55% → 4.30%
Rob H. \| Nov 21, 2023 A real pain in the *** process to try and get approved! They were unable to match my drivers license photo with my live image after several times trying! Went to limelight bank instead and got approved in ... Read More Reviews (2)
Gateway First Bank	4.30%	$500	-	Learn More
JohnC \| Oct 11, 2020 You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag... Read More Reviews (3)
First Foundation Bank	4.25%	$2,500	-	Learn More
Rate History: 5.40% → 5.25% → 4.85% → 4.60% → 4.25%
james \| Nov 18, 2023 bank delayed 1-2days to credit into your account, pay less interest. Read More Reviews (32)
Citizens	4.25%	$5,000	-	Learn More
Rate History: 4.50% → 4.25%
Dana E. \| Mar 20, 2016 Good solid bank. Read More Reviews (1)
Bask Bank, a division of Texas Capital Bank	4.25%	$1,000	-	Learn More Add Review
Early Withdrawal Penalty is 90 days interest. Rate History: 4.90% → 4.60% → 4.50% → 4.40% → 4.25%
smithy1968 \| Apr 20, 2024 Save your tears for another day. Very frustrating. 1-star. Read More
Banesco USA	4.20%	$1,000	-	Learn More
Early Withdrawal Penalty is 90 days interest. Rate History: 5.00% → 5.15% → 5.15% → 4.50% → 4.20%
Dkplan \| Dec 27, 2022 They gave a hard time with their cashier's check. They returned my deposited check that was emitted by them. Could you believe? Read More Reviews (8)
Ivy Bank	4.20%	$1,000	-	Learn More Add Review
Rate History: 5.00% → 4.60% → 4.20%
lrcbob \| Jul 26, 2024 Multiple roadblocks trying to set up a savings account with Ivy Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and c... Read More
Hatboro Federal Savings, FA	4.06%	$1,000	-	Learn More Add Review
HSBC Bank USA, National Association	4.00%	$1,000	-	Learn More
Rate History: 4.70% → 4.40% → 4.30% → 4.10% → 4.00%
john \| Apr 14, 2020 I call HSBC they told me they don't have 1.85 1 year CD. current CD is 0.8 / year Read More Reviews (3)
Capital One, National Association	4.00%	$0	-	Learn More
Rate History: 5.00% → 4.50% → 4.20% → 4.10% → 4.00%
highstream \| Jan 2, 2024 Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More Reviews (14)
Santander Bank, N.A.	4.00%	$500	-	Learn More
Rate History: 4.50% → 4.25% → 4.00%
Maggie \| May 11, 2023 They made mistakes twice and would not correct them Read More Reviews (6)
Forbright Bank	4.00%	$1,000	-	Learn More
Rate History: 5.30% → 5.10% → 5.30% → 4.25% → 4.00%
lrcbob \| Jul 26, 2024 Multiple roadblocks trying to set up a savings account with Forbright and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and ... Read More Reviews (2)
TD Bank, National Association	3.75% 0.05%	$10,000 $10,001	-	Learn More
Rate History: 5.00% → 4.00% → 4.50% → 4.00% → 3.75%
Turonemckinney17@gmail.com \| May 19, 2018 Experience Read More Reviews (1)
Northwest Bank	3.75%	$500	-	Learn More Add Review
Rate History: 4.75% → 4.55% → 4.50% → 4.40% → 3.75%
S&T Bank	3.75%	$500	-	Learn More
Rate History: 4.00% → 3.75%
Haja@gmail.com \| May 15, 2020 Sucks don’t ever get with this bank Read More Reviews (1)
Blue Foundry Bank	3.75%	$1,000	-	Learn More Add Review
Rate History: 4.00% → 4.50% → 4.00% → 3.75%
Marquette Savings Bank	3.55%	$500	-	Learn More
beaglemanduke@gmail.com \| Sep 27, 2019 I use Marquette bank in Meadville on park avenue. and I use Marquette bank on rt 322 both of these banks have great mangers Dawn at park avenue and Kelly at rt 322 there tellers are the best Read More Reviews (1)
Hingham Institution for Savings	3.54%	$1,000	-	Learn More Add Review
Rate History: 3.85% → 3.64% → 3.54%
Bank of America, National Association	3.51%	$100,000	-	Learn More
Rate History: 0.03% → 3.75% → 4.25% → 3.75% → 3.51%
Treasure \| Jul 24, 2023 BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More Reviews (7)
Manufacturers and Traders Trust Company	3.50%	$1,000	-	Learn More
Rate History: 4.50% → 3.75% → 4.50% → 4.00% → 3.50%
Claire blankinship \| Aug 5, 2020 I used to go to M&T when it was still Provident Bank. M&T has been very responsive to my needs and I have been pleased with the banking experience. Read More Reviews (3)
Santander Bank, N.A.	3.50%	$501	-	Learn More
Rate History: 4.25% → 4.00% → 3.75% → 3.50%
Maggie \| May 11, 2023 They made mistakes twice and would not correct them Read More Reviews (6)
Wilmington Savings Fund Society, FSB	3.50%	$2,500	-	Learn More
Rate History: 2.25% → 4.00% → 3.50%
schoolbus2017 \| Nov 8, 2019 farmer Read More Reviews (1)
First Resource Bank	3.50%	$500	-	Learn More Add Review
Rate History: 4.75% → 3.75% → 3.50%
Hyperion Bank	3.50%	$500	-	Learn More Add Review
Fifth Third Bank, National Association	3.30% 0.01%	$5,000 $500	-	Learn More
Rate History: 4.70% → 4.00% → 4.30% → 3.30%
Juan Ricardo \| Nov 12, 2018 Helpful w/$ Read More Reviews (5)
JPMorgan Chase Bank, National Association	3.25% 3.00%	$100,000 $10,000	-	Learn More
Rate History: 3.00% → 2.00% → 3.50% → 3.25%
Hayley7788d@outlook.com \| Jan 2, 2023 Terrible customer service by investment side. Fees too high , too full of themselves Read More Reviews (18)
Wells Fargo Bank, National Association	3.25% 2.75%	$100,000 $25,000	-	Learn More
Rate History: 2.00% → 1.50% → 3.25%
Thy King \| Feb 6, 2023 after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with... Read More Reviews (7)
Woodforest National Bank	2.75%	$500	-	Learn More
Rate History: 1.70% → 3.00% → 2.75%
Jabbroadway42 \| Nov 17, 2020 Is notarie services available today at a woodforest on wilkinson blvd Read More Reviews (2)
Citibank, National Association	2.50%	$0	-	Learn More
Rate History: 4.00% → 2.75% → 2.00% → 4.00% → 2.50%
Azoic \| Feb 25, 2022 I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More Reviews (11)
City National Bank	2.48%	$10,000	-	Learn More Add Review
Rate History: 3.04% → 2.48%
USAA Federal Savings Bank	2.05%	$1,000	-	Learn More
Rate History: 4.85% → 4.40% → 4.25% → 3.00% → 2.05%
RYAN S \| Nov 28, 2022 While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w... Read More Reviews (2)
United Bank	2.00%	$500	-	Learn More
Jimleestro \| Apr 12, 2019 United Bank in Front Royal does not know how to set up an inherited IRA. It took over two months to transfer it from Merrill Edge. Several mistakes were made. And then they did not title it correctly. T... Read More Reviews (1)
SSB Bank	1.76%	$500	-	Learn More Add Review
Rate History: 4.85% → 4.93% → 1.76%
InFirst Bank	0.75%	$10,000	-	Learn More Add Review
First Federal Savings and Loan Association of Greene Co	0.75%	$10,000	-	Learn More Add Review
Coatesville Savings Bank	0.75%	$10,000	-	Learn More Add Review
The National Bank of Malvern	0.75%	$10,000	-	Learn More Add Review
Fulton Bank, National Association	0.70%	$1,000	-	Learn More Add Review
Hamlin Bank and Trust Company	0.70%	$10,000	-	Learn More Add Review
PennCrest Bank	0.70%	$10,000	-	Learn More Add Review
The Victory Bank	0.70%	$10,000	-	Learn More Add Review
Second Federal Savings and Loan Association of Philadelphia	0.70%	$10,000	-	Learn More Add Review
Reliance Savings Bank	0.65%	$10,000	-	Learn More Add Review
New Tripoli Bank	0.60%	$500	-	Learn More Add Review
Citizens Savings Bank	0.60%	$10,000	-	Learn More Add Review
Hometown Bank of Pennsylvania	0.60%	$10,000	-	Learn More Add Review
Susquehanna Community Bank	0.60%	$500	-	Learn More
Seth B Glover \| Aug 10, 2019 I did not appreciate getting pulled into the 2.53% offer on $100k only to have the rate lowered by the time I finally got the money in. Read More Reviews (1)
Sharon Bank	0.60%	$10,000	-	Learn More Add Review
Iron Workers Savings Bank	0.60%	$10,000	-	Learn More Add Review
First Citizens Community Bank	0.55%	$100,000	-	Learn More Add Review
Parke Bank	0.55%	$500	-	Learn More
Savvysaver \| Nov 9, 2020 Here's what you will need: To be a resident of New Jersey or select Eastern Pennsylvania counties (the zip code provided in your application will receive an error stating "Zip code is not valid for this ap... Read More Reviews (2)
First National Bank of Pennsylvania	0.55%	$10,000	-	Learn More
Mark \| Apr 21, 2020 Your information is very inaccurate. Interest rates are a fraction of 1%. Call the bank yourself. Read More Reviews (1)
First United National Bank	0.55%	$500	-	Learn More Add Review
Phoenixville Federal Bank and Trust	0.55%	$500	-	Learn More Add Review
Abacus Federal Savings Bank	0.55%	$1,000	-	Learn More Add Review
Port Richmond Savings	0.55%	$500	-	Learn More Add Review
Slovenian Savings and Loan Association of Franklin-Conemaugh	0.50%	$100,000	-	Learn More Add Review
The Neffs National Bank	0.50%	$10,000	-	Learn More Add Review
Citizens & Northern Bank	0.50%	$100,000	-	Learn More Add Review
Woodlands Bank	0.50%	$10,000	-	Learn More Add Review
Investment Savings Bank	0.50%	$10,000	-	Learn More Add Review
Kish Bank	0.50%	$10,000	-	Learn More
smalltowngirl \| Mar 9, 2018 I have a local contracting business and have been in business for over 20 years. When I started my business I did all of my banking personal and business with Kish and recommended that my customers go thro... Read More Reviews (1)
The Turbotville National Bank	0.50%	$10,000	-	Learn More
Annonomous \| May 30, 2021 U would think after a person is a customer for a great many years they would help them in the case of fraud nope they close everything down on you and don't tell you way to go that's real customer service ... Read More Reviews (1)
The Northumberland National Bank	0.50%	$100,000	-	Learn More Add Review
Community State Bank of Orbisonia	0.50%	$500	-	Learn More Add Review
York Traditions Bank	0.50%	$10,000	-	Learn More Add Review
Meridian Bank	0.50%	$10,000	-	Learn More Add Review
Ambler Savings Bank	0.50%	$10,000	-	Learn More
mmcglade89 \| Aug 11, 2021 I had been using Ambler Savings for as long as I can remember and never had any issues with them until around 2019. My card and account were constantly being frozen and I had to call to have it unfrozen. W... Read More Reviews (1)
Firstrust Savings Bank	0.50%	$100,000	-	Learn More Add Review
William Penn Bank	0.50%	$10,000	-	Learn More Add Review
Berkshire Bank	0.50%	$10,000	-	Learn More
Run \| Jan 12, 2021 They put paychecks on hold for a day so don’t expect your paycheck right away and they don’t answer their phones Read More Reviews (2)
County Savings Bank	0.50%	$10,000	-	Learn More Add Review
United Savings Bank	0.50%	$10,000	-	Learn More Add Review
Asian Bank	0.50%	$10,000	-	Learn More Add Review
Peoples Security Bank and Trust Company	0.45%	$1,000	-	Learn More Add Review
Rate History: 0.25% → 0.45%
First Columbia Bank & Trust Co.	0.45%	$10,000	-	Learn More Add Review
The Dime Bank	0.45%	$100,000	-	Learn More Add Review
First Northern Bank and Trust Company	0.45%	$10,000	-	Learn More Add Review
Armstrong County Building and Loan Association	0.45%	$10,000	-	Learn More Add Review
Elderton State Bank	0.45%	$100,000	-	Learn More Add Review
Ameriserv Financial Bank	0.45%	$100,000	-	Learn More Add Review
Milton Savings Bank	0.45%	$10,000	-	Learn More Add Review
Enterprise Bank	0.45%	$10,000	-	Learn More Add Review
Jonestown Bank and Trust Company, of Jonestown, Pennsylvania	0.45%	$100,000	-	Learn More Add Review
MCS Bank	0.42%	$1,000	-	Learn More Add Review
Fleetwood Bank	0.40%	$500	-	Learn More Add Review
Mifflinburg Bank and Trust Company	0.40%	$5,000	-	Learn More Add Review
Mercer County State Bank	0.40%	$10,000	-	Learn More Add Review
PS Bank	0.40%	$10,000	-	Learn More Add Review
NBT Bank, National Association	0.40%	$10,000	-	Learn More Add Review
The Honesdale National Bank	0.40%	$10,000	-	Learn More Add Review
Greenville Savings Bank	0.40%	$10,000	-	Learn More Add Review
First Keystone Community Bank	0.40%	$100,000	-	Learn More Add Review
The Dime Bank	0.40%	$10,000	-	Learn More Add Review
West View Savings Bank	0.40%	$10,000	-	Learn More Add Review
CFSBANK	0.40%	$10,000	-	Learn More
Regular guy \| Mar 24, 2023 I have never been treated so poorly in all the banks ive been in i went there to ask about buying change the girl acted like she never heard of rolled coins before and really made me feel as though i shou... Read More Reviews (1)
Ameriserv Financial Bank	0.40%	$10,000	-	Learn More Add Review
The Northumberland National Bank	0.40%	$10,000	-	Learn More Add Review
Mauch Chunk Trust Company	0.40%	$10,000	-	Learn More Add Review
Embassy Bank for the Lehigh Valley	0.40%	$10,000	-	Learn More
Carly \| Jul 14, 2018 Excellent customer service Read More Reviews (1)
Brentwood Bank	0.40%	$10,000	-	Learn More Add Review
Jonestown Bank and Trust Company, of Jonestown, Pennsylvania	0.40%	$10,000	-	Learn More Add Review
American Bank	0.40%	$10,000	-	Learn More Add Review
CNB Bank	0.38%	$10,000	-	Learn More Add Review
Slovenian Savings and Loan Association of Franklin-Conemaugh	0.38%	$10,000	-	Learn More Add Review
1st Summit Bank	0.36%	$10,000	-	Learn More
Rriordan75 \| Jan 18, 2020 I and my colleagues have all had trouble with our travelers debit prepaid cards. Right now I'm in the middle of trying to get ahold of a customer representative because the card shows that there's money on... Read More Reviews (1)
Univest Bank and Trust Co.	0.35%	$500	-	Learn More Add Review
First Keystone Community Bank	0.35%	$10,000	-	Learn More Add Review
Elderton State Bank	0.35%	$10,000	-	Learn More Add Review
Somerset Trust Company	0.35%	$10,000	-	Learn More Add Review
Farmers and Merchants Trust Company of Chambersburg	0.35%	$100,000	-	Learn More Add Review
Bank of Bird-in-Hand	0.35%	$10,000	-	Learn More Add Review
The Juniata Valley Bank	0.30%	$10,000	-	Learn More
Jeffery Bailey \| Apr 4, 2016 It is sad to see FNBPA being taken over by Juniata. The name Juniata has no affinity with Port Allegany history. I am closing my account. Read More Reviews (1)
Citizens & Northern Bank	0.30%	$10,000	-	Learn More Add Review
First Citizens Community Bank	0.30%	$10,000	-	Learn More Add Review
Dollar Bank, Federal Savings Bank	0.30%	$10,000	-	Learn More Add Review
Wayne Bank	0.30%	$10,000	-	Learn More
MoonShadows Farm \| Jan 26, 2024 I have been with Wayne Bank for almost 3 years after moving all of my accounts from Hells Fargo. Since then, I have had so many problems with depositing checks with my iPhone. (phone upgraded twice sinc... Read More Reviews (1)
The Gratz Bank	0.30%	$10,000	-	Learn More Add Review
Washington Financial Bank	0.30%	$10,000	-	Learn More Add Review
ESSA Bank & Trust	0.25%	$10,000	-	Learn More Add Review
The Fidelity Deposit and Discount Bank	0.25%	$100,000	-	Learn More Add Review
Jim Thorpe Neighborhood Bank	0.25%	$10,000	-	Learn More Add Review
Unity Bank	0.25%	$10,000	-	Learn More
CF \| Jul 11, 2020 A great bank. Rates are competitive and they have outstanding customer service. Read More Reviews (2)
Slovenian Savings and Loan Association of Canonsburg	0.25%	$10,000	-	Learn More
Tbench3485@comcast.net \| Oct 7, 2019 64000 Read More Reviews (1)
Farmers and Merchants Trust Company of Chambersburg	0.25%	$10,000	-	Learn More Add Review
Orrstown Bank	0.25%	$10,000	-	Learn More Add Review
The Ephrata National Bank	0.25%	$100,000	-	Learn More Add Review
Penn Community Bank	0.25%	$10,000	-	Learn More
Rk \| Feb 22, 2023 Where to begin with this ghetto bank? You make a cash deposit but you can't make a withdraw the same day. You make a deposit and it doesn't show up until the next day. You're limited to a low atm amount e... Read More Reviews (2)
QNB Bank	0.25%	$10,000	-	Learn More Add Review
The Bank of Princeton	0.25%	$500	-	Learn More
Donna \| Nov 1, 2022 This local community bank “by far” exceeded my expectations of what a banking institution should be. They take the time to understand their customers needs, educatedly answer questions, and take the ti... Read More Reviews (1)
First National Bank and Trust Company of Newtown	0.25%	$10,000	-	Learn More Add Review
Tioga-Franklin Savings Bank	0.25%	$10,000	-	Learn More Add Review
Chemung Canal Trust Company	0.20%	$10,000	-	Learn More Add Review
WesBanco Bank, Inc.	0.20%	$10,000	-	Learn More Add Review
NEXTIER BANK, NATIONAL ASSOCIATION	0.20%	$10,000	-	Learn More Add Review
First Commonwealth Bank	0.20%	$10,000	-	Learn More Add Review
Apollo Trust Company	0.20%	$10,000	-	Learn More Add Review
Community Bank	0.20%	$10,000	-	Learn More Add Review
ACNB Bank	0.20%	$10,000	-	Learn More Add Review
The Ephrata National Bank	0.20%	$10,000	-	Learn More Add Review
United Bank of Philadelphia	0.20%	$10,000	-	Learn More Add Review
Marion Center Bank	0.17%	$10,000	-	Learn More Add Review
Old Dominion National Bank	0.15%	$10,000	-	Learn More Add Review
The Andover Bank	0.15%	$1,000	-	Learn More Add Review
First Commonwealth Bank	0.15%	$10,000	-	Learn More Add Review
Altoona First Savings Bank	0.15%	$1,000	-	Learn More Add Review
Harleysville Bank	0.15%	$10,000	-	Learn More
Keith Wright \| Aug 23, 2016 Great dividend, moderate growth, excellent customer service. Potential acquisition target Read More Reviews (1)
First Bank	0.15%	$10,000	-	Learn More
SAM \| May 24, 2021 Rate is not valid BCC needs to improve on this. Its difficult enough savers are being penalized by the FED Read More Reviews (2)
Provident Bank	0.10%	$10,000	-	Learn More
Abraham Farber \| May 14, 2015 looking to refinance into a fixed equity 15 yr loan, I have now a 1st Mortg & equity line total of about 218000. looking to get about 360 & pay off the old ones & have extra, I have a 4 unit house were we ... Read More Reviews (1)
OceanFirst Bank, National Association	0.10%	$500	-	Learn More Add Review
The Farmers National Bank of Canfield	0.10%	$500	-	Learn More Add Review
Community Bank, National Association	0.10%	$100,000	-	Learn More Add Review
The Fidelity Deposit and Discount Bank	0.10%	$10,000	-	Learn More Add Review
Firstrust Savings Bank	0.10%	$10,000	-	Learn More Add Review
KeyBank National Association	0.05%	$2,500	-	Learn More
Seeko \| Mar 28, 2023 On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More Reviews (2)
Tompkins Community Bank	0.05%	$1,000	-	Learn More Add Review
Community Bank, National Association	0.05%	$10,000	-	Learn More Add Review
Jersey Shore State Bank	0.05%	$100,000	-	Learn More
Roy Miner \| Feb 24, 2019 This bank sucks I can't believe that I can't use my card on Sunday or get to my money is the owner a johvwinis that the bank can't get you your money on a Sunday or what this is bull shit I sent my wife to... Read More Reviews (1)
The Luzerne Bank	0.05%	$100,000	-	Learn More Add Review
Commercial Bank and Trust of PA	0.05%	$10,000	-	Learn More Add Review
U.S. Bank National Association	0.05%	$500	-	Learn More
Ugg \| Jun 12, 2023 US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More Reviews (2)
Jersey Shore State Bank	0.03%	$10,000	-	Learn More
Roy Miner \| Feb 24, 2019 This bank sucks I can't believe that I can't use my card on Sunday or get to my money is the owner a johvwinis that the bank can't get you your money on a Sunday or what this is bull shit I sent my wife to... Read More Reviews (1)
The Luzerne Bank	0.03%	$10,000	-	Learn More Add Review
PNC Bank, National Association	0.03%	$25,000	-	Learn More
GAM \| May 18, 2019 Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More Reviews (1)

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

See rates for Online Banks →

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PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2024

A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. While it is possible to withdraw the money earlier (breaking the CD) doing so comes with high interest penalties and is generally not advised.

CD Terms

The time period in which money is held in a certificate of deposit is called the term. Terms can run for any period of time but in general, banks use the following terms: 3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months. Terms can either be described in months or years. The term that is right for each individual depends on their goals, the rate they which to earn, and their future plans for the money. In general, if rates are going up, savers should avoid putting the money into a long-term CD. If rates are going down, then the opposite is true, and savers should try and lock into a good rate for an extended period of time. In stable rate environments, CDs that are over 12 months in length can enable depositors to pick up a slight premium over savings accounts.

CD Risk

Almost all banks provide CDs to their consumers and they have been a mainstay of savers and retirement accounts for years. If FDIC insured, the CD represents a safe place to put money that will generate a predictable return.

Inflation is the main risk of a CD. Inflation can often run higher than the inflation adjusted return on a CD, thus eroding the value of the money stored in the CD over time. This is especially true for longer-term CDs opened in low interest rate environments.

How Interest is Paid

The method of distributing the interest earned on a CD varies by bank. Some banks pay interest monthly, other semi-annually, and others at the maturity of the CD. One advantage of a branch-based bank is that a depositor can walk into the bank and receive their interest that day in the form of a check. Online banks tend to use electronic funds transfer or check via mail.

Interest Rate

Since the financial crisis in 2008, CDs have become less popular because the yields they offer have dropped precipitously, making it difficult for retirees and savers to generate sufficient income. But investors looking for a place to stash some cash might still find CDs an attractive place for some of their savings. Online banks generally offer better rates on six month CDs but the accounts must be opened online. View online bank rates.

When interest rates are falling, it is often preferable to lock in high rates for an extended period of time with a longer-term CD. When interest rates are rising, depositors should avoid committing their money for long periods of time. To see interest rate trends, visit the BestCashCow rate analysis page.

ADVANTAGES AND DISADVANTAGES

The advantages of a Certificate of Deposit from a branch bank are:

Funds deposited in FDIC banks and within insurance limits are protected by the full faith and credit of the United States government.
CDs provide a predictable, set rate of return.
Depositors can walk into a local branch and open the CD and fund it that day. Question and inquiries can also be handles in-person.

The disadvantages of branch-based CDs are:

The deposited money is committed for a certain period of time and can only be withdrawn with substantial penalties.
One year CDs from branch banks often pay less interest than from online banks. Please see those rates here.

All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, please visit the FDIC website.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.

SAVINGS & CD CALCULATOR

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PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2024

CD Terms

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Interest Rate

ADVANTAGES AND DISADVANTAGES

The advantages of a Certificate of Deposit from a branch bank are:

The disadvantages of branch-based CDs are:

SAVINGS & CD CALCULATOR

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