4 banks offering the best CD rates
Several online banks are providing high CD rates that enable you to drive better yield on your investment. These banks can offer the best CD rates as they have lesser overhead costs when compared to traditional banks. For instance, you can earn an interest of 1.40% on a minimum deposit of $2000 with an online bank. Listed below are four banks offering the best CD rates for your deposits.
- Synchrony Bank: 1-Year CD, 1.40% APY, $2000 minimum deposit. Formerly a part of GE, Synchrony Bank offers a competitive CD rate of 1.40% for a minimum deposit of $2,000. Your CD with synchrony bank will be FDIC insured up to the legal maximum. Synchrony is a publicly traded company with an extensive store credit card business.
- BankDirect: 1-Year CD, 1.60% APY, $10,000 minimum deposit. BankDirect, a division of Texas Capital Bank offers an impressive 1,60% APY for a minimum deposit of $10,000. Your deposits will be FDIC insured, and you can be assured of received great rates on their savings products.
- Discover Bank: 3 months – 10 years, 0.35% APY – 2.35% APY; $2,500 minimum deposit. Although Discover does not offer very competitive rates in comparison to other online banks, it is a particularly good option if you are looking for good customer service and digital tools. They have a sophisticated mobile banking app that makes managing your CDs a lot easier.
- Goldman Sachs Bank USA (the online consumer bank of Goldman Sachs): This Bank offers a very impressive CD rates with a minimum deposit of $500. This is a great option if you don’t possess enough money to banks that have a higher minimum deposit. When you open a deposit with Goldman Sachs, it will be FDIC insured. Listed below are the interest rates they are offering:
- 1-year: 1.40% APY
- 2-year: 1.55% APY
- 3-year: 1.90% APY
- 5-year: 2.25% APY
- 6-year: 2.30% APY
You can always find out more about te rates and information on the official website.