Where to find current CD rates near you

CD rates change daily and vary by bank, credit union, and deposit amount. The fastest way to compare rates in your area is to call or visit the websites of banks and credit unions where you already have accounts — they often show current rates on their homepage without requiring you to log in. National banks like Chase, Bank of America, and Wells Fargo post rates online, but local and regional banks often offer higher rates on the same deposit amounts.

Credit unions typically offer better rates than large national banks because they are member-owned and return profits to account holders. You can search for credit unions near you through the CO-OP Network or Alliant Credit Union's branch locator, then call to ask their current CD rates. Many credit unions allow you to open an account online even if you do not live in their service area, so you are not limited to institutions physically near your home.

Websites like Bankrate, DepositAccounts, and Money Market track CD rates across hundreds of institutions and let you filter by your state, deposit amount, and CD term. These sites update rates multiple times per day and show which banks are currently offering the highest yields. You can then contact those banks directly to confirm the rate and open an account.

Key Takeaways

  • CD rates vary by institution and change daily, so comparing rates across multiple banks and credit unions in your area takes 20 to 30 minutes but can earn you hundreds of dollars more over the CD term.
  • Credit unions in your state often offer higher rates than national banks, and many allow you to open accounts online regardless of where you live.
  • Rate-tracking websites like Bankrate and DepositAccounts show current rates across hundreds of banks and credit unions, filtered by your state and deposit amount.
  • The rate you receive depends on how much you deposit and how long you lock the money away — a $10,000 one-year CD will have a different rate than a $50,000 five-year CD at the same bank.

How CD terms affect the rate you receive

Banks offer different rates for different CD lengths, called terms. Common terms are three months, six months, one year, two years, three years, and five years. Longer terms usually pay higher rates because the bank gets to hold your money for a longer period. A five-year CD at your bank might pay 4.50%, while a one-year CD at the same bank might pay 3.75%.

The trade-off is that you cannot withdraw the money without penalty until the term ends. If you need the cash before the CD matures, you will pay an early withdrawal penalty — usually three to six months of interest. Before opening a CD, decide how long you can afford to leave the money untouched. If you might need it within two years, a one-year or two-year CD is safer than locking it away for five years.

Deposit amount and rate tiers

Many banks offer different rates based on how much you deposit. A bank might pay 4.00% on CDs under $25,000 and 4.25% on CDs of $25,000 or more. Some banks have multiple tiers — $10,000, $50,000, $100,000 — each with its own rate. When you compare rates online, check whether the rate shown applies to your deposit amount. A rate listed for a $100,000 deposit does not apply if you are only depositing $10,000.

Jumbo CDs, typically $100,000 or more, sometimes pay slightly higher rates, but the difference is often small — a quarter or half a percent. Unless you have that much to deposit, focus on rates for the amount you actually plan to put in the CD. Some banks also offer promotional rates for new customers or for opening multiple accounts at once, so ask whether a rate is limited to new account holders.

FDIC insurance and safety

All deposits in a CD are protected by FDIC insurance up to $250,000 per depositor, per bank. This means if the bank fails, you get your money back up to that limit. Credit unions are insured by the NCUA (National Credit Union Administration) with the same $250,000 limit. If you are depositing more than $250,000, split it across multiple banks or credit unions so each deposit is fully insured.

FDIC and NCUA insurance covers the principal and accrued interest, so you do not lose money if the institution fails. This protection applies whether you open the CD in person, by phone, or online. When comparing rates, do not choose a bank solely because it offers a slightly higher rate if it is not FDIC-insured — the extra interest is not worth the risk.

Online banks versus brick-and-mortar banks

Online banks almost always offer higher CD rates than traditional banks with physical branches because they have lower overhead costs. An online bank might pay 4.75% on a one-year CD while a national bank pays 3.50% for the same term. The downside is that you cannot walk into a branch to ask questions or deposit cash in person — everything happens by mail, phone, or online transfer.

If you are comfortable managing money online and do not need in-person service, online banks are worth considering. You can still call customer service if you have questions, and opening an account takes 10 to 15 minutes. Popular online banks with competitive CD rates include Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings, though rates and available terms change frequently.

How to lock in a rate before opening the CD

Once you find a rate you want, call the bank or credit union to confirm it is still available — rates can change between the time you see them online and the time you apply. Ask the representative to tell you the exact rate, the term, any minimum deposit, and the maturity date. Some banks allow you to rate-lock for a few days, meaning they may provide that rate even if it drops before you transfer the money.

After you confirm the rate, you will need to transfer money into the CD from another account, usually via ACH transfer or wire. The bank will provide instructions. The CD opens on the day the money arrives and matures on the date specified — for example, a one-year CD opened on January 15 matures on January 15 of the following year. On the maturity date, the bank will either pay you the principal plus interest or automatically roll the money into a new CD at the current rate, depending on your choice.

Comparing rates across different deposit amounts and terms

The best way to compare is to make a simple list: write down the CD term you are considering (one year, two years, five years), the amount you plan to deposit, and then call or visit the websites of three to five banks and credit unions in your area. Write down the rate each one offers for that exact term and amount. The highest rate wins, but also note whether the bank has any fees or restrictions you should know about.

If you are torn between a higher rate at an unfamiliar bank and a slightly lower rate at a bank where you already have an account, calculate the difference in dollars. A 0.25% difference on a $10,000 one-year CD is $25 per year — not enough to justify moving your money if you value convenience. A 0.75% difference is $75 per year, which might be worth the effort. For larger deposits or longer terms, the dollar difference grows quickly and becomes worth comparing.

Frequently Asked Questions

Can I withdraw money from a CD before it matures?

Yes, but you will pay an early withdrawal penalty, usually three to six months of interest. If you withdraw from a one-year CD after six months, you might lose six months of interest even though you earned it. Before opening a CD, make sure you will not need the money until it matures. If you might need access sooner, consider a shorter-term CD or a high-yield savings account instead.

What happens when my CD matures?

When the term ends, the bank will either pay you the principal plus interest into your linked account, or automatically roll the money into a new CD at the current rate. You can choose which option you prefer when you open the CD. If you do not want to renew, make sure to tell the bank before the maturity date, or it will lock your money away for another term.

Are online bank CDs as safe as CDs from banks with branches?

Yes, as long as the online bank is FDIC-insured, which nearly all are. FDIC insurance protects your deposit up to $250,000 regardless of whether the bank has physical branches. You can check whether a bank is FDIC-insured by searching the FDIC's Bank Find tool on their website.

Do I have to pay taxes on CD interest?

Yes, CD interest is taxable income in the year you earn it. The bank will send you a 1099-INT form at tax time showing how much interest you earned. Even if you do not withdraw the money, you owe taxes on the interest that accrued during that year. This is one reason some people prefer CDs with shorter terms — you pay taxes on less interest each year.

What is the difference between a CD and a money market account?

A CD locks your money away for a set term in exchange for a higher rate. A money market account lets you withdraw money anytime, but the rate is lower and can change monthly. If you know you will not need the money for at least a year, a CD usually pays more. If you might need access sooner, a money market account is more flexible.