Even though high yield isn't very high anymore, you'll still need the very best rate of return available whenever you purchase a certificate of deposit. Your high-yield CD should also have an optimum load of benefits, from the right period of term and minimum deposit to most regular interest compounding and other benefits like rate bumping and no withdrawal fee. The following banks offer some of the very best certificates of deposit when judged by these requirements.
Go to Ally Bank
You can get 0.94 percent interest on a one-year CD at Ally that is compounded at the optimal daily rate. There is no minimum required in the account and renewal can set as the CD reaches maturity. If you would like a 5-year CD, you can get 1.59 percent APY, according to Money Magazine.
Nationwide Bank a good choice
The CD products at Nationwide are pretty incredible. In fact, you can get 1 percent APY on a one-year CD with no minimum deposit. You can get better rates with a 5-year CD at 1.80 APY. Anything over $100,000 gets an even better deal.
Get your CD at OneWest Bank
OneWest gets top ratings for both its CD rates and customer service. With a $1,000 minimum opening deposit on a 1-year CD at 1 percent APY, OneWest is a popular choice. Its 5-year CD benefits a 1.60 percent APY, and both CDs are compounded daily.
Try Bank of Internet USA next
While not quite as popular as the other banks on this list, Bank of Internet USA has highly competitive rates due to low overhead. Its 1-year certificate of deposit has 0.80 percent APY with a $1,000 minimum opening. If you can wait for five years before your CD matures, then the APY will turn into 1.60 APY. In both cases, interest is compounded every day for maximum return.
Head to EverBank
A 0.81 percent APY will be given on a 1-year CD at EverBank, though five years can get you 1.65 percent APY. The business is ranked very high for customer service, so it may be worth the required $1,500 needed to open the CD.
Go to Ally Bank
You can get 0.94 percent interest on a one-year CD at Ally that is compounded at the optimal daily rate. There is no minimum required in the account and renewal can set as the CD reaches maturity. If you would like a 5-year CD, you can get 1.59 percent APY, according to Money Magazine.
Nationwide Bank a good choice
The CD products at Nationwide are pretty incredible. In fact, you can get 1 percent APY on a one-year CD with no minimum deposit. You can get better rates with a 5-year CD at 1.80 APY. Anything over $100,000 gets an even better deal.
Get your CD at OneWest Bank
OneWest gets top ratings for both its CD rates and customer service. With a $1,000 minimum opening deposit on a 1-year CD at 1 percent APY, OneWest is a popular choice. Its 5-year CD benefits a 1.60 percent APY, and both CDs are compounded daily.
Try Bank of Internet USA next
While not quite as popular as the other banks on this list, Bank of Internet USA has highly competitive rates due to low overhead. Its 1-year certificate of deposit has 0.80 percent APY with a $1,000 minimum opening. If you can wait for five years before your CD matures, then the APY will turn into 1.60 APY. In both cases, interest is compounded every day for maximum return.
Head to EverBank
A 0.81 percent APY will be given on a 1-year CD at EverBank, though five years can get you 1.65 percent APY. The business is ranked very high for customer service, so it may be worth the required $1,500 needed to open the CD.
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This article collected, selected and written by: Author Van Hoc
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