Certificates of Deposits are generally sold by banks. They are purchased at a specified interest rate for the duration of the term. Historically, rates were considerably higher than they are at the present time. Compared to other investments, CDs are a safe place to put your money if it isn’t needed for a while, but the yield probably won’t keep up with inflation. CDs are FDIC insured up to $250,000. However, if any money is withdrawn before the end of the term, there are stiff penalties. If left to maturity, one is guaranteed to get all funds plus the promised interest rate back. Interest rates fluctuate frequently. If one is looking for the best CDs, it’s wise to check often for the best rates and terms.

Ally Bank

This bank offers CDs that range from 3 months up to 5 years with current rates from .30% for 3 months to 5 years at 2.00%. Ally is one of the few banks that doesn’t have a minimum to open an account. Ally Bank offers an 11- month CD that allows investors to withdraw the amount of the CD without a penalty.

Cit Bank

Cit Bank requires a minimum deposit of $50,000 for a 4 year CD and $25,000 for l to 3 year CDs. The highest rate is 1.90%. The RampUp program allows a once only chance to lock in an increased rate when rates go up before maturity. In addition, investors can add a deposit once during the CD term. These features can definitely increase yield.

Synchrony Bank

Synchrony Bank rates are among the top. A 2 year CD yields 1.20% and a 5-year yields 2.25%. Another plus is that the minimum balance is just $2,000. However, the short term CDs have low interest rates. It would probably be better to open a money market account that pays .95%.

GE Capital Bank

GE Capital Bank has high interest rates from the 6 month rate of .70% to the six year rate of 2.25%. In comparison to other banks, it only requires a $500 minimum deposit. When monthly disbursement time comes, customers are able to transfer the monthly interest to a GE Capital Bank Savings Account or an external account without any penalty. There are no transaction fees. These features may yield higher earnings.

First Internet Bank

This bank offers 3-year certificates at 1.44% interest and 5 year CDs at 2.08%. The minimum amount to buy a CD is $1,000. Clients report that this bank has good customer service. Interest remains in CD accounts, allowing a higher yield, rather than having the option of moving interest to a bank account.

Discover Bank

Discover Bank’s CDs range from 3 month duration to 10 years. The rates at the lower end are as little as .35%. The 10-year rate of 2.27% is not so enticing when the 5-year rate is 2.08%. Laddering may be a good strategy with these rates. The grace period to cancel at the end of the term is 9 days while most banks give a 10 day grace period.

MidFirst Bank

MidFirst Bank offers a 10 year CD at $2.96. This is a safe place to put your money and at a good rate if you are certain you won’t need the money for 10 years. These CDs are auto-renewable on the maturity date. Deposits are limited to $250,000.

Sallie Mae Bank

This bank requires a $2,500 minimum deposit on CDs. They only offer three choices – 12, 36 and 60 month certificates. The 36-month yields 1.14%, and the 60 month yields 2.08%. Accounts can be opened easily online, but there is a paper statement fee of $5 per statement.

My e-BAnC by BAC

My e-BAnC by BAC offers CDs of 6 months to 3 years. Interest rates range from .70% to 1.16%. Jumbo CDs, $100,000 or more, pay just a small amount more. It doesn’t seem reasonable to put in so much money and receive about the same interest rate. A 36-month jumbo CD pays 1.31%. There are three options for dispersion of interest – reinvestment, receiving a check, and having the interest transferred to a bank account.

Silvergate Bank

Silvergate Bank requires a $ 2,500 minimum deposit. Interest rates were not provided on the website, but an invitation was given to speak with a bank representative about CDs. This would be a good way to learn about what this bank offers.