OneWest Bank offers 2.55% APY on 5-Year CD

We’ve all noticed how hard it is to earn a good APY on a secured deposit, like a CD, in today's market. Some of the best CDs available barely offer 2% APY, and most other accounts offer much lower. However, if you're looking for a secure place to store your money while earning one of the most competitive rates available, you may want to check out OneWest Bank’s online CDs.

OneWest Bank is Southern California's largest retail banking and lending institution, but you don't have to live in Southern California to open one of these CDs. If you're looking for something very short-term, you can open a three month CD at a 0.70% APY. Of course, the longer-term the CD is, the more interest you earn. For a three-year CD, OneWest Bank offers 1.80% APY, or you can earn 2.55% if you open a five-year CD.

While you are unable to withdraw your principal without penalty, you can withdraw available interest at any time during the term of the CD with no penalty whatsoever. If you find you have to cash out of your CD entirely before the CD maturity date, there is a sliding penalty scale based on how long you've held the CD.

All OneWest Bank CDs require a minimum deposit of $1,000. Interest is compounded daily and paid monthly, quarterly, or at maturity. If your balance falls below $1,000, there will be no interest earned. As such, this product is best geared towards people want a secured place (subject to FDIC limits) to store money while earning one of the best APYs available for CDs on the market today.

For the best information on CD rates, click here.