Best CD Rates in St. Louis, Missouri, MO

You are viewing rates from banks across St. Louis

Below are the best one-year CD Rates from banks in St. Louis, Missouri. One year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts.

St. Louis, MO - November 4, 2024

1 Year CD National Average : 0.55% ^?

Banks	APY	MIN	MILES ^?
First Bank of the Lake	4.85%	$5,000	-	Learn More
Rate History: 4.50% → 5.00% → 4.85% → 5.00% → 4.85%
Richard \| Jun 10, 2021 I bank at this bank and they have the best people working there They all have a lot of knowledge and most all have been there a long time they do a great job and have the highest CD rates around Read More Reviews (4)
Paramount Bank	4.75%	$1,000	-	Learn More
Rate History: 5.00% → 1.75% → 4.75%
Old Man Bob \| Apr 20, 2023 This is a true blue community bank. When you call you get people that are able to take action and make decisions. Customer service is number 1. Works great for CDs. They have a nice stand alone buildin... Read More Reviews (5)
Arvest Bank	4.30% 4.25%	$95,000 $10,000	-	Learn More Add Review
Rate History: 5.10% → 4.80% → 4.30%
Capitol Federal Savings Bank	4.00%	$1,000	-	Learn More
Rate History: 5.00% → 5.15% → 5.10% → 4.80% → 4.00%
JtAlmond \| Jun 21, 2022 The new rates have eclipsed shat i currently hold with this bank. Read More Reviews (1)
Phelps County Bank	3.89%	$1,000	-	Learn More
Rate History: 3.80% → 4.06% → 4.83% → 4.30% → 3.89%
Theresa \| Jun 25, 2019 can I cash my Progressive Insurance claim check Read More Reviews (1)
Bank of America, National Association	3.75%	$100,000	-	Learn More
Rate History: 3.51% → 0.03% → 3.75% → 4.25% → 3.75%
Treasure \| Jul 24, 2023 BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More Reviews (7)
FCB Banks	2.75%	$1,000	-	Learn More
Rate History: 2.50% → 2.75%
RS \| Feb 2, 2021 This bank's site shows the 15 mo rate at .45% Read More Reviews (1)
First Federal Bank of Kansas City	2.02%	$1,000	-	Learn More Add Review
BMO Bank National Association	2.00%	$1,000	-	Learn More
Rate History: 0.05% → 2.00% → 4.65% → 2.00%
Beenthere \| Jan 29, 2024 Tried to enter information on line to open a 5 year CD, multiple time and wasn't accepted. Talked to a live person who was of no help at all. My credit score is over 800 and I have plenty of money in oth... Read More Reviews (9)
Wells Fargo Bank, National Association	1.50% 1.01%	$100,000 $25,000	-	Learn More
Rate History: 2.00% → 1.50%
Thy King \| Feb 6, 2023 after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with... Read More Reviews (7)
Bank of Odessa	1.25%	$1,000	-	Learn More Add Review
Springfield First Community Bank	1.01%	$10,000	-	Learn More Add Review
First Bank	1.00%	$1,000	-	Learn More Add Review
Rate History: 3.50% → 1.00%
Exchange Bank of Missouri	1.00%	$10,000	-	Learn More Add Review
Bloomsdale Bank	1.00%	$100,000	-	Learn More Add Review
Alton Bank	1.00%	$100,000	-	Learn More Add Review
Systematic Savings Bank	0.92%	$10,000	-	Learn More Add Review
Sterling Bank	0.90%	$10,000	-	Learn More
Al \| Sep 26, 2016 I think the specials have ended. can you double check? Read More Reviews (1)
Montrose Savings Bank	0.85%	$500	-	Learn More Add Review
Citizens' Bank of Charleston	0.85%	$100,000	-	Learn More Add Review
Bank of Monticello	0.85%	$100,000	-	Learn More Add Review
Community First Bank	0.85%	$10,000	-	Learn More Add Review
Freedom Bank of Southern Missouri	0.85%	$10,000	-	Learn More Add Review
First Missouri State Bank	0.85%	$10,000	-	Learn More Add Review
The Corner Stone Bank	0.82%	$10,000	-	Learn More Add Review
Independent Farmers Bank	0.80%	$10,000	-	Learn More Add Review
St. Louis Bank	0.80%	$100,000	-	Learn More Add Review
MRV Banks	0.80%	$10,000	-	Learn More Add Review
Citizens' Bank of Charleston	0.75%	$1,000	-	Learn More Add Review
Adrian Bank	0.75%	$10,000	-	Learn More Add Review
Security Bank of the Ozarks	0.75%	$10,000	-	Learn More Add Review
BTC Bank	0.75%	$10,000	-	Learn More Add Review
Putnam County State Bank	0.75%	$100,000	-	Learn More Add Review
Kahoka State Bank	0.75%	$100,000	-	Learn More Add Review
Community State Bank	0.75%	$100,000	-	Learn More Add Review
American Bank of Missouri	0.75%	$10,000	-	Learn More
Gloria Bossman \| Aug 14, 2020 At your Rock Hill location, I feel you are not committed to the safety of your customers as you say on your web site. Why aren't your employees wearing masks? Why do they let patrons enter without a mask... Read More Reviews (1)
Citizens Bank of Eldon	0.75%	$100,000	-	Learn More Add Review
Oakstar Bank	0.75%	$10,000	-	Learn More
J D \| Jun 12, 2024 I entrusted my Life Savings to this bank and they closed my accounts because I asked an honest question about an overcharge I noticed in my statement records. I mistakenly believed I could ask a simple ... Read More Reviews (1)
Farmers State Bank, S/B	0.75%	$10,000	-	Learn More Add Review
O'Bannon Banking Company	0.75%	$1,000	-	Learn More
Jay \| Dec 8, 2016 Not a handicap friendly bank at main office. Customers must walk long distance to reach teller windows far from entrance. CD rates could be improved. Putman County Bank has 1 percent better on larger... Read More Reviews (1)
Bloomsdale Bank	0.75%	$10,000	-	Learn More Add Review
People's Bank of Seneca	0.75%	$10,000	-	Learn More Add Review
Alton Bank	0.75%	$10,000	-	Learn More Add Review
The Callaway Bank	0.74%	$100,000	-	Learn More Add Review
Security Bank of Kansas City	0.70%	$500	-	Learn More
Rate History: 3.29% → 0.70%
ccass \| Sep 13, 2021 On September 13th, 2021. I called “SBOK” to verify if the account number matches the business name that is on the check I’ve received. I spoke with a supervisor named Brenda Jones. Brenda informed me... Read More Reviews (1)
Country Club Bank	0.70%	$50,000	-	Learn More
Watson1895 \| Feb 9, 2019 Can I order new checks online? Read More Reviews (1)
Carroll County Trust Company of Carrollton, Missouri	0.70%	$500	-	Learn More Add Review
Concordia Bank of Concordia, Missouri	0.70%	$10,000	-	Learn More Add Review
United Bank of Union	0.70%	$10,000	-	Learn More Add Review
St. Louis Bank	0.70%	$10,000	-	Learn More Add Review
Farmers Bank of Northern Missouri	0.68%	$10,000	-	Learn More Add Review
Exchange Bank of Northeast Missouri	0.65%	$500	-	Learn More Add Review
Citizens Bank	0.65%	$500	-	Learn More Add Review
Bank of Monticello	0.65%	$10,000	-	Learn More Add Review
Peoples Bank of Wyaconda, Missouri	0.65%	$10,000	-	Learn More Add Review
Regional Missouri Bank	0.65%	$100,000	-	Learn More Add Review
Commercial Trust Company of Fayette	0.65%	$100,000	-	Learn More Add Review
The Bank of Advance	0.65%	$10,000	-	Learn More Add Review
FMB Bank	0.65%	$10,000	-	Learn More Add Review
Southern Bank	0.65%	$100,000	-	Learn More Add Review
Pinnacle Bank	0.65%	$500	-	Learn More Add Review
Bank of Salem	0.65%	$100,000	-	Learn More Add Review
West Plains Bank and Trust Company	0.65%	$100,000	-	Learn More Add Review
First State Bank and Trust Company, Inc.	0.65%	$10,000	-	Learn More Add Review
The Callaway Bank	0.64%	$10,000	-	Learn More Add Review
First State Bank of Purdy	0.60%	$10,000	-	Learn More Add Review
West Plains Savings and Loan Association	0.60%	$10,000	-	Learn More Add Review
The Union State Bank of Everest	0.60%	$1,000	-	Learn More Add Review
Midwest Regional Bank	0.60%	$1,000	-	Learn More
Hey Man wildwood \| Aug 31, 2018 Awesome bank...great rates, no on line access only paper quarterly statements Read More Reviews (1)
Country Club Bank	0.60%	$10,000	-	Learn More
Watson1895 \| Feb 9, 2019 Can I order new checks online? Read More Reviews (1)
The Seymour Bank	0.60%	$10,000	-	Learn More Add Review
State Bank of Missouri	0.60%	$500	-	Learn More Add Review
Community State Bank of Missouri	0.60%	$500	-	Learn More Add Review
Kahoka State Bank	0.60%	$10,000	-	Learn More Add Review
Academy Bank, National Association	0.60%	$10,000	-	Learn More
Fran1 \| Feb 4, 2020 Academy was great helping me open a new account Read More Reviews (5)
Bank 21	0.60%	$10,000	-	Learn More Add Review
Tri-County Trust Company	0.60%	$10,000	-	Learn More Add Review
The Maries County Bank	0.60%	$10,000	-	Learn More Add Review
Stifel Bank	0.60%	$10,000	-	Learn More Add Review
Southern Bank	0.60%	$10,000	-	Learn More Add Review
Progressive Ozark Bank	0.60%	$10,000	-	Learn More Add Review
Community First Banking Company	0.60%	$1,000	-	Learn More Add Review
West Plains Bank and Trust Company	0.60%	$10,000	-	Learn More Add Review
First Midwest Bank of Poplar Bluff	0.60%	$10,000	-	Learn More Add Review
Bank of New Madrid	0.60%	$10,000	-	Learn More Add Review
Heritage Community Bank	0.55%	$1,000	-	Learn More Add Review
HNB National Bank	0.55%	$10,000	-	Learn More
Richard \| Jul 8, 2020 This rate is wrong I called the bank they do not have this rate cash cow needs to do a better job updating these rates this is not the first time Read More Reviews (1)
United Security Bank	0.55%	$10,000	-	Learn More Add Review
Silex Banking Company	0.55%	$10,000	-	Learn More Add Review
Citizens Bank of Eldon	0.55%	$10,000	-	Learn More Add Review
St. Clair County State Bank	0.55%	$10,000	-	Learn More Add Review
HomePride Bank	0.55%	$500	-	Learn More Add Review
Bank of Salem	0.55%	$1,000	-	Learn More Add Review
Ozark Bank	0.55%	$10,000	-	Learn More Add Review
Senath State Bank	0.55%	$10,000	-	Learn More Add Review
Citizens Bank of Newburg	0.52%	$10,000	-	Learn More Add Review
The Bank of Missouri	0.51%	$10,000	-	Learn More Add Review
Alliant Bank	0.51%	$500	-	Learn More Add Review
Northeast Missouri State Bank	0.50%	$10,000	-	Learn More Add Review
Bank of Iberia	0.50%	$10,000	-	Learn More Add Review
Community Bank of Marshall	0.50%	$10,000	-	Learn More Add Review
Bank of Crocker	0.50%	$2,500	-	Learn More Add Review
Bank of Brookfield - Purdin, National Association	0.50%	$500	-	Learn More Add Review
Great American Bank	0.50%	$1,000	-	Learn More Add Review
Regional Missouri Bank	0.50%	$10,000	-	Learn More Add Review
Bank Northwest	0.50%	$10,000	-	Learn More Add Review
Peoples Savings Bank of Rhineland	0.50%	$1,000	-	Learn More Add Review
Putnam County State Bank	0.50%	$10,000	-	Learn More Add Review
The Citizens Bank of Edina	0.50%	$10,000	-	Learn More Add Review
The Hamilton Bank	0.50%	$100,000	-	Learn More
Petros Achilleos \| Mar 29, 2022 Avoid working with this bank. You will have hard times, getting your money. We spent 3k to open an account, we deposited and fighting for 3 months to get them back after we hired a lawyer. Read More Reviews (1)
Pony Express Bank	0.50%	$10,000	-	Learn More Add Review
First Missouri Bank	0.50%	$10,000	-	Learn More Add Review
Community State Bank	0.50%	$10,000	-	Learn More Add Review
NBKC Bank	0.50%	$1	-	Learn More Add Review
Commercial Trust Company of Fayette	0.50%	$10,000	-	Learn More Add Review
Peoples Bank & Trust Co.	0.50%	$10,000	-	Learn More Add Review
Ozarks Federal Savings and Loan Association	0.50%	$10,000	-	Learn More Add Review
The Bank of Grain Valley	0.50%	$10,000	-	Learn More Add Review
Blue Ridge Bank and Trust Co.	0.50%	$10,000	-	Learn More
Rustam \| Jul 23, 2022 Is American Trust Letter this bank's service platform or scammers' website? I was charged by first 150 USD, then 10% to withdraw money there. Website is www.americantrustletter.com Read More Reviews (1)
America's Community Bank	0.50%	$10,000	-	Learn More Add Review
Citizens Community Bank	0.50%	$10,000	-	Learn More Add Review
First Midwest Bank of Poplar Bluff	0.50%	$10,000	-	Learn More Add Review
Midwest BankCentre	0.50%	$10,000	-	Learn More
Pdrake12 \| Jul 6, 2021 The staff at Midwest BankCentre is exceptional at making you feel like you belong to an institution much higher than simply a place to keep your money and bank. They really focus on making you feel like f... Read More Reviews (2)
1st Advantage Bank	0.50%	$10,000	-	Learn More Add Review
The Citizens-Farmers Bank of Cole Camp	0.50%	$10,000	-	Learn More Add Review
SULLIVAN BANK	0.50%	$1,000	-	Learn More Add Review
Community Point Bank	0.50%	$10,000	-	Learn More Add Review
Farmers and Merchants Bank of St. Clair	0.50%	$10,000	-	Learn More Add Review
Commercial Bank	0.50%	$10,000	-	Learn More Add Review
Community Bank of El Dorado Springs	0.50%	$10,000	-	Learn More Add Review
Town & Country Bank	0.50%	$10,000	-	Learn More Add Review
Peoples Community Bank	0.50%	$10,000	-	Learn More Add Review
First Midwest Bank of Dexter	0.50%	$10,000	-	Learn More Add Review
Branson Bank	0.50%	$10,000	-	Learn More Add Review
Table Rock Community Bank	0.50%	$10,000	-	Learn More Add Review
First Missouri Bank of SEMO	0.50%	$10,000	-	Learn More Add Review
The Bank of Old Monroe	0.45%	$10,000	-	Learn More Add Review
The Nodaway Valley Bank	0.45%	$500	-	Learn More Add Review
Goppert Financial Bank	0.45%	$10,000	-	Learn More Add Review
Citizens Bank & Trust	0.45%	$100,000	-	Learn More Add Review
HomeBank	0.45%	$10,000	-	Learn More Add Review
Wood & Huston Bank	0.45%	$1,000	-	Learn More Add Review
Bank of Franklin County	0.45%	$10,000	-	Learn More Add Review
Triad Bank	0.45%	$10,000	-	Learn More Add Review
Lamar Bank and Trust Company	0.45%	$10,000	-	Learn More Add Review
Bank of Weston	0.40%	$1	-	Learn More Add Review
First Mid Bank & Trust, National Association	0.40%	$1,000	-	Learn More Add Review
Wells Bank	0.40%	$10,000	-	Learn More Add Review
Farmers State Bank	0.40%	$100	-	Learn More Add Review
Town & Country Bank Midwest	0.40%	$10,000	-	Learn More Add Review
The Hamilton Bank	0.40%	$10,000	-	Learn More
Petros Achilleos \| Mar 29, 2022 Avoid working with this bank. You will have hard times, getting your money. We spent 3k to open an account, we deposited and fighting for 3 months to get them back after we hired a lawyer. Read More Reviews (1)
Preferred Bank	0.40%	$10,000	-	Learn More Add Review
First Missouri Bank	0.40%	$10,000	-	Learn More Add Review
County Bank	0.40%	$10,000	-	Learn More Add Review
The Tipton Latham Bank, National Association	0.40%	$10,000	-	Learn More Add Review
The Missouri Bank	0.40%	$10,000	-	Learn More Add Review
The Bank of Versailles	0.40%	$10,000	-	Learn More Add Review
Parkside Financial Bank & Trust	0.40%	$100,000	-	Learn More Add Review
Metz Banking Company	0.40%	$1,000	-	Learn More Add Review
Peoples Bank of Altenburg	0.40%	$10,000	-	Learn More Add Review
F & C Bank	0.35%	$50,000	-	Learn More Add Review
Midland States Bank	0.35%	$10,000	-	Learn More
Mikki9678 \| Nov 3, 2021 If anyone is considering using Midland States Bank for estate or trust planning and administration, I’d urge you to be careful and do your due diligence. I’ll first say that I am a CPA with experience ... Read More Reviews (2)
Farmers Bank of Lohman, Missouri	0.35%	$500	-	Learn More Add Review
United State Bank	0.35%	$10,000	-	Learn More Add Review
First Security Bank	0.35%	$10,000	-	Learn More Add Review
Kearney Trust Company	0.35%	$10,000	-	Learn More Add Review
Legacy Bank & Trust Company	0.35%	$10,000	-	Learn More Add Review
Bank Star	0.35%	$10,000	-	Learn More Add Review
CIBC Bank USA	0.35%	$100,000	-	Learn More
me \| Oct 13, 2021 Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More Reviews (6)
Parkside Financial Bank & Trust	0.35%	$10,000	-	Learn More Add Review
Banterra Bank	0.35%	$10,000	-	Learn More Add Review
Southwest Missouri Bank	0.35%	$10,000	-	Learn More Add Review
Century Bank of the Ozarks	0.31%	$1,000	-	Learn More Add Review
Bank of Springfield	0.31%	$10,000	-	Learn More Add Review
Liberty Bank and Trust Company	0.31%	$10,000	-	Learn More Add Review
Sherwood Community Bank	0.31%	$10,000	-	Learn More Add Review
Peoples National Bank , N.A.	0.31%	$100,000	-	Learn More Add Review
Armed Forces Bank, National Association	0.30%	$10,000	-	Learn More
BENNIE BROOKS \| Mar 25, 2015 OLIVER NORTH AIR LINES GOVERNOR BLANCO Read More Reviews (2)
Investors Community Bank	0.30%	$10,000	-	Learn More Add Review
Central Bank of Kansas City	0.30%	$10,000	-	Learn More Add Review
NBH Bank	0.30%	$10,000	-	Learn More Add Review
Citizens Bank & Trust	0.30%	$10,000	-	Learn More Add Review
UMB Bank, National Association	0.30%	$10,000	-	Learn More
RS \| Jun 1, 2020 UMB does not honor the rate posted here! Read More Reviews (2)
Community Bank of Missouri	0.30%	$10,000	-	Learn More Add Review
The Bank of Orrick	0.30%	$10,000	-	Learn More
bankalchemist \| May 29, 2018 First this is a centurion bank. It’s done something right for over 100 yrs. Through the Great Depression & Recent Recessions which says a lot. They stick to what they know and do best Ag lending. They ar... Read More Reviews (1)
County Bank	0.30%	$10,000	-	Learn More Add Review
Great Southern Bank	0.30%	$250	-	Learn More Add Review
Lead Bank	0.30%	$10,000	-	Learn More Add Review
Enterprise Bank & Trust	0.30%	$10,000	-	Learn More
Fredbird \| Aug 30, 2017 Excellent bank with a friendly helpful staff Read More Reviews (1)
First State Bank of St. Charles, Missouri	0.30%	$10,000	-	Learn More Add Review
NEW FRONTIER BANK	0.30%	$10,000	-	Learn More Add Review
Carrollton Bank	0.30%	$10,000	-	Learn More Add Review
First Community National Bank	0.30%	$10,000	-	Learn More Add Review
CIBC Bank USA	0.30%	$10,000	-	Learn More
me \| Oct 13, 2021 Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More Reviews (6)
The First National Bank of Nevada, Missouri	0.30%	$10,000	-	Learn More Add Review
Mid-Missouri Bank	0.30%	$10,000	-	Learn More Add Review
Kennett Trust Bank	0.27%	$10,000	-	Learn More Add Review
Peoples Bank of Moniteau County	0.25%	$500	-	Learn More Add Review
Equity Bank	0.25%	$1,000	-	Learn More Add Review
F & C Bank	0.25%	$2,500	-	Learn More Add Review
The Central Trust Bank	0.25%	$100,000	-	Learn More Add Review
Chester National Bank	0.25%	$10,000	-	Learn More
Felix \| Oct 10, 2023 I had a good experience with the online bank and the customer support is excellent Read More Reviews (1)
Legends Bank	0.25%	$10,000	-	Learn More Add Review
Bank of New Cambria	0.25%	$10,000	-	Learn More Add Review
Macon-Atlanta State Bank	0.25%	$10,000	-	Learn More Add Review
F&M Bank and Trust Company	0.25%	$10,000	-	Learn More Add Review
TPNB Bank	0.25%	$10,000	-	Learn More Add Review
Mid America Bank	0.25%	$10,000	-	Learn More Add Review
Jonesburg State Bank	0.25%	$10,000	-	Learn More Add Review
Peoples National Bank , N.A.	0.25%	$10,000	-	Learn More Add Review
First Community Bank	0.25%	$10,000	-	Learn More Add Review
The Central Trust Bank	0.20%	$1,000	-	Learn More Add Review
Clay County Savings Bank	0.20%	$100,000	-	Learn More Add Review
St. Johns Bank and Trust Company	0.20%	$10,000	-	Learn More Add Review
Peoples Bank	0.16%	$100,000	-	Learn More Add Review
BOKF, National Association	0.15%	$100,000	-	Learn More
Aku \| May 29, 2020 Dua Read More Reviews (1)
Clay County Savings Bank	0.14%	$10,000	-	Learn More Add Review
Peoples Bank	0.13%	$10,000	-	Learn More Add Review
Commerce Bank	0.10%	$10,000	-	Learn More Add Review
Cass Commercial Bank	0.10%	$10,000	-	Learn More Add Review
Edward Jones Trust Company	0.10%	$10,000	-	Learn More Add Review
Community Bank of Raymore	0.05%	$500	-	Learn More Add Review
U.S. Bank National Association	0.05%	$500	-	Learn More
Ugg \| Jun 12, 2023 US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More Reviews (2)
Regions Bank	0.03% 0.01%	$2,501 $2,500	-	Learn More Add Review
Hawthorn Bank	0.03%	$10,000	-	Learn More
mike \| Apr 5, 2023 horrid bank with incompetent and rude staff that treat you like a problem for wanting to do banking business. As if doing there job in a problem you caused instead of a customer to be served. closed my acc... Read More Reviews (3)
PNC Bank, National Association	0.03%	$25,000	-	Learn More
GAM \| May 18, 2019 Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More Reviews (1)
Hawthorn Bank	0.02%	$10,000	-	Learn More
mike \| Apr 5, 2023 horrid bank with incompetent and rude staff that treat you like a problem for wanting to do banking business. As if doing there job in a problem you caused instead of a customer to be served. closed my acc... Read More Reviews (3)
First-Citizens Bank & Trust Company	0.01%	$500	-	Learn More
MrBond \| Feb 25, 2023 I have been working for this company more than 5 years. I would not recommend any investment with First Citizens Bank. They are the worst performer on the market based on the customer and employee reviews... Read More Reviews (3)

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

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PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2024

A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. While it is possible to withdraw the money earlier (breaking the CD) doing so comes with high interest penalties and is generally not advised.

CD Terms

The time period in which money is held in a certificate of deposit is called the term. Terms can run for any period of time but in general, banks use the following terms: 3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months. Terms can either be described in months or years. The term that is right for each individual depends on their goals, the rate they which to earn, and their future plans for the money. In general, if rates are going up, savers should avoid putting the money into a long-term CD. If rates are going down, then the opposite is true, and savers should try and lock into a good rate for an extended period of time. In stable rate environments, CDs that are over 12 months in length can enable depositors to pick up a slight premium over savings accounts.

CD Risk

Almost all banks provide CDs to their consumers and they have been a mainstay of savers and retirement accounts for years. If FDIC insured, the CD represents a safe place to put money that will generate a predictable return.

Inflation is the main risk of a CD. Inflation can often run higher than the inflation adjusted return on a CD, thus eroding the value of the money stored in the CD over time. This is especially true for longer-term CDs opened in low interest rate environments.

How Interest is Paid

The method of distributing the interest earned on a CD varies by bank. Some banks pay interest monthly, other semi-annually, and others at the maturity of the CD. One advantage of a branch-based bank is that a depositor can walk into the bank and receive their interest that day in the form of a check. Online banks tend to use electronic funds transfer or check via mail.

Interest Rate

Since the financial crisis in 2008, CDs have become less popular because the yields they offer have dropped precipitously, making it difficult for retirees and savers to generate sufficient income. But investors looking for a place to stash some cash might still find CDs an attractive place for some of their savings. Online banks generally offer better rates on six month CDs but the accounts must be opened online. View online bank rates.

When interest rates are falling, it is often preferable to lock in high rates for an extended period of time with a longer-term CD. When interest rates are rising, depositors should avoid committing their money for long periods of time. To see interest rate trends, visit the BestCashCow rate analysis page.

ADVANTAGES AND DISADVANTAGES

The advantages of a Certificate of Deposit from a branch bank are:

Funds deposited in FDIC banks and within insurance limits are protected by the full faith and credit of the United States government.
CDs provide a predictable, set rate of return.
Depositors can walk into a local branch and open the CD and fund it that day. Question and inquiries can also be handles in-person.

The disadvantages of branch-based CDs are:

The deposited money is committed for a certain period of time and can only be withdrawn with substantial penalties.
One year CDs from branch banks often pay less interest than from online banks. Please see those rates here.

All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, please visit the FDIC website.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.

SAVINGS & CD CALCULATOR

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CD Resources

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PRODUCT INFORMATION

Certificates of Deposit - Branch Banks 2024

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Interest Rate

ADVANTAGES AND DISADVANTAGES

The advantages of a Certificate of Deposit from a branch bank are:

The disadvantages of branch-based CDs are:

SAVINGS & CD CALCULATOR

CD Products by State

CD Products by City in Missouri

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