- 48-month CDs: 0.95 percent
- 36-month CDs: 0.85 percent
- 24-month CDs: 0.70 percent
- 12-month CDs: 0.49 percent
Ally Bank offers a few different types of CDs, among them the "No-Penalty CD."
It's an 11-month CD with varying annual percentage yields depending on the deposit amount:
- 1.80 percent for an opening deposit of $4,999 or less.
- 2.10 percent for an opening deposit of at least $5,000.
- 2.25 percent for an opening deposit of $25,000 or more.
Interest is compounded daily and there are no penalties for withdrawing money — after the first six days that follow the date your opening deposit is made. The CD can also be renewed automatically.
Ally's rate for an interest checking account is 0.10 percent for minimum daily balances that are less than $15,000 and 0.60 percent for those balances equal to $15,000 or more.
For its online savings account, Ally offers a 2 percent APY on all balance tiers. There are no monthly maintenance fees and interest is compounded on a daily basis. Account holders are limited to six transactions per month and there is a $10 fee for each transaction that exceeds the limit.
Ally says the most common transactions are free for its savings account, including standard or expedited ACH transfers, cashier's checks, incoming wires, postage-paid deposit envelopes and online copies of statements.
The national averages for certificates of deposit pale in comparison to the rates offered at online bank Citizens Access. For example, the five-year CD boasts an annual percentage yield of 3.15 percent, and the one-year CD rate is 2.70 percent. The minimum opening deposit to earn interest on any of the available CD terms is $5,000.
The Citizen Access online savings account has a 2.25 percent APY for account balances equal to $5,000 or more and a 0.25 percent APY for balances equal to $4,999.99 or lower. There are no fees to maintain the account, but there is a required minimum opening deposit of $5,000. Early withdrawal penalties apply.
Online bank Capital One's product offerings include several types of CDs, ranging from a six-month to a five-year term. The six-month CD earns a 0.60 percent yield and the five-year CD earns a 3.10 percent yield. There is no required minimum opening deposit. Early withdrawals are subject to a penalty that varies according to the CD term. The penalties are:
- Three months' worth of interest for CD terms of 12 months and shorter.
- Six months' worth of interest for CD terms longer than 12 months.
The "fee-free" 360 Savings account has a 1 percent APY for all balances and doesn't require a minimum opening deposit. Account owners can also take their savings goals to the next level with the account's automatic savings plan feature.
Boston-based Radius Bank's "Hybrid Checking" account comes with a 1.0 percent yield for deposits above $2,500 and a yield of 1.20 percent for deposits of at least $100,000. There's a required minimum opening deposit of $100 and no monthly fees. Account owners have access to free ATMs across the globe, and Radius also covers the first order of checks.
CD account terms start at three months and go up to five years; the APYs attached to each CD term are:
- Three-month CD: 0.85 percent
- Six-month CD: 0.95 percent
- Nine-month CD: 1.25 percent
- 12-month CD: 1.55 percent
- 18-month CD: 1.60 percent
- 24-month CD: 1.70 percent
- 36-month CD: 1.85 percent
- 48-month CD: 1.95 percent
- 60-month CD: 2.20 percent
Minimum opening deposits for CDs are $500 or $1,000, depending on the CD term. Early withdrawal penalties apply and also vary according to the CD term.
The online 60-month CD from Barclays Bank provides account owners with a 3.10 percent APY. The shortest CD term available is three months, which has an APY of 0.35 percent. Interest compounds daily on CDs and there are no minimum balances or monthly fees. You must keep at least a penny in the account to earn interest, however. There may be penalties for early withdrawals.
Barclays' online savings account earns a 2.05 percent APY. There are no monthly maintenance fees or minimum opening deposit requirements. The account has a direct deposit feature to help you easily add funds and a savings assistant feature to help you set and achieve financial goals.
Online consumer lending platform Marcus — a Goldman Sachs brand — offers a no-penalty CD product that won't hit account owners with a fee, as long as they wait seven days after funding their account to make any withdrawals. The annual percentage yield is 2.25 percent for the 13-month CD. Rates are 2.10 percent and 2.05 percent for the 11-month and seven-month CDs, respectively. There is a $500 minimum opening deposit requirement.
The other CD product offered by Marcus has terms that range from six months to six years, and they each require a $500 minimum deposit to open an account. Each CD term has a penalty for early withdrawals.
Marcus also has an online savings account, which earns a 2.05 percent APY. There's no required minimum opening balance, though you'll need at least $1 to earn a yield.
Colorado Federal Savings Bank has two online savings options among its product offerings: High-Yield Savings and Premier Savings.
The former has a 1.25 percent APY and a minimum balance of $1 required to earn the stated yield. The latter's APY is 1.90 percent and the required minimum balance is $50,000. Only new customers — those who haven't maintained a certificate of deposit or savings account over the last 60 days — are eligible to open a Premier Savings account. Neither savings account has a monthly maintenance fee.
CFSB's CD terms range from one month to 60 months, and the APYs start at 1.35 percent and max out at 3.25 percent. There are no monthly maintenance fees, though early withdrawal penalties apply and vary according to the CD term. All CD terms require a $5,000 minimum balance.
APYs for certificates of deposit at Alliant range from 2.65 percent to 3.10 percent, and terms start at one year and go up to five years. The required minimum opening deposit amount is $1,000. Jumbo CDs are also available with terms ranging from 12 to 60 months. Early withdrawals may be subject to a penalty, but Alliant says you won't lose any of your principal after your CD account has been open for at least seven days.
Alliant's savings account requires a $5 opening deposit and offers a 2.00 percent APY, which is earned by maintaining an average daily balance of at least $100. Account owners can avoid the monthly account fee by enrolling in online statements.
The credit union also has an interest checking account that earns a 0.65 percent yield. There are no minimum balance requirements or monthly service fees, and account owners receive up to $20 in rebates monthly for any fees they pay when using out-of-network ATMs.
The 8 Best Rates on CDs, Savings, & Checking Accounts for 2018
Don't let your money languish in low-rate accounts
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As interest rates on deposit accounts continue to inch upward and give consumers a reason to celebrate, it's likely worth your while to take a look around and make sure you find the best financial institutions to grow your money.
The average interest rate for a 60-month certificate of deposit clocked in at 1.16 percent for the week of Nov. 12, 2018, according to data from the Federal Deposit Insurance Corp.'s "Weekly National Rates and Rate Caps" report. During the same period in 2017, the rate was 0.89 percent.
Here's a look at average rates from the FDIC's weekly data for several other CD products:
Rate caps for one-year to five-year CDs range from 1.24 percent to 1.91 percent.
Checking and savings account rates have also seen some slight increases. The average interest rate for interest checking accounts is 0.06 percent, which is up from 0.04 percent a year ago. For savings accounts, the average interest rate has increased year-over-year from 0.06 percent to 0.09 percent. The rate caps for interest checking and savings accounts are 0.81 percent and 0.84 percent, respectively.
We've done the heavy lifting to find several above-average interest rates for CD, interest checking and savings accounts. Below you'll find the best of the batch.