- Current Cd Interest Rates 2020
- 3.00% Interest Rate Cd's
- Best Interest Rates On Cds
- Current Cd Interest Rates Local Banks
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There is a penalty for withdrawing principal prior to the maturity date. For Personal CDs: If the term of the CD is less than 6 months, the early withdrawal penalty is 90 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD. Best 1-year CD rate from a Credit Union – Connexus Federal Credit Union, 0.71% APY, $5,000 minimum deposit. This Wisconsin-based credit union cracks our ranking of the best credit union CD rates for its 12 -month share chertificate’s 0.71% APY. It requires a bit of a hefty minimum deposit of $5,000 to open an account, but its APY is fairly generous compared to its competitors.
© Westend61/Getty Images Man using a banking app on phoneA certificate of deposit (CD) is a time deposit account. A bank agrees to pay interest at a certain rate if savers deposit their cash for a set term, or period of time.
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Current Cd Interest Rates 2020
Find current CD rates and recent interest rate trends from Bankrate below. Here are the current average rates for the week of March 3:
- 1-year CD rates: 0.19%
- 5-year CD rates: 0.32%
- 1-year jumbo CD rates: 0.21%
- 5-year jumbo CD rates: 0.33%
- Money market account rates: 0.08%
Since the Federal Reserve lowered the fed funds ratetwice last March, CD and money market account (MMA) rates have been declining at many banks. Declining Treasurys may also cause CD rates to decrease.
3.00% Interest Rate Cd's
Latest CD rates: 3-month trend
| Date | 1-year CD | 5-year CD | 1-year jumbo | 5-year jumbo | Money market account |
|---|---|---|---|---|---|
| 03/03/2021 | 0.19% | 0.32% | 0.21% | 0.33% | 0.08% |
| 02/24/2021 | 0.20% | 0.33% | 0.21% | 0.34% | 0.08% |
| 02/17/2021 | 0.19% | 0.33% | 0.21% | 0.34% | 0.08% |
| 02/10/2021 | 0.19% | 0.33% | 0.22% | 0.34% | 0.08% |
| 02/03/2021 | 0.20% | 0.34% | 0.22% | 0.35% | 0.08% |
| 01/27/2021 | 0.20% | 0.35% | 0.23% | 0.36% | 0.08% |
| 01/20/2021 | 0.21% | 0.35% | 0.23% | 0.36% | 0.09% |
| 01/13/2021 | 0.21% | 0.36% | 0.23% | 0.37% | 0.09% |
| 01/06/2021 | 0.21% | 0.36% | 0.23% | 0.37% | 0.09% |
| 12/30/2020 | 0.22% | 0.37% | 0.24% | 0.38% | 0.09% |
| 12/23/2020 | 0.22% | 0.38% | 0.24% | 0.39% | 0.09% |
| 12/16/2020 | 0.23% | 0.39% | 0.25% | 0.40% | 0.09% |
| 12/9/2020 | 0.24% | 0.40% | 0.26% | 0.41% | 0.10% |
| 12/2/2020 | 0.24% | 0.40% | 0.26% | 0.41% | 0.10% |
| 11/25/2020 | 0.24% | 0.41% | 0.26% | 0.42% | 0.10% |
No need to stick to low rates: Below are some of the best CD rates from popular banks by term
Compare current CD rates by term for March 2021
Current CD rates: 6-month
- Quontic Bank: 0.60% APY
- Limelight Bank: 0.50% APY
- First Internet Bank: 0.45% APY
- Bethpage Federal Credit Union: 0.40% APY
- EmigrantDirect: 0.35% APY
Current CD rates: 1-year
- Quontic Bank: 0.65% APY
- Live Oak Bank: 0.65% APY
- Ally Bank: 0.60% APY
- BrioDirect: 0.60% APY
- Synchrony Bank: 0.55% APY
Current CD rates: 3-year
- Delta Community Credit Union: 1.05% APY
- Comenity Direct: 0.85% APY
- Salem Five Direct: 0.75% APY
- Navy Federal Credit Union: 0.70% APY
- TIAA Bank: 0.70% APY
Current CD rates: 5-year
- Delta Community Credit Union: 1.25% APY
- SchoolsFirst Federal Credit Union: 1.01% APY
- VyStar Credit Union: 1.00% APY
- Suncoast Credit Union: 0.95% APY
- Ally Bank: 0.85% APY
Note: The APYs (Annual Percentage Yields) shown are as of March 4, 2021.The APYs for some products may vary by region.
Current CD rates FAQs
What are today’s CD rates?
According to Bankrate’s most recent national survey of banks and thrifts, the average rate for a 1-year CD is 0.19 percent. The average rate for a 5-year CD is 0.32 percent. The average rate for a 1-year jumbo CD is 0.21 percent. The average 5-year jumbo CD rate is 0.33 percent.
The Federal Reserve and CD rates
When the Federal Reserve makes interest rate decisions, the rates that banks offer on CDs can change.
The Fed can choose to raise or lower the federal funds rate. Once the central bank makes a decision to change the rate, banks will generally move CD yields in the same direction. Broader macroeconomic conditions also influence CD rates.
CD rates typically follow the direction of the Federal Reserve closely. For example, in 2020, the Fed made two emergency cuts and CD rates have been declining at some banks to protect their profits.
How are CD interest rates determined?
CD rates are determined by several factors. The decisions made by the Federal Reserve on the federal funds rate will influence CD rates.
Competition among banks and credit unions will also influence the payout out on their CDs as well as whether the financial institution needs deposits or not. In general, online banks tend to pay higher rates than banks with branches.
Changes in Treasury yields and economic conditions also influence CD rates.
Learn more:
Best Interest Rates On Cds
Learn more about other CD terms:
Current Cd Interest Rates Local Banks
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Current Cd Interest Rates Bb&t
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