Best CD Rates of 2020

Best CD Rates of 2020

You can find the best CD rates generally at online banks and credit unions. If you don’t need immediate access to some of your money, high-yield CDs can be a great way to build your savings. They have some of the highest interest rates available for federally insured bank accounts, and the rate is guaranteed for the duration of the CD term. Best CD Rates of 2020.

The Federal Reserve and CD rates

The Federal Reserve’s interest rates decisions can impact the rates that banks offer on CDs. When the Fed raises or lowers the federal funds rate, banks typically respond by moving CD rates in the same direction.

The Fed in December forecast it will not adjust rates in either direction in 2020, so that would mean CD rates likely will hold steady as well. However, it’s worth noting that the Fed entered 2019 forecasting two rate hikes for the year but instead cut rates three times.

If you’re concerned about rates potentially decreasing or want to lock in a fixed yield, a CD may be right for you. Savings accounts and money market accounts generally have variable rates, meaning your yield can decrease. Introductory rates on those accounts are an exception to this rule. Into rates may give you a fixed rate during the introductory period, though there may be certain requirements to keep this rate.

Best CD rates from top banks

Before applying for a certificate of deposit, be sure to read expert advice and tips below to ensure a financially safe decision. Here are Bankrate’s top picks for banks with the best CD rates:

1 of 8 offers

Logo for Discover High Yield CD

Discover High Yield CDMember, FDIC

2.10% $2,500
2 of 8 offers

Logo for Marcus by Goldman Sachs High Yield CD

Marcus by Goldman Sachs High Yield CDGoldman Sachs Bank USAMember, FDIC

2.25% $500
3 of 8 offers

Logo for Ally High Yield CD

Ally High Yield CDMember, FDIC

2.15% $0
4 of 8 offers

Logo for American Express High Yield CD

American Express High Yield CDMember, FDIC

2.15% $0
5 of 8 offers

Logo for Synchrony Online CD

Synchrony Online CDMember, FDIC

2.15% $2,000
6 of 8 offers

Logo for Barclays Online CD

Barclays Online CDMember, FDIC

7 of 8 offers

Logo for TIAA Bank Yield Pledge® CD

TIAA Bank Yield Pledge® CDMember, FDIC

2.10% $5,000
8 of 8 offers

Logo for Sallie Mae

Sallie MaeMember, FDIC

Discover High Yield CD

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