Even though high yield isn't very high anymore, you'll still need the very best rate of return available whenever you invest in a certificate of deposit. Your high-yield CD should also have an ideal load of benefits, from the right period of term and minimum deposit to most frequent interest compounding and other advantages like rate bumping and no withdrawal fee. The following banks offer some of the very best certificates of deposit when assessed by these criteria.
First off is Ally Bank
You can get 0.94 percent interest on a one-year CD at Ally that is compounded at the optimal daily rate. There is no minimum required in the account and renewal can set as the CD reaches maturity. If you would like a 5-year CD, you can get 1.59 percent APY, according to Cash Magazine.
Check out Nationwide Bank
Nationwide does more than insurance. Its banking arm sells very competitive CD products that are compounded daily, such as a 12-month, no minimum deposit CD with a 1 percent APY. Its 5-year CD beats the national average at 1.80 APY on deposits up to $9,999.00. A jumbo CD of $100,000 or more offers even better rates.
Go to OneWest Bank for a good deal
You need at least $1,000 to open a CD for 1 year at OneWest, but you can get 1 percent APY on it. For five years, you get 1.60 APY. These are all compounded daily, so that is great.
Bank of Internet USA an option
While not quite as popular as the other banks on this list, Bank of Internet USA has highly competitive rates due to low overhead. Its 1-year certificate of deposit has 0.80 percent APY with a $1,000 minimum opening. If you can wait for five years before your CD matures, then the APY will turn into 1.60 APY. In both cases, interest is compounded daily for maximum return.
What about EverBank?
Opening a CD will cost $1,500 for someone at EverBank, but the bank has some of the very best consumer service in the industry. The bank offers 0.81 APY on one year CDs and 1.65 APY on five year plans.
First off is Ally Bank
You can get 0.94 percent interest on a one-year CD at Ally that is compounded at the optimal daily rate. There is no minimum required in the account and renewal can set as the CD reaches maturity. If you would like a 5-year CD, you can get 1.59 percent APY, according to Cash Magazine.
Check out Nationwide Bank
Nationwide does more than insurance. Its banking arm sells very competitive CD products that are compounded daily, such as a 12-month, no minimum deposit CD with a 1 percent APY. Its 5-year CD beats the national average at 1.80 APY on deposits up to $9,999.00. A jumbo CD of $100,000 or more offers even better rates.
Go to OneWest Bank for a good deal
You need at least $1,000 to open a CD for 1 year at OneWest, but you can get 1 percent APY on it. For five years, you get 1.60 APY. These are all compounded daily, so that is great.
Bank of Internet USA an option
While not quite as popular as the other banks on this list, Bank of Internet USA has highly competitive rates due to low overhead. Its 1-year certificate of deposit has 0.80 percent APY with a $1,000 minimum opening. If you can wait for five years before your CD matures, then the APY will turn into 1.60 APY. In both cases, interest is compounded daily for maximum return.
What about EverBank?
Opening a CD will cost $1,500 for someone at EverBank, but the bank has some of the very best consumer service in the industry. The bank offers 0.81 APY on one year CDs and 1.65 APY on five year plans.
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