Best CD Rates in December 2018 | CD Rates at Banks with the Highest Yields
Find the best CD rates, both nationally and regionally updated daily from the top rated banks. Get the highest CD interest rate available, view bank ratings and be sure you're getting the top rate.
Marcus by Goldman Sachs CD Rates are competitive for both short and long term CDs but the best CD rate is the 1 year rate. Current 1 year CD rates at Marcus by Goldman Sachs (used to do business as Goldman Sachs Bank USA) are at 2.52 percent with an APY of 2.55 percent. 2 year CD rates from Marcus by Goldman Sachs are at 2.67 percent with an APY of 2.70 percent. The minimum opening deposit is $500. As Marcus by Goldman Sachs says and trademarked, “Don’t just store money. Make money.” See how Marcus by Goldman Sachs CD Rates compare with other rates here to get the highest CD rate for your investment.
PurePoint Financial CD rates moved upward again and are now some of the best CD rates available from any bank. Current 12 month CD rates at PurePoint Financial are at 2.76 percent with an APY of 2.80 percent. 3 year CD rates from PurePoint Financial are at 2.96 percent with an APY of 3.00 percent. The minimum opening deposit for all CDs is $10,000. Compare PurePoint Financial CD rates with other online rates here.
Synchrony CD Rates which are already some of the best CD rates around were increased. 1 year CD rates at Synchrony were increased 15 basis points from 2.50 percent to 2.65 percent. 2 year CD rates were increased 5 basis points from 2.75 percent to 2.80 percent. See how these new Synchrony CD Rates compare with other bank rates.
Pentagon Federal Credit Union (PenFed) CD rates are in the top 5 CD rates available on our rate table. Current 1 year CD rates at Pentagon Federal Credit Union are at 2.76 percent with an APY of 2.80 percent. 6 month CD rates from PenFed are the highest on our 6 month rate list at 2.39 percent with an APY of 2.40 percent. You have to be a member to open an account and the minimum opening balance is $1,000. Compare Pentagon Federal Credit Union CD rates with other rates here.
Eastern CT Savings Bank CD rates are very competitive right now and one CD term has a really high rate. If you’re interested in a really short term CD, 14 day Eastern CT Savings Bank CD rates are currently at 0.15 percent. 2 year CD rates at Eastern CT Savings Bank are a lot higher at 2.71 percent with an APY of 2.75 percent. Compare short and long term Eastern CT Savings Bank CD rates with other bank rates here.
Congressional Bank CD rates are very high right now for online rates. 1 year CD rates at Congressional Bank are at 2.52 percent with an APY of 2.55 percent. 2 year CD rates from Congressional Bank are at 2.76 percent with an APY of 2.80 percent. Get the best CD rates by comparing Congressional Bank CD rates with other bank CD rates below.
Third Federal Savings and Loan CD rates on the bank’s Specials CDs are some of the best CD rates available right now. The minimum opening balance is only $500. 30 day rolling special CD rates at Third Federal Savings and Loan are at 1.85 percent. 59 month special CD rates at Third Federal Savings and Loan are at 3.50 percent. Compare Third Federal Savings and Loan CD rates with other banks below.
Twelve month CD rates are now above the current inflation rate and this hasn’t been the case for over a decade. This is great news for retirees who can now invest in certificates of deposit and actually make money when inflation is taken into account.
For the past decade, if you invested in certificates of deposit, you were probably getting a CD rate lower than the rate of inflation. You actually lost money by investing in either short term or long term certificates of deposit.
For example, back in 2012, the highest 12 month CD rates were around 1.00 percent. The inflation rate in 2012 was 2.10 percent, giving you a negative return of 1.10 percent. Looking at it another way, for every $10,000 invested you actually lost $110.00.
You didn’t fare any better investing in long term CDs. On May, 23, 2012, we reported the top 5 year CD rates were at 1.77 percent, still 0.33 percent below the inflation rate at the time. Investing in 5 year CDs, you lost $33.00 for every $10,000 invested. Thankfully, those very low CD rates are a thing of the past and you can now make money investing in CDs.
The Consumer Price Index (CPI) for the past 12 months was reported at 2.3 percent by The Bureau of Labor Statistics. You can actually get a higher CD rate on both short term and long term CDs. In fact, CDs with terms as short as 6 months have a higher rate than the current CPI. Below is a short list of banks offering CD rates higher than the inflation rate.
CD Rates Higher Than Inflation Rate
CD rates will continue to move higher in 2018 and into 2019. The Federal Reserve is expected to increase the fed funds rate o.25 percent in December, which will put more upward pressure on CD rates. The Fed is also expected to increase the rate 2 to 3 times in 2019.
By the end of 2019, we could see 12 month CD rates nearing 4.00 percent. That is a level we haven’t seen since the financial crisis and recession 10 years ago.
Finding the best CD rates available across the U.S. is easy but here are many factors to consider. Searching online for the best CD rates is obviously the best way to get the highest rate but did you know that some banks offer different CD rates for the same CD term?
There are a few different ways banks and credit unions offer higher rates for the same CD term. The most prevalent way is offering a higher rate for a deposit of $100,000 or more. Most banks and credit unions refer to these CD accounts as jumbo CD accounts.
Finding the Best CD Rates
Some financial institutions also offer tiered CD accounts. With tiered CD accounts, depositors earn a higher CD rate for amounts lager than $10,000, $25,000 or $50,000. These amounts are not standard amounts, so you will find higher rates with different tiers depending on the bank.
One obscure way that that banks and credit unions offer different rates is by offering separate online rates compared to brick and mortar rates. That’s right. If you walk into a bank and open a CD account, there is a chance that the rate you are given will lower than an online rate. Another way that banks offer different rates for the same products is by starting an online division.
For example, BankPurley is a Division of Flushing Bank, based in New York City. Flushing Bank currently has an advertised 12 month CD rate of .15 percent. The bank’s online division BankPurley, is currently offering 12 month CD rates at 2.65 percent, a whopping 17.66 times the traditional brick and mortar rate.
Some banks might offer slightly different CD terms between their brick and mortar rates and their online rates. For example, Popular Bank is offering a 13 month promotional CD rate of 2.50 percent. Popular Bank Direct, their online division, is offering a 12 month CD rate of 2.65 percent, a slightly higher rate.
As you can see from these examples, you have to spend some time searching and comparing CD rates. A few minutes searching for rates online from the comfort of your home will get you a higher rate and a better return on your money.
You probably heard about Bitcoin and other cryptocurrencies. Now you have a trusted U.S. based website that displays cryptocurrency prices from exchanges around the world.
We realize some will say “why is a website that aggregates banking rates now aggregating cryptocurrency prices?”
Brian McKay, founder of MonitorBankRates.com, made the following statement:
“We believe there will be some form of convergence of traditional banking and cryptocurrency in the future. What the convergence will ultimately be we don’t know but there will be a convergence. Therefore, aggregating cryptocurrency prices is a natural progression for us.
We aim to have the most current updated price information over and offer more features than our competitors. Above all, we hope our website introduces traditional U.S. banking customers to cryptocurrencies and contributes to the cryptocurrency community around the world.”
Our listing of cryptocurrencies currently has over 1200 cryptocurrencies and is growing. You can view our aggregated data at CoinMBR.com (Coin.MonitorBankRates.com)
Cryptocurrency Price Tracker
Some points to make, investing in cryptocurrency is highly speculative, you can certainly lose some if not all of your investment. Unlike CD accounts and savings accounts, cryptocurrency isn’t FDIC insured. Furthermore, cryptocurrencies are highly volatile. Our aggregated price data is for informational purposes only. Therefore we do not make any recommendations or imply that you should invest in cryptocurrencies.
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Brian McKay launched MonitorBankRates.com in April 2008. MonitorBankRates.com is now one of the leading online personal finance publications and bank rate aggregators. We also aggregate cryptocurrency prices from exchanges around the world.
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