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CNET
05-05-2025
- Business
- CNET
Best CD Rates - Week of May 5 - May 9, 2025
Top CDs offer up to 4.50% APY – more than three times the national average for some terms. Sarah Tew/CNET If the economic headlines have you stressed, a certificate of deposit can provide some much-needed peace of mind. "CDs offer yield and fixed income, which can be a welcome source of stability in such a volatile political and economic environment," said Noah Damsky, CFA, Principal of Marina Wealth Advisors. "If you're looking to earn a stable income, sleep well at night and avoid the gyrations of the stock market, then CDs can be a great option." But if you want to maximize your returns, you may want to act now. Today's top CDs still earn annual percentage yields (APYs) up to 4.50%, but rates have been slipping despite the Federal Reserve's latest rate pauses. With a recession looming, APYs are likely to keep falling even if the Fed pauses rates again this week as expected. So the sooner you lock in your APY, the greater your earnings could be. Best CD rates this week Term Highest APY* Bank Estimated earnings on $1,000 deposit Estimated earnings on $5,000 deposit Estimated earnings on $10,000 deposit 6 months 4.50% CommunityWide Federal Credit Union $22.25 $111.26 $222.52 1 year 4.40% CommunityWide Federal Credit Union $44.00 $220.00 $440.00 3 years 4.15% America First Credit Union $129.74 $648.69 $1,297.38 5 years 4.20% America First Credit Union $228.40 $1,141.98 $2,283.97 Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET's partners' best rate for your area. Top reasons to open a CD today CDs offer many benefits, including: 😌 Low risk CDs held by an FDIC-insured bank or NCUA-insured credit union are protected for up to $250,000 per depositor, institution and account category. That means that if your bank fails, your money is safe. Other investments, like stocks, may potentially yield higher returns over the long term, but they're also volatile, which means you could lose money at any time. 📈 Guaranteed returns Your APY is locked in when you open a CD, unlike with savings accounts, where interest rates can vary at any time. A CD's fixed rate makes it easy to calculate how much interest you'll earn over time and protects your funds from rate drops after you open your account. 💰 Competitive rates Traditional savings accounts offer minimal APYs, sometimes as low as 0.01%. Today's top-yielding CDs have APYs of 4.50% or more, which can make a difference in your interest earnings and help your money keep pace with inflation. ✋ Barrier to access Many CDs, however, charge an early withdrawal penalty if you take your money out before the term ends. This can help you resist the urge to dip into your funds before you need them. A high-yield savings account might be a better fit if… CDs have plenty of perks, but they're not always the right fit for your needs. A high-yield savings account might be a better choice if: 🏧 You want ready access to your funds You'll pay a penalty if you take money out of a CD before it matures. You can withdraw cash from a savings account at any time, free of charge (as long as you mind any monthly withdrawal limits). This makes HYSAs a great fit for an emergency fund. 🫰 You don't have a ton of money to deposit Some CDs require a minimum deposit to open an account, typically $500 to $1,000. If you can't find an account with an attractive APY for the amount you want to deposit, try looking into a high-yield savings account with a low or no minimum deposit. 💵 You want to add funds over time Most CDs only allow a one-time deposit. If you'd like to continue adding money to your savings after you've opened the account, consider a high-yield savings account. 💰You can earn up to 5% APY on today's best high-yield savings accounts. Check out top savings rates now. Methodology CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service. The current banks included in CNET's weekly CD averages include Alliant Credit Union, Ally Bank, America First Federal Credit Union, American Express National Bank, Barclays, Bask Bank, BMO Alto, Bread Savings, Capital One, CFG Bank, CIT, CommunityWide Federal Credit Union, Discover, EverBank, First Internet Bank of Indiana, First National Bank of America, Forbright, LendingClub, Limelight Bank, Marcus by Goldman Sachs, MYSB Direct, NexBank, Quontic, Rising Bank and Synchrony. *APYs as of May 2, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually.
Yahoo
28-04-2025
- Business
- Yahoo
Best CD Rates This Week: Don't Miss Out on APYs as High as 4.50%
A certificate of deposit can be a smart way to protect your money from the ups and downs of the market. Your rate is fixed when you open a CD so your returns will stay the same regardless of what happens in the economy. At a time when tariffs, inflation and recession worries fill the news, this peace of mind can be especially valuable. Today's top CDs offer annual percentage yields as high as 4.40% -- more than three times the national average for some terms. But we've seen rates tipping downward in recent weeks so if you're thinking of opening a CD, doing it sooner rather than later could be a wise move. Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET's partners' best rate for your area. CDs offer many benefits, including: Low risk: CDs held by an FDIC-insured bank or NCUA-insured credit union are protected for up to $250,000 per depositor, institution and account category. That means that if your bank fails, your money is safe. Other investments, like stocks, may potentially yield higher returns over the long term, but they're also volatile, which means you could lose money at any time. Guaranteed returns: Your APY is locked in when you open a CD, unlike with savings accounts, where interest rates can vary at any time. A CD's fixed rate makes it easy to calculate how much interest you'll earn over time and protects your funds from rate drops after you open your account. Competitive rates: Traditional savings accounts offer minimal APYs, sometimes as low as 0.01%. Today's top-yielding CDs have APYs of 4.50% or more, which can make a difference in your interest earnings and help your money keep pace with inflation. Barrier to access: Many CDs, however, charge an early withdrawal penalty if you take your money out before the term ends. This can help you resist the urge to dip into your funds before you need them. CDs have plenty of perks, but they're not always the right fit for your needs. "Right now, both a CD and a high-yield savings account are good options but you must remember a CD has a fixed term, whereas an HYSA offers more flexibility to access your money," said Krisstin Petersmarck, a financial advisor at New Horizon Retirement Solutions. "The tradeoff is CDs offer a higher interest rate for your money to be locked in versus HYSAs that offer a lower interest rate." To determine if a CD is the right choice for your money, ask yourself the following questions: When will you need your funds? You'll pay a penalty if you take money out of a CD before it matures. In contrast, you can withdraw cash from a savings account at any time, free of charge (as long as you mind any monthly withdrawal limits). How much do you have to deposit? Some CDs require a minimum deposit to open an account, typically $500 to $1,000. If you can't find an account with an attractive APY for the amount you want to deposit, try looking into a high-yield savings account with a low or no minimum deposit. Do you want to add money over time? Most CDs (though not all) only allow a one-time deposit. If you'd like to regularly add money to your savings over time, consider a high-yield savings account. Do you need some discipline? If you're worried you'll be tempted to tap into your savings before you need it, a CD imposes an early withdrawal penalty, which can help give you reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service. The current banks included in CNET's weekly CD averages include Alliant Credit Union, Ally Bank, America First Federal Credit Union, American Express National Bank, Barclays, Bask Bank, BMO Alto, Bread Savings, Capital One, CFG Bank, CIT, CommunityWide Federal Credit Union, Discover, EverBank, First Internet Bank of Indiana, First National Bank of America, Forbright, LendingClub, Limelight Bank, Marcus by Goldman Sachs, MYSB Direct, NexBank, Quontic, Rising Bank and Synchrony. *APYs as of April 28, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually. Sign in to access your portfolio
Yahoo
21-04-2025
- Business
- Yahoo
The Best and Worst Places To Keep Cash, Coins, Crypto and More
No, really. Where is the best place to store your money? According to a survey conducted by Piere, an AI-powered financial management app, found that the average American stashes $544 in cash or valuables at home. Wanting to keep your money safe is fine. But hoarding it in the wrong places could do more harm than good. Think about the story back in 2009 where CNBC reported that a woman didn't realize her mother stashed $1 million in cash in an old mattress that she threw away. Check Out: Trending Now: Even if your mattress (or an equivalent item) is still in your home, there are huge risks with storing cash or its equivalent in your home. For one, your insurance policy may not provide coverage for cash or even crypto. Even if it does cover valuables, there may be policy limits. Don't forget the opportunity costs for cash. You're not going to earn any interest and even worse, the cash loses value due to inflation. So where are the best and worst places to store your cash, valuables or crypto? Even if you're convinced that a mattress isn't the best place to store your cash, a vase, freezer or some other secret compartment probably won't do. Your best bet is to store it at a bank or credit union. Most of these financial institutions are FDIC- or NCUA-insured. In case the bank or credit union goes belly up, your money is safe up to the insured amount. A high-yield savings account offers a higher rate for your cash, and so do money market accounts. Be sure to check if there are any minimum deposit amounts and if there are any fees you may need to pay. If you want to park your cash for longer and want to guarantee some sort of a return, a certificate of deposit (CD) could be a good choice. Many banks and credit unions offer slightly higher interest rates depending on the term you agree to. You will need to keep the cash for the agreed upon term or you could pay a penalty. Explore More: Storing your coins or other valuables at home may be safe, but be sure you document these items. That way, if in the event you need to file a claim, you have documentation to show to your insurance company. Consider storing these valuables in a fireproof safe. Otherwise, you could pay for a safe deposit box at your local bank. Yes, it'll cost you, but it could be worth it knowing your valuables are probably safer than at your home. Some precious metal dealers may also have their own storage facilities boasting climate controlled rooms and all the latest security features. You can consider this if you have a large amount of gold or other precious metals. Don't risk forgetting your wallet password or having it stolen by writing it down on a piece of paper, storing your information on the cloud, or committing it to memory. Instead, consider using a reputable crypto exchange or devices made to store crypto. For example, a cold wallet isn't connected to the internet, which could be safer for lager amounts of crypto. A hot wallet can make transactions easier, but it's connected to the internet which could be more susceptible for hackers. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 4 Affordable Car Brands You Won't Regret Buying in 2025 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on The Best and Worst Places To Keep Cash, Coins, Crypto and More
Yahoo
11-03-2025
- Business
- Yahoo
Now's the Time to Lock In a High APY. Today's CD Rates, March 11, 2025
Today's top CDs boast APYs up to 4.65%. The national average rate is less than a third of that for some CD terms. Locking in a high APY now protects your earnings from rate drops. CD rates have held relatively steady since the Federal Reserve's January rate cut, but banks are still tweaking their annual percentage yields as they await the Fed's next meeting on March 18-19. Notably, the top five-year CD on our list -- American First Credit Union's -- saw its APY drop to 4.20% after being at 4.25% since November. It's a reminder that rates can change anytime, so opening a CD while they remain high is a smart move. "If you're waiting for higher CD rates before you invest, you might not get it," said Noah Damsky, CFA, Principal of Marina Wealth Advisors. "If I were in the market for a CD now, I'd invest right now because rates might be lower tomorrow." You can earn up to 4.65% APY with today's best CDs -- more than three times the national average for some terms. Here are some of the highest CD rates available now and how much you could earn by depositing different amounts. Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET's partners' best rate for your area. CDs offer a number of benefits, including: Competitive rates: Traditional savings accounts offer minimal APYs, sometimes as low as 0.01%. Tops CDs currently have APYs of 4.50% or more. That can make a difference in your interest earnings. Guaranteed returns: Your APY is locked in when you open a CD, unlike with savings accounts, where interest rates can vary at any time. A CD's fixed rate makes it easy to calculate how much interest you'll earn over time and protects your funds from rate drops after you open your account. Low risk: CDs held by an FDIC-insured bank or NCUA-insured credit union are protected for up to $250,000 per depositor, institution and account category. That means that if your bank fails, your money is safe. Other investments, like stocks, may potentially yield higher returns over the long term, but they're also volatile, which means you could lose your money at any time. Barrier to access: You can withdraw money in a savings account at any time, free of charge (as long as you mind any monthly withdrawal limits). Many CDs, however, charge an early withdrawal penalty if you take your money out before the term is up. This can help you resist the urge to dip into your funds before you need them. CDs have plenty of perks, but they're not always the best option. "It really depends on your goals," said Taylor Kovar, certified financial planner and CEO of 11 Financial. To determine if a CD is the right choice for your money, ask yourself the following questions: When will you need your funds? CDs are great for savings goals with a set timeline, and they come in a range of terms, from as short as three months to several years. If you know you want to buy a home down the road, for example, a five-year CD can be a great way to grow your down payment. If you need instant access to your money with an emergency fund, however, a savings account is a better fit. How much do you have to deposit? Some CDs require a minimum deposit to open an account, typically $500 to $1,000. If you can't find an account with an attractive APY for the amount you want to deposit, try looking into a high-yield savings account with a low or no minimum deposit. Do you want to add money over time? Most CDs (though not all) only allow a one-time deposit. If you'd like to regularly add money to your savings over time, consider a high-yield savings account. Do you need some discipline? If you're worried you'll be tempted to tap into your savings before you need it, a CD imposes an early withdrawal penalty, which can help give you reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service. The current banks included in CNET's weekly CD averages include Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America and Connexus Credit Union. *APYs as of March 10, 2025, based on the banks we track at CNET. Earnings are based on APYs and assume interest is compounded annually. Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
5 best banks and credit unions for military (2025)
Many banks and credit unions tailor their products and services to better serve their customers. And some focus specifically on serving military personnel and their families. We compared the top FDIC- and NCUA-insured banks and credit unions for military members, evaluating key metrics such as membership eligibility requirements, fees, customer experience, product choice, and more. (See our full methodology here.) The following is our ranking of the five best banks and credit unions for military members, veterans, and their families in 2025. Read on to learn more about each one. Pentagon Federal Credit Union (PenFed) serves more than 2.9 million members globally. It offers checking and savings accounts, credit cards, auto loans, home loans, and more. PenFed offers VA loans with a 0% down payment option and no private mortgage insurance. It also gives back to military members and their families through the PenFed Foundation — a national nonprofit committed to empowering military service members, veterans, and their communities. Since 2001, the foundation has provided more than $50 million in financial support, impacting more than 140,000 military families. PenFed received an almost perfect score in our fees, product selection, and account features categories thanks to its lack of monthly account fees and vast list of products and services, overdraft protection options, and other perks such as Zelle integration and early direct deposit. It also scored well in our security category and made our list of the 10 best credit unions overall. Unlike many credit unions, PenFed has an open charter. Anyone can become a member by opening a share account. Read more: 7 credit unions anyone can join Chase Bank is the largest bank in the U.S., operating more than 4,900 branches and 16,000 ATMs across the nation. Chase offers a wide range of financial products, including credit cards, checking and savings accounts, certificates of deposit (CDs), home and auto loans, and business and commercial banking products. Chase offers several benefits for military members and veterans. For example, they can get all the perks of Chase Premier Plus Checking, including no Chase fees at non-Chase ATMs, no Chase fees on incoming or outgoing wire transfers, and no Chase fee for foreign exchange rate adjustments on debit card purchases or ATM withdrawals. Plus, Chase will waive the $25 monthly service fee for current service members and veterans of the U.S. Armed Forces with a qualifying military ID. Read more: Capital One vs. Chase: Which bank is best for you? Navy Federal Credit Union, commonly referred to as Navy Fed, was established in 1933 and has since grown to serve 14 million members of the Department of Defense, Army, Marine Corps, Space Force, and Coast Guard, as well as veterans and their families. Navy Fed offers personal and business products and services, including checking and savings accounts, credit cards, loans, and more. Navy Fed offers military customers up to $20 in ATM fee rebates, free military checks, early access to military pay with qualifying military direct deposit, APR discounts on select loans, and more. Read more: USAA vs. Navy Federal Credit Union: Which is better for military banking needs? Capital One is a Virginia-based credit card company founded in 1994. Over the years, Capital One has expanded its offerings to include a full suite of banking products and services for consumers and businesses. Capital One also gives customers access to an extensive library of educational resources and credit tools. Capital One caps interest at no more than 4% for credit cards, lines of credit, auto loans, home equity loans, and more for all active-duty service members, reservists, and members of the National Guard. There are also no fees assessed on accounts, except bona-fide insurance. Read our full review of Capital One Armed Forces Bank was founded in 1907 and serves active-duty military, veterans, retirees, DOD, civilians, and their families across all 50 states and around the world. Armed Forces Bank offers personal and business checking and savings accounts, CDs, loans, and more. Its military customers can take advantage of free checking options, early pay, quick access to personal loans, and VA home loans. Read more: Best VA loan lenders of February 2025 Military-friendly institutions offer products and services designed to meet the needs of service members and their families. Often, this means more favorable interest rates, lower or no account fees, more locations near military bases, worldwide access to banking services, customer support to better serve service members abroad, military pay advance options, and housing assistance programs. Military banks and credit unions may also have their own nonprofits or volunteer initiatives that work to support military communities and their families. If you're a service member or veteran or related to one, there are several considerations to keep in mind when choosing a military-friendly financial institution. Some key factors to consider may include: Nationwide or global accessibility: If you travel or relocate frequently, having access to online banking tools and a large branch network is key. Favorable product rates and fees: Take a look at the products, services, rates, and fees offered by the military banks you're considering. It pays to do some comparison shopping across several institutions to make sure you're getting the best possible rates and low- or no-fee accounts. Deployment benefits: Many military banks and credit unions offer benefits specifically for active-duty service members, such as interest rate caps, debt relief for debt incurred before active duty, foreclosure protections, and more. Our grading system, collected and carefully reviewed by our personal finance experts, is comprised of over 200 data points related to FDIC- and NCUA-insured institutions to develop our list of the top five best banks and credit unions for military. We compared these institutions across key metrics, including fees, customer experience, product selection, account features and security, and environmental and social responsibility. The financial institutions on our list could earn a maximum of 72 points across all categories. Here's a closer look at the categories we considered: Fees and insurance: 20 points We evaluated each bank or credit union's fees for its most basic checking and savings account options, as well as overdraft fees and ATM fees. Financial institutions were awarded points for having no or low fees, greater fee transparency, and clear fee structures. Customer service experience: 25 points Personalized customer service is a key benefit of many banks and credit unions, though some are better than others. The institutions we evaluated were scored on metrics including access to a physical branch, mobile app ratings on Apple and Google storefronts, and methods for reaching customer service representatives. Banks and credit unions that offered phone, chat, and email or secured message contacts were awarded the maximum points in that category. We also examined each website for information clarity as part of the customer service assessment, evaluating each bank or credit union's website design, ease of navigation, language clarity, and whether customers could easily gather all the information needed to make an informed decision about any particular product. Institutions that offered more extensive ATM networks, credit monitoring tools, and educational resources earned extra points. Product selection and account features: 14 points Each financial institution we analyzed could earn one point per product for each of the following: Checking accounts Savings accounts High-yield savings accounts Money market accounts Share certificates Mortgages Personal loans Auto loans Home equity lines of credit We also looked at the speed of ACH transfers and gave points for same- or next-day transfers, early access to paychecks, Zelle as a service, and being part of FedNow — the Federal Reserve's instant payment service. Security: 10 points We carefully considered each bank or credit union's security measures to protect your money and sensitive information. We looked at factors such as multifactor authentication, website encryption, alerts for suspicious activity, zero fraud liability, and whether each institution had a dedicated online security page or hub. Environmental and social responsibility: 3 points Many consumers consider a financial institution's carbon footprint and philanthropic efforts before deciding who to bank with. As such, banks and credit unions that have dedicated pages to their philanthropic efforts and environmental goals and have pledged to reach net zero CO2 emissions by 2050 scored up to 3 points for doing so.
