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How to compare CDs
Rate Finder is an information and enquiry service — we don't run a live feed of every CD on the market. What we do is explain the details that matter, then take an enquiry about the amount and term you're considering so you can request follow-up information.
1.Annual percentage yield (APY)
APY folds the interest rate and compounding into one yearly figure, which makes it the fairest single number to compare between CDs. Check whether the APY is fixed for the whole term or can change.
2.Term and access to funds
A CD trades access for certainty: your money is committed for a set period. Shorter terms return access sooner; longer terms lock the rate for longer. Match the term to when you'll realistically need the money.
3.Minimum deposit
Minimums vary widely between institutions. A higher minimum doesn't necessarily mean a better APY, so compare like-for-like amounts.
4.Early withdrawal penalty
Most CDs charge a penalty — often a set number of months' interest — if you withdraw before maturity. The exact formula differs between providers, so ask for it in writing.
5.Insurance at the institution
Eligible deposits at FDIC-insured banks and NCUA-insured credit unions are protected up to applicable limits. Verify the institution before you commit — see our FDIC coverage guide.
A note on rates
CD rates move with the broader interest-rate environment and differ between institutions, so any rate quoted in an article could be out of date tomorrow. We don't publish rates on this site. Always confirm the current APY, term and penalty directly with the institution before opening an account.
For background on shopping for a CD, the FDIC's consumer guidance is a good primary source: FDIC — Shopping for a Certificate of Deposit.
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