Certificates of deposit (CDs) are a type of savings account that offer a higher interest rate than a traditional savings account. CDs typically have a fixed term, such as one year, three years, or five years. During the term of the CD, you cannot withdraw your money without penalty. However, the higher interest rate can help you earn more money on your savings.
The following are the top 5 highest CD rates available in July 2023, along with some pros and cons of each offer:
| Bank | Interest Rate | Term | Minimum Deposit | Pro | Con |
|---|---|---|---|---|---|
| CFG Bank | 5.25% APY | 1 year | No minimum deposit | No minimum deposit | Not available in all states |
| Quontic Bank | 5.15% APY | 1 year | No minimum deposit | Free ATM withdrawals nationwide | Early withdrawal penalty applies |
| Ally Bank | 5.00% APY | 18 months | No minimum deposit | No monthly fees | Early withdrawal penalty applies |
| Barclays Online | 4.80% APY | 12-18 months | No minimum deposit | Free ATM withdrawals worldwide | Early withdrawal penalty applies |
| Bread Savings | 5.25% APY | 1 year | $1,500 | 100% FDIC insured | Minimum deposit required |
Conclusion:
These are just a few of the top CD rates available in July 2023. When choosing a CD, it is important to compare rates from different banks and credit unions. You should also consider the term of the CD, the minimum deposit, and any fees that may be associated with the account.
1 thought on “Top 5 Highest CD Rates Available in July 2023”