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Top 5 CD Rates As Of July 2015

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We’re going to start introducing the best CD rates each month here on FFL. This way you can easily check how much interest you’ll be getting paid, and whether it’s worth it or not to put your money into one of these accounts.

For those of you who don’t know, a CD stands for a Certificate of Deposit. These are bank accounts that act in a very similar manner to savings accounts, except that the interest rate is usually quite a bit higher. The only requirement on your side is that you have to leave the money in your account for a certain amount of time, such as 6 months, 1 year, all the way up to 5 years.

The longer you agree to leave your money in a CD, the higher rate of return. If you withdraw any of your money during that timeframe, you’ll usually incur a penalty, so it’s best to make sure that you actually are okay with leaving your money in a CD without withdrawing it for a certain period of time.

Although you may find some higher rates than the ones listed here, we wanted to give everyone a variety of different term-lengths. Most 5-year CDs are going to have the best payout, and we figured it wouldn’t be of any help if we only put those on the list. Let’s get started on the list.

1. Vibe Credit Union – 2% – 2.5%

Residents of Michigan can apply for a 4-year or a 5-year CD that both pay 2% and 2.5% respectively at Vibe Credit Union. A minimum of $500 dollars is required to open an account, and you must be a resident of the lower peninsula of Michigan. We don’t recommend this CD because rates have been climbing very gradually over the past year, and after a year or two you might be able to find a better rate. 4-5 years without touching your money is a long time.

2. CIT Bank – 2.27%

CIT Bank is offering a 2.27% return for a Jumbo 5-year CD. The only downside is that there is a minimum deposit of $100,000, but it’s available to all members. You’re not going to find a higher rate that’s available to citizens nationwide. They are located in the state of Utah, but by no means do you have to be a resident of that state to apply. Again, since rates have been slowly climbing, we don’t recommend investing your cash for such a long time on such a low rate.

3. Synchrony – 1.5%

For those of you without a large amount of cash and are willing to wait a little bit of time before you can use your money, this is probably the best option. Synchrony offers a 3-year CD at 1.5% with a minimum deposit of only $2,000. We can’t be sure how much interest rates will raise within that time, but with a rate so low we recommend that you put your money elsewhere instead and wait for CD rates to climb. You just have to be eligible to open a US bank account to apply.

4. Synchrony – 1.45%

Synchrony meets the top 5 list again with its 1.45% rate. This time it’s only for 2 years. If you have to choose between the Synchrony 3-year CD and the 2-year one, we’re definitely going to recommend the 2-year. The rate is only higher by half of a percent, and within 2 years it’s possible that the rates could be much higher. And even if they aren’t, it’s not like you’re going to get a huge return on your money anyways. Again, only a minimum deposit of $2,000 is required to open up an account. Synchrony bank is located in the heart of New Jersey.

5. CIT Bank – 1.25%

The last one on our list makes the top 5 once again. CIT bank offers a 1-year CD at 1.25% with a minimum deposit of $25,000. The minimum is still quite high, which is why we’re going to recommend Synchrony if you need a place to stash a lower amount of cash. Again, although they are located in the state of Utah, you don’t need to be a resident to apply.

Final Thoughts

To be honest, you might be better waiting to let interest rates climb or to park your money somewhere else. Look how much interest rates have fallen over the years from the chart below (image provided by BankRate).

Maybe Investing in real estate is the right option for you. If you’re looking to make more cash, you can always check back here on FFL for other ways to make money, especially in our Apps & Websites section. Thanks for reading, and if you have any questions or comments, please feel free to leave them down below. Thanks for reading any happy frugaling!

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