Best Overall CD
Quontic Bank
Low $500 minimum. Five term options from 6 to 60 months. Three-time best-bank award winner.
Open Account →
$500 min · FDIC insured
Best APY
3.50%
6 or 12-mo term
Terms Available
5
6 to 60 months
Min. Deposit
$500
Among lowest
Protection
FDIC
Up to $250,000
| Term | APY | Min. | |
|---|---|---|---|
| 6 Months Best | 3.50% | $500 | Open → |
| 12 Months | 3.50% | $500 | Open → |
| 24 Months | 3.15% | $500 | Open → |
| 36 Months | 2.85% | $500 | Open → |
| 60 Months | 2.75% | $500 | Open → |
Pros
- Only $500 to open (lowest of our featured picks)
- 5 term options: 6, 12, 24, 36, and 60 months
- Forbes Best Online Bank three years running
- Open an account online in about 3 minutes
Cons
- Rates below the absolute highest available (4.15%)
- No checking account to pair with your CD
Our Verdict
Best overall for most people. The $500 minimum is a fraction of what Bread Financial and Sallie Mae require. Five term lengths means you can ladder. Three consecutive best-bank awards from Forbes, Newsweek, and GoBankingRates back the legitimacy. Our default pick for anyone opening their first CD.
APY accurate as of July 2, 2026. $500 minimum to open. Early withdrawal penalties apply. FDIC insured.
Open Quontic CD →
$500 minimum · FDIC insured · ~3 min to open
Best No-Penalty CD
CIT No-Penalty CD
Withdraw anytime after 7 days with zero penalty. Highest rate of our three picks.
Open Account →
$1,000 min · FDIC insured
APY
3.90%
Highest of our picks
Term
11 Mo
Single term
Min. Deposit
$1,000
No maximum
Early Withdrawal
$0
After day 7
$0 Penalty
No lock-in. Pull your money after 7 days, penalty-free.
Most CDs charge 90–180 days of interest if you exit early. This one charges nothing. Same competitive rate, zero risk of penalty.
Pros
- Zero early withdrawal penalty after day 7
- Highest APY of our three featured picks
- Daily compounding, no fees
- FDIC insured, backed by First Citizens Bank
Cons
- $1,000 minimum (vs. $500 for Quontic)
- Only one term option (11 months)
Our Verdict
If there's any chance you'll need the money before maturity, this is the pick. You get a higher rate than Quontic's best AND you're not locked in. The best of both worlds for anyone with an uncertain timeline.
1 APY — Annual Percentage Yield is accurate as of July 1, 2026. $1,000 minimum to open the account. 2 With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds. For a complete list of account details and fees, see our Personal Account disclosures. Member FDIC.
Open No-Penalty CD →
$1,000 minimum · No early withdrawal penalty
Best for 1-Year Goals
CIT 13-Month CD
Fixed rate for the full term. Protected if rates drop. Daily compounding, no fees.
Open Account →
$1,000 min · FDIC insured
APY
3.25%
Fixed for full term
Term
13 Mo
~1 year
Min. Deposit
$1,000
Daily compounding
Protection
FDIC
Up to $250,000
Fixed Rate
Your rate is locked for all 13 months.
If the Fed cuts rates next quarter, you keep your rate. Daily compounding, no fees, backed by First Citizens Bank.
Pros
- Fixed 3.25% APY. Protected if rates fall.
- Daily compounding interest
- No opening or maintenance fees
- FDIC insured up to $250,000
Cons
- Lower rate than the no-penalty option
- Early withdrawal penalty applies
Our Verdict
For a specific savings goal around 13 months where you won't need early access. You're guaranteed the rate regardless of what happens to the market. Best if rate protection matters more than flexibility.
1 APY — Annual Percentage Yield is accurate as of January 9, 2026. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY. For a complete list of account details and fees, see our Personal Account disclosures. Member FDIC.
Open CIT 13-Month CD →
$1,000 minimum · Fixed rate for full term
CD Calculator
See exactly what your deposit will earn at any rate and term.
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Open Quontic CD at 3.50% APY →
$500 minimum · FDIC insured · 3 minutes to open
All CD Rates Compared
Click any row for details. Highlighted rows have affiliate relationships.
| Bank | Best APY | Term | Min. |
|---|---|---|---|
|
Bread Financial
|
4.15% | 9-mo | $1,500 |
|
Sallie Mae Bank
|
4.15% | 60-mo | $2,500 |
|
Marcus by Goldman Sachs
|
4.00% | 9-mo | $500 |
|
Capital One
|
4.00% | 12-mo | $0 |
|
Synchrony Bank
|
4.00% | 14-mo | $0 |
|
CIT No-Penalty CD
No Penalty
|
3.90% | 11-mo | $1,000 |
|
Alliant Credit Union
|
3.75% | 12-mo | $1,000 |
|
American Express
|
3.75% | 22-mo | $0 |
|
Ally Bank
|
3.70% | 12-mo | $0 |
|
Navy Federal CU
|
3.70% | 12-mo | $1,000 |
|
Barclays
|
3.50% | 6-mo | $0 |
|
Quontic Bank
Our #1 Pick
|
3.50% | 6-mo | $500 |
|
CIT 13-Month CD
Featured
|
3.25% | 13-mo | $1,000 |
Click any row for details. Rates as of July 2026 and subject to change.
Common Questions
A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed period. In exchange, the bank pays a higher interest rate than a standard savings account. You agree not to touch the money until the term ends. At maturity, you get your deposit plus all earned interest.
Yes. CDs at FDIC-member banks are insured up to $250,000 per depositor, per institution, per ownership category. All banks listed here are FDIC members. Alliant Credit Union is NCUA insured, which provides equivalent protection.
Most CDs charge an early withdrawal penalty, typically 60 to 180 days of interest depending on the term length. The exception is CIT's No-Penalty CD, which lets you withdraw the full balance after 7 days with zero penalty. If there's any chance you'll need the money early, the no-penalty CD is the safer pick.
Our top picks balance APY, minimum deposit, accessibility, and overall value. Quontic's $500 minimum is among the lowest available, it offers 5 different term lengths, and it has won multiple best-bank awards. Higher-APY banks often require $1,500 to $2,500 minimums or offer fewer term options. For most people, Quontic hits the best combination of rate and flexibility.
★ #1 PICKBest Overall CD
Quontic Bank · 3.50% APY
$500 minimum. Five terms from 6 to 60 months. FDIC insured. Award winner three years running.
Open Quontic CD →
$500 minimum · FDIC insured · Online application
Advertiser Disclosure: My Millennial Guide may receive compensation when you open an account through our affiliate links. This does not affect our rankings or editorial independence. Rates and terms are accurate as of July 2026 and subject to change. Always verify current rates directly with each institution. FDIC insurance applies to all bank accounts listed. Alliant Credit Union accounts are NCUA insured up to $250,000.
