Top CD Accounts for High Interest in October 2021

Figuring out where to stash your cash to earn the most interest can be challenging. One potentially lucrative option is a certificate of deposit (CD) account. Depending on the bank or credit union you choose, CDs could offer a higher annual percentage yield (APY) than high-yield savings accounts or money market accounts.

Finding the best CD account can feel overwhelming, though. To help narrow down your options, we’ve pulled together a list of the best CD accounts. We’ll also discuss what to look for as you’re shopping around for a CD to make the process easier.

In this article

• The best CD accounts of October 2021
• What is a CD account?
• How does compound interest work?
• How to pick the right CD account for you
• Our methodology
• FAQs
• Bottom line

The best CD accounts of October 2021

• Best for flexible rates and withdrawals: Marcus by Goldman Sachs
• Best for large deposits: CIT Bank
• Best for military members: Navy Federal Credit Union
• Best for small deposits: Ally
• Best for varied term lengths: Discover

Best for flexible rates and withdrawals: Marcus by Goldman Sachs

Imagine opening a CD and then watching CD rates increase just a day or two later. You’re stuck with a long-term rate lock at a lower rate which means earning less interest.

Fortunately, online bank Marcus by Goldman Sachs offers a solution to this problem. As long as you make a $500 minimum deposit within 10 days of opening your account, you’ll receive the highest published interest rate and APY for the High-Yield CD you opened. APYs for Marcus CDs currently range from 0.15% to 0.70% (as of July 20, 2021), depending on the term you choose.

And if you’re not sure when you’ll need access to your funds, Marcus also offers a 7-month no-penalty CD with an APY of 0.45% (as of July 20, 2021). This CD allows you to withdraw your entire balance anytime, beginning seven days after you fund the account.

Learn more about CD accounts from Marcus.

Best for large deposits: CIT Bank

CIT Bank is the only bank on our list that offers jumbo CDs. These CDs require a $100,000 minimum deposit, and APYs range from 0.40%-0.50% (as of July 20, 2021), depending on the term you choose.

In general, jumbo CDs could offer higher interest rates than non-jumbo CDs due to the amount of money you’re letting the bank hold for a fixed period. However, it’s a good idea to shop around to find the best rate and terms for your personal finance situation.

In addition to its jumbo CDs, CIT Bank also offers other CD products, including term CDs and 11-month no-penalty CDs. If you’re looking for an online savings account and a checking account too, CIT Bank could be a good option.

Learn more about CIT Bank’s CD accounts and 11-month no-penalty CD.