Best CDs of 2023

Founded in 2016, Marcus by Goldman Sachs is known for its high-yield savings products, including its new Rate-Bump CD. The bank is backed by Goldman Sachs, one of the world's leading investment banks.

With Marcus’s 20-month Rate Bump CD, customers can take advantage of rising interest rates by requesting a one-time rate increase during the term of their CD. This CD has a low $500 opening deposit, making it a great option for those who want to keep their funds accessible while earning a higher interest rate.

Marcus by Goldman Sachs also offers other CD products, including a no-penalty CD that allows you to withdraw all of your money plus interest at any time after seven days of opening the account. CD terms range from six months to six years, and term lengths vary by product type.

Marcus by Goldman Sachs CDs offer:

• Several types of CDs
• Rate-bump option for rising rates
• $500 opening deposit

Be aware of these factors:

• Early withdrawal penalties may apply
• Rate-bump CD has one term

While some customers have reported issues with loan approvals, many others have found Marcus by Goldman Sachs to be a reliable and trustworthy financial partner. While there are no customer reviews that address CD products, the company has received high praise for being able to help customers reach their financial goals.

One customer from New York raved about their experience with a loan from Marcus by Goldman Sachs, saying: "I needed to consolidate my high-interest credit cards, as my monthly payments never seemed to lower my balances much. … My [Marcus by Goldman Sachs] loan was able to pay off three accounts in full and pay off a large chuck of other balances that were haunting me every month. My one monthly payment along with not using these credit cards has made my credit score go from good to excellent in seven months!”

Comerica Bank has been in operation since 1849 and offers a range of financial products and services, including high-yield CDs with flexible term options.

Customers can choose from terms as short as seven days or as long as 10 years, which is a longer range than most banks, allowing them to find a CD product that meets their specific savings goals. In addition to traditional CDs, Comerica also offers flexible-rate CDs, which include one penalty-free withdrawal, and Comerica checking account holders might be eligible for an interest rate bonus.

Customers can open a CD with a minimum deposit of $1,000, and the interest can be credited to the CD account or transferred to a Comerica checking or savings account. CDs are also eligible for automatic renewal and will receive the most up-to-date interest rates at the time of maturity.

Comerica Bank CDs feature:

• Interest rate bonus for existing customers
• Flexible term options
• Long-standing company history

Be mindful of the following with a Comerica CD:

• Rates not as competitive
• Must open a CD in person
• $1,000 opening deposit

While past customers have praised Comerica Bank for its deposit accounts and online banking platform, more recent customers have reported problems with customer service and fraud protection.

“We had a fraudulent charge on our account," said one customer from Plainwell, Michigan. “It took them several weeks to ‘investigate,’ and once they finally returned the money withdrawn fraudulently, we had to argue with them another several days to get the insufficient fee charges reversed.”

Truist is a financial services company that was formed in 2019 as a result of a merger between BB&T and SunTrust Banks. The bank has a strong presence in the southeastern U.S. and offers a range of financial products and services, including high-yield CDs with transparent fees.

Truist has a simple fee structure, with no hidden charges or surprises, making it easy for customers to understand exactly what they will pay. Truist's CDs also come with competitive interest rates, with terms ranging from seven days to 10 years, making it a great option for customers looking to earn higher interest on their savings.

Most Truist CDs have a $1,000 minimum deposit. However, seven- to 31-day CDs have a $2,500 minimum deposit. No matter which term you choose, you’ll need to visit a branch location to open an account.

With Truist CDs, you’ll get:

• Several terms to choose from
• Competitive yields
• Transparent fees

Make sure to pay attention to these factors:

• Minimum opening deposits vary
• Must open at a branch
• Only available in 16 states

Some former SunTrust customers say things aren’t the same now that it’s merged into Truist. But those customers still enjoy being able to get help from a real human when they stop by a branch location. As one Cape Coral, Florida, customer said: “[Truist] makes me feel like a valued customer. Person-to-person communication, they greet you by your name and always thank you for being their customer. Easy to communicate, even outside of banker's hours.”

Ally Bank is an online bank offering a variety of financial products and services, including high-yield CDs. The bank is known for its competitive interest rates and customer-friendly policies, making it a top pick for customers looking to maximize their savings.

Ally Bank's high-yield CDs are an ideal option for CD laddering, as the bank offers a range of terms and interest rates that can be tailored to fit a customer's needs. Ally Bank's CDs have no minimum deposit requirement, making it easy for customers to start a CD ladder with as little or as much money as they'd like.

CD products also come with the Ally Ten Day Best Rate Guarantee, which guarantees that you’ll receive the best rate available if it goes up during the 10 days after you open the CD. And, as of this writing, there is a 0.05% reward when you renew an Ally Bank CD. There are no monthly maintenance fees, and you can manage your CD account online.

Ally CDs offer:

• No opening deposit requirements
• Ally Ten Day Best Rate Guarantee
• Loyalty rate bump when you renew

If you’re thinking about an Ally CD, consider the following:

• No branch locations
• Longest CD term is five years

Ally Bank has a few customer complaints related to its loan services. Overall, though, it’s well loved among customers for its savings accounts and competitive rates. “Ally has always been responsive to my questions either online or via phone,” said one customer from Denver. “They make me feel confident in banking with them and using new transaction practices. Their rates are competitive with other large banks, and I would recommend Ally's services.”

While most high-yield CDs require a minimum opening deposit of $1,000 or more, Synchrony’s high-yield CDs have no minimum requirement. This means that you can start earning a competitive interest rate on your savings — whether it’s with $100 or $10,000. This is ideal for people who want to open a CD but don’t have a lot of money available for an opening deposit.

Synchrony’s high-yield CDs have terms ranging from three months to five years, so there’s a term for everyone. It also offers bump-up CDs for those who want to request a rate increase during their term, as well as no-penalty CDs that won’t penalize you for early withdrawals.

Rates vary based on the type of CD, with the highest rates falling in the 12- to 29-month terms, and you can establish a CD ladder as well to earn even more.

With a Synchrony CD, you’ll find:

• No minimum opening deposit
• Several types of CDs
• Competitive rates

Make sure you take into consideration:

• No branches
• Longest CDs don’t earn highest APY

Overall, customers are pleased with Synchrony’s customer service representatives and range of account options. “I am pleased to have multiple accounts with Synchrony, which makes it helpful when transacting with one specific account (e.g., Amazon),” said a reviewer from Manchester, New Hampshire.

Of the negative reviews, the most common complaint is related to some of Synchrony’s CareCredit card, which is often used to pay for medical or veterinary expenses.

TD Bank provides banking products and services to customers in the U.S. and Canada. The bank has a network of over 1,100 branches and operates primarily on the East Coast of the U.S., with headquarters in Cherry Hill, New Jersey, and Toronto, Ontario.

TD Bank offers a variety of financial products and services, including promotional CDs with tiered interest rates and a no-catch CD that comes with one penalty-free withdrawal per term. For all other products, you may make an early withdrawal after the first seven days of opening the account, and the amount you’ll pay varies based on the CD term. However, in certain circumstances, the penalty fee may be waived.

Most CDs have a low $250 opening deposit, which is lower than many other banks, making TD Bank a top pick for customers who want a low-stakes, low-fee way to get started with CDs.

TD Bank CDs provide:

• Competitive yields
• Flexible terms
• Tiered interest rates
• Bump-up CD option

Be careful of the following:

• Not available nationwide
• Rates may vary by location

Some customers have praised TD Bank for its user-friendly platform and helpful customer service, as well as a great mobile app. One review from a TD Bank customer from Cherry Hill, New Jersey, reads: “Love TD Bank: They have friendly bank hours (pre-pandemic) and a wonderful app.”

However, some customers have reported issues with account fees, slow processing times and technical glitches.

Discover might be most known for its credit cards and loans, but it also has an impressive lineup of deposit accounts, including savings accounts and CDs.

Discover’s high-yield CDs are a standout product, offering some of the highest interest rates available on the market. CD terms range from three months to 10 years. Although all terms have competitive rates, you’ll usually find the best rates on two- to three-year terms. You can also create a CD ladder to help you earn more money as your CDs mature.

One key benefit of Discover CDs is its competitive rates. When you open a Discover CD, you'll earn a fixed rate of interest for the duration of the CD term, regardless of changes in market interest rates. This helps provide a level of stability you might not find in the stock market. However, all of Discover’s CDs require a $2,500 minimum deposit, which may be a barrier if you don’t have that much money to invest upfront.

Discover Bank’s CDs come with:

• Competitive interest rates
• Easy sign-up process
• Flexible terms

Pay attention to these when considering a Discover Bank CD:

• $2,500 opening deposit
• Longest CDs don’t earn highest APYs
• No branch locations

Discover is often touted as having some of the best credit cards, and its online bank accounts are no different. Customers cite good interest rates, responsive customer service and an overall enjoyable experience.

“I have had a Discover bank online account for several years. They have one of the highest interest rates for savings accounts and CDs. Their customer service department is very responsive, helpful and courteous,” said a reviewer from Concord, New Hampshire.