The Best CD Rates Around|Best Cds For The Novice Investor

By Cornelius Nunev

You are not going to get rich purchasing CDs, but you could do a lot worse. The main reason for this is low interest rates. Still, here are the very best CDs accessible today, based largely upon greatest yield.

Go to Ally Bank

Ally was voted by Money Magazine as the best online bank, in part due to the good CDs. With a 5 year CD, you can get a 1.59 percent APY, which is good. On top of that, you can 0.94 percent APY on a one year CD with no minimum required to open the account.

Try out Nationwide Bank

There are better rates at Nationwide than a ton of other places, specifically if you get a large CD of $100,000 or more. Any deposits up to $9,999.00 on a 5-year CD will get a 1.80 APY. The 12-month CDs have no minimum deposit and get 1 percent APY too.

Best certificates of deposit No. 3 - OneWest Bank, FSB

You need at least $1,000 to open a CD for 1 year at OneWest, but you can get 1 percent APY on it. For five years, you get 1.60 APY. These are all compounded daily, so that is good.

Next could be Bank of Internet USA

While not quite as popular as the other banks on this list, Bank of Internet USA has highly competitive rates due to low overhead. Its 1-year cd has 0.80 percent APY with a $1,000 minimum opening. If you can wait for five years before your CD matures, then the APY will turn into 1.60 APY. In both cases, interest is compounded daily for maximum return.

What about EverBank?

A 0.81 percent APY will be given on a 1-year CD at EverBank, though five years can get you 1.65 percent APY. The business is ranked very high for customer service, so it may be worth the required $1,500 needed to open the CD.

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