Banks Paying 3% or Higher on Certificates of Deposit


If you are looking for a bank paying at least 3% on your CD, you will have to pick a CD term of 7-years, 8-years, 10-years, 15-years or 20-years to find that rate. This is locking-up your money for quite a while, but your principal is guaranteed by the FDIC. You also have the advantage that if you need to get your money out early, you pay a set penalty instead of selling your CD to the market with the risk that higher interest rates will make it less valuable. Your greater risk in owning a long term CD is that inflation will erode your interest earnings, as the dollar buys less.

The decision to buy a long term CD is probably best made when you are laddering CDs and spreading out your interest rates risk. Placing some funds in high yielding long term CDs can help boost your CD portfolio income. Today’s CD rate leaders are listed below:



7-year CD rates


West Town Savings Bank, 3.24% APY, $1,000 minimum deposit, located in Illinois,  link

The Dime Savings Bank, 3.00% APY, $500 minimum deposit, link



8-year CD rates


Royal Bank America, 3.50% APY, $1,000 minimum deposit, link



10-year CD rates


Royal Bank America, 3.50% APY, $1,000 minimum deposit, link

BankWest, 3.30% APY, $100 minimum deposit, located in South Dakota, link

Capital One Bank, 3.00% APY, $5,000 minimum deposit, link

Fifth Third Bank, 3.00% APY, $500 minimum deposit, link

Page Valley Bank, 3.00% APY, $10,000 minimum deposit, located in Virginia,  link

 





15-year CD rates


BankWest, 3.60% APY, $100 minimum deposit, located in South Dakota, link



20-year CD rates


BankWest, 3.75% APY, $100 minimum deposit, located in South Dakota, link



Updated CD rates and bank deposit rates

 

 


Comments
2 Responses to “Banks Paying 3% or Higher on Certificates of Deposit”
  1. Caroline says:

    Thanks. You can ladder a few of these CDs with a couple of short term CDs and come out ahead.

  2. Frank says:

    THANKS, I have been looking for a list of the best 10-year CD rates and best 5-year CD rates. These rates are the best I have seen.

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