We analyze online CDs in the U.S. to uncover which have the best earnings, benefits, and the lowest fees. Learn more about our methodology here. Bank awards methodology | Previous Award Winners

1. Best Flexible High-Rate CD

Ally Bank 2-Year Raise Your Rate CD

A+ MyBankTracker Rating

Protect yourself against rising interest rates.

Best Feature: One-time opportunity to increase your CD rate

With the Ally Bank 2-Year Raise Your Rate CD, you’ll earn a strong APY (1.30% APY) with a one-time option to increase your rate if interest rates start to rise. It doesn’t have a minimum deposit amount and the early withdrawal penalty is only 60 days worth of interest.

  • Earn

    Earn a 1.30% APY on a 2-year CD term

  • Fees

    Early withdrawal penalty of 60 days worth of interest

  • Benefits

    One-time opportunity to increase your interest rate

    Mobile app available on the Apple App Store and Google Play

2. Best Increase Your Deposit and Rate CD

CIT Bank 2-Year RampUp Plus CD

B+ MyBankTracker Rating

Maximize your savings when interest rates are rising.

Best Feature: Ability to increase the CD deposit and CD rate.

CIT Bank wins with its 2-Year RampUp Plus CD. This CD is ideal for someone who wants to make the most of their savings amid a time when interest rates are changing. You can increase your rate once and/or increase your deposit - all with a decent starting APY (1.27% APY). There is a $25,000 minimum deposit.

  • Earn

    Earn a 1.27% APY on a 2-year CD term with a $25,000 deposit

  • Fees

    Early withdrawal penalty of 6 months worth of interest

  • Benefits

    One-time option to adjust your interest rate and a one-time option to increase your deposit during the CD term

    Mobile app available on the Apple App Store and Google Play

3. Best No-Penalty CD

Ally Bank 11-Month No Penalty CD

A+ MyBankTracker Rating

Freedom to access your money whenever you want.

Best Feature: No early withdrawal penalty

Ally Bank’s 11-month No Penalty CD wins thanks to its flexibility. This CD doesn’t charge a penalty if you need to cash out early. The rate on the CD varies depending on your balance (from 0.90% APY to 1.10% APY), which can beat some of the top savings accounts.

  • Earn

    Earn up to 1.10% APY on an 11-month CD term

  • Fees

    No early withdrawal penalty

  • Benefits

    Ability to fund your CD with mobile check deposit

    Mobile app available on the Apple App Store and Google Play

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