The Best CD Rates in Delaware for 2025

Delaware residents may look to CDs to save if they're interested in locking in competitive rates. Local banks can offer CD rates that surpass big banks and go head-to-head with online banks. Need help deciding which bank to choose? We've researched the best CD interest rates in Delaware to make your decision easier. 

The Best CD Rates in Delaware

First Citizens Community Bank

First Citizens Community Bank offers regular CDs with terms ranging from 1 to 72 months, IRA CDs for retirement savings and several special CD options. Opening deposit requirements start at $500 and max out at $100,000, depending on the type of CD you open and the term. You'll get the best rates with mid- to long-term CDs here. 

Artisans' Bank

Artisans' Bank has fixed-rate CDs with terms of 3 to 60 months, all of which have a $1,500 minimum opening deposit requirement. You can also save in an IRA CD, which takes just $500 to open. Rates are impressive across the board, but the highest APY is currently offered with the bank's 9-month CD. 

Shore United Bank

Shore United Bank offers CDs with terms starting at 30 days and going up to 60 months. You can open a no-penalty CD with a 15-month term, which has a solid rate and charges no fee for a single withdrawal during the term. The minimum deposit for most CDs is $500; short-term CDs with terms from 30 to 89 days require at least $100,000 to open. 

Lock In The Highest CD Rates Before Interest Rates Crash Again

The Federal Reserve plans to continue dropping interest rates. To ensure that you continue to generate reliable returns for years to come, consider a CD now to lock in the highest available rates:

Methodology

To choose the best CD rates in Delaware, the MyBankTracker team surveyed the certificate of deposit accounts offered by the top 50 retail banks by deposit market share in Delaware (based on FDIC June 2024 data) with more than 10 locations in the state--includes coverage and availability in major cities including Wilmington, Dover and Newark. 

The top recommendations are the results of analyzing the CDs based on the following criteria:

• Annual percentage yield (APY) for each CD’s corresponding maturity term
• The number of CD maturity terms available from the bank with which their corresponding APYs are competitive
• Minimum opening deposit requirements

How Do CDs Work?

Certificate of deposit (CD) accounts are time deposit accounts that pay interest for a set period called a term. Interest rates are fixed, so you know how much you'll earn. Once the term ends, your CD matures.  

At that point, you can:

• Roll your savings into a new CD account, with the same term of a different one
• Withdraw just the interest and roll the rest of your savings into a new CD
• Close your CD and withdraw your original deposit, plus the interest earned

CD terms can last days, months or years. Banks can decide what types of CDs to offer, the term lengths and the rates. CD rates are tied to a benchmark rate; when the benchmark rate goes up or down, banks can adjust CD rates accordingly. 

The main difference between CDs and high-yield savings accounts or money market accounts is the term requirement. With a savings account or money market account, you can withdraw money whenever you like. With a CD, the bank expects you to leave your savings untouched until maturity. 

How to Choose a CD

CDs can look similar at first glance but it's worth digging into the details to see how they compare. Here are some of the most important factors to consider when choosing Delaware CDs. 

Interest rate

Before you open a CD you should know how much interest you stand to earn. The Delaware CD rates we found are well above the national average, which is a good thing for savers. 

As you compare rates for CDs, consider:

• Minimum deposit requirements
• Minimum balance requirements to earn the highest advertised rate, if any
• How CD rates correspond to different terms (for example, will you need to save for longer than you initially planned to get the best rate?)

CD rates are typically fixed for the term, so once your account is open it can't go down. However, rates for new CD accounts are subject to change at any time. 

Maturity term

A CD's maturity term is how long you're expected to keep the money in your account. If you take money from a CD before maturity, your bank could charge an early withdrawal penalty. CD terms typically last from 30 days to 60 months, though some banks offer shorter or longer terms. 

Here's a guide to how CD maturity terms compare:

• Short-term CDs mature in less than one year, giving you access to your savings faster. 
• Mid-term CDs mature in 1 to 3 years, and they're often where you'll find the "sweet spot" for the best CD rates. 
• Long-term CDs mature in 3+ years, and they're generally best for money that you know you won't need any time soon. 

Banks can offer special CDs that pay higher rates with shorter terms. For example, you may get the highest APY with a 5-month CD vs. a 12- or 18-month CD. Keep in mind that special CDs may sometimes have higher opening deposit requirements. 

Minimum opening deposit

A CD minimum opening deposit is the smallest amount of money you can use to open an account. Banks can decide where to set the opening deposit requirement, based on the CD term. A $500 minimum is fairly common, though you may need anywhere from $1,000 to $100,000 to get started. 

Opening deposit requirements may be less important if you're opening just one CD, but they can add a wrinkle when you're building a CD ladder. Laddering is when you open multiple CDs with different maturity terms. 

CD ladders can help you avoid early withdrawal penalties if you're always close to a maturity date. If one of your CDs matures, you can decide whether to pull the money out or roll it over to a new term to keep the ladder going. You can add as many CDs to your ladder as you like but you'll need to meet the minimum deposit requirement for all of them.  

Early withdrawal penalty

As mentioned, banks can charge early withdrawal penalties if you take money from a CD before it matures. Banks can charge:

• Flat fees
• A percentage of the interest earned
• Flat fees and a percentage

The penalty can take a decent chunk of your savings if you need to make an early withdrawal for any reason. If you'd like to avoid the fee, you may want to check out no-penalty CDs. 

With a no-penalty CD, the bank allows you to withdraw money during the CD term without a fee. There may be a limit on the number of withdrawals you can make. And no-penalty CDs may pay lower rates than other CDs. But they could be a good option if you think you may need to tap your savings in a pinch. 

Flexibility options

Standard or regular CDs are a straightforward way to save. You deposit money and the bank pays you interest throughout the term. If you want more flexibility, look for a bank that offers these CD options:

• No penalty CDs. Withdraw money before maturity without a fee. 
• Bump-up or raise your rate CDs. Increase your rate once or twice during the term. 
• Add-on CDs. Make monthly deposits to your CD after account opening.
• Jumbo CDs. Deposit larger amounts ($10,000+) to earn higher rates.
• IRA CDs. Save for retirement safely and security, while enjoying some tax benefits.
• Special or promotional CDs. Earn higher rates for specific CD terms. 

You can open one of these CDs or all of them, as long as you can meet opening deposit requirements. Research what your preferred bank offers to decide how each type of CD can help you meet your savings goals. 

Make Sure to Compare with Online Banks

We've profiled the best Delaware CDs at brick-and-mortar banks, but online banks are also worth a look. Online banks may pay higher CD rates, thanks to their lower overhead costs. They can also charge fewer fees and offer lower opening deposit requirements. 

You'll need to be comfortable opening your account and making deposits online. Online and mobile banking tools can make that easier. And remember that you don't have to choose one or the other when comparing online CDs and traditional bank CDs. There are no rules for the number of CD accounts you can have. 

Compare the best online banks for savers. 

FDIC Insurance

The FDIC insures deposit accounts at member banks. If a covered bank fails, the FDIC helps the bank's customers get their money back. 

There's a limit to how much the FDIC covers; FDIC insurance protects depositors up to $250,000. The limit applies per bank, per account ownership type. 

The FDIC doesn't insure credit union accounts. However, the National Credit Union Administration (NCUA) provides similar coverage, so your savings accounts are still protected. 

FAQs

Is CD interest taxable? 

The IRS treats CD interest as taxable income. Your bank should send you a Form 1099 at the end of the year showing the amount of CD interest you earned, which you'll need to enter on your federal tax return. CD interest is taxable at the state level in states that tax personal income, which Delaware does. 

How many CDs can you have?

You can have as many CDs as you like, at the same bank or different banks. There are no limits, though you will need to meet the minimum deposit requirement for each CD you open. Also, be aware that you may leave some of your savings uninsured if the balances in your combined CDs at the same bank exceed the FDIC coverage limit. 

Are CDs a safe way to save?

CDs are safe and secure when held at an FDIC-member bank or an NCUA-insured credit union. There's virtually zero risk of losing money with a bank CD since your money isn't invested in the market. Brokered CDs, which are issued by banks but sold by brokerages, on the other hand, are higher risk since they do have market exposure. 

Can anyone open a CD account?

Banks and credit unions usually require you to be 18 (or 19, depending on which state you live in) to open a CD account. If you're under 18, you'll need a parent or legal guardian to open an account on your behalf. You can find CD accounts for minors offered at traditional and online banks.