The Best CD Rates in Idaho for 2025

CDs help you grow your money safely and securely, though some pay more interest than others. Idaho banks and credit unions offer competitive CD rates so you can get closer to your financial goals. We researched the best CD rates available at Idaho banks now. 

The Best CD Rates in Idaho

First Federal Bank

First Federal Bank offers standard CDs with terms ranging from 3 months to 5 years, plus two special CD options. Both are bump-rate CDs with a 5-month term; one is designed for people who have a First Federal Bank checking account, while the other is open to anyone. Rates are competitive across all CD options, and the minimum opening deposit is $500. 

WaFD Bank

WaFD Bank features CDs with terms as short as 14 days, but you can also save up to 60 months if you prefer. There are four special CD options as well, with terms of 7, 13, 19 or 30 months and they offer the best rates overall. Most CDs have a $1,000 minimum deposit, though you only need $500 to open a CD for minors and $100 to set up an IRA CD. 

Zions Bank

Zions Bank offers standard CDs and jumbo CDs, both of which have terms from 7 days to 60 months. The standard CD requires $1,000 to open, while you'll need $100,000 to set up a jumbo CD. Rates are fairly comparable whether you go with a standard CD or a jumbo CD. 

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 Idaho, the MyBankTracker team surveyed the certificate of deposit accounts offered by the top 50 retail banks by deposit market share in Idaho (based on FDIC June 2024 data) with more than 10 locations in the state--includes coverage and availability in major cities including Boise, Meridian and Idaho Falls. 

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?

CDs work by allowing you to earn interest for a set term. While your money is in the CD, you generally can't withdraw it without paying a penalty. At the end of the term, the CD matures. 

Once that happens, you can:

• Roll your savings over to a new CD, for the same term length or a different one
• Withdraw the interest only and put the rest of your money into a new CD
• Withdraw the amount you originally deposited, plus all the interest earned

Banks usually notify you to let you know when your maturity date is coming up. If you do nothing, the bank may renew the CD automatically for the same term. Your rate may be different if CD rates have gone up or down since you initially opened the account. 

Early withdrawal penalties may apply if you take money out before maturity. It's up to banks to decide what to charge for the fee, if anything. Traditional banks, online banks, and credit unions can offer CDs with different terms and rates. Credit union CDs go by a different name; they're called share certificates, but they work the same way. 

How to Choose a CD

If you're on the hunt for a CD in Idaho, there are certain factors to weigh before making a decision. Here are some of the most important things to consider as you compare CD accounts. 

Interest rate

CDs have an interest rate and annual percentage yield (APY). Most people check the APY when shopping for CDs, since that reflects the amount of interest you'll earn over one year. 

As you compare CD rates, remember that:

• There's no minimum interest rate banks are required to offer, and some pay only a fraction of a percentage point.
• Rates may vary based on where you live, even at banks located in the same state.
• Your CD term can influence the rate you earn. 

An online CD calculator can help you estimate your interest earnings based on the term, the amount you deposit and the rate or APY. 

Maturity term

Your maturity term is the length of time you're expected to leave money in your CD account. Some CDs have short terms; for example, you may save from 7 to 14 days. Others let you park your money for years at a time. 

As you compare CD terms, keep these tips in mind:

• Short-term CDs (3-12 months) mean you don't have to wait as long to withdraw funds, but rates may be lower. 
• Mid-term CDs (1-3) years can pay higher rates for people who are comfortable with a longer wait to maturity. 
• Long-term CDs (3+ years) sometimes pay the highest rates, but that isn't true at every bank. 

When checking maturity terms, review the bank's CD renewal policies. Look at whether there's a grace period in which you can add or withdraw money, and whether the bank will notify you that your maturity date is approaching. 

Minimum opening deposit

Banks can impose minimum opening deposit requirements on CDs. For example, you might need $500 to get started at Bank A, while Bank B expects a minimum deposit of $1,000 or higher. With jumbo CDs, opening deposit requirements can reach five or six figures. 

Paying attention to deposit requirements matters if you plan to build a CD ladder. When you ladder CDs, you open multiple accounts with different maturity terms. That way, you're always close to a maturity date, which is great if you need to withdraw money or want to roll funds over to a new CD with a higher rate. 

Some banks allow you to open CDs with no minimum opening deposit. So technically, you could start a CD with as $10, $50, $100--whatever you can afford. However, you may not earn much interest on that amount in the long run. 

Early withdrawal penalty

CDs may have early withdrawal penalties when you take money out before maturity. Banks may charge a flat fee, a percentage of the interest earned or both. The fee may be higher or lower, depending on the CD term. 

Some banks may waive these fees, but they're not required to. An early withdrawal fee could make a dent in your interest earnings if you have to pay one. Laddering CDs or choosing a no-penalty CD could help you avoid this added fee. 

Flexibility options

Banks may give you some variety when it comes to the types of CDs you can open. Your choices might include:

• Standard CDs, which lock in a set rate for a set term
• No penalty CDs that allow for early withdrawals with no fee
• Bump-up or raise your rate CDs, which increase your rate after account opening
• Add-on CDs, which allow you to make additional deposits monthly
• Jumbo CDs that require a higher minimum deposit
• IRA CDs, which help you save for retirement on a tax-advantaged basis

Each type of CD has its pros and cons, and some may be better suited to your goals than others. Comparing rates, terms and fees can help you decide whether it makes sense to choose a standard CD or a different type of CD account. 

Make Sure to Compare with Online Banks

We've highlighted some of the best CD rates in Idaho at traditional banks but don't overlook online banks. Many online banks offer high-yield CDs that pay solid rates, often with low opening deposit requirements. 

Here are some good reasons to consider CDs at online banks:

• You may not need as much money to open an account. 
• Account opening is usually easy and quick; it may take just a few minutes to open a new CD.
• Online banks are FDIC-insured just like traditional banks. 

Remember, you don't have to choose only online CDs or only traditional CDs. You could always open one of each (or more) to fund your savings goals. 

FDIC Insurance

FDIC insurance protects your deposits in case your bank fails. If a bank you have accounts with goes under for any reason, the FDIC helps you get your money back, up to the maximum coverage limit. 

Here are a few FDIC facts to know:

• Most banks, including online banks, are FDIC-insured.
• FDIC insurance protects depositors up to $250,000 per bank. 
• The FDIC doesn't insure credit unions, but the National Credit Union Administration (NCUA) does. 

Banks are required to display their FDIC status on their website and at branches. Check for the FDIC logo online or FDIC signage at your local branch. 

FAQs

Can you open CDs online in Idaho?

Idaho residents can open CDs online; they just need to meet the bank's requirements. You can shop for online CDs offered by local or regional banks, big banks, online banks or credit unions. Many online banks offer CDs to people in all 50 states, so you can cash in on the best rates whether you live in Idaho or anywhere else. 

Do CDs have withdrawal limits?

Banks can impose withdrawal limits on savings accounts. For example, you may not be able to make more than six withdrawals from a savings account per month without triggering a fee. CDs usually only allow for withdrawals at maturity; if you withdraw funds early, you may be charged a penalty fee. 

How much money do you need to open a CD?

The minimum deposit to open a CD varies by bank. A common minimum deposit requirement is $500 to $1,000, but you may need more or less money, depending on where you bank. Jumbo CDs may require anywhere from $10,000 to $100,000 to open. 

Is a CD account a good way to save? 

CDs can be a good way to grow savings when you earn a competitive rate and you don't need to access the money for the near future. If you're looking for more flexibility with withdrawals, you may consider a high-yield savings account instead. Comparing rates for CDs vs. savings accounts can help you estimate how much interest you could earn.