The Best CD Rates in Wyoming for 2025

Wyoming has a smaller banking footprint than some states but you're not without options if you want to open a new CD account. The challenge is figuring out which banks offer the most competitive CD rates, so you get the most bang for your buck. We've researched the Wyoming banks paying the highest CD interest rates now.

BMO

BMO offers locked-in growth with a range of standard and special CD accounts. You can choose terms from 3 months to 5 years, and all CD accounts require a minimum deposit of $1,000 to open. The highest rate available now is offered with BMO's 13-month special CD.

ANB Bank

ANB Bank has CD accounts with terms from 90 days to 60 months, all of which earn an above-average APY. To get the highest CD rates, you'll need to deposit a minimum of $10,000; otherwise, you can open a CD at ANB with $1,000. There are no monthly fees, but there is an early withdrawal penalty. 

First Northern Bank of Wyoming

First Northern Bank of Wyoming offers standard CDs and IRA CDs for savers who want to set aside money for retirement. Terms range from 91 days to 60 months, and you'll get the best rates with 12- and 18-month CDs. You'll need $100 to open a standard CD and just $25 to open an IRA CD. 

Methodology

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

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?

A CD or certificate of deposit is a time deposit account. When you open a CD, you agree to leave your money in the account for a set term. The bank pays you interest until the term reaches its maturity date. 

Once your CD matures, you can decide what to do next. You could:

• Roll your savings over to a new CD
• Withdraw the interest and roll the rest of the money to a new CD
• Close your CD and withdraw your savings

CD terms may be as short as 7 days or last several years. Your bank could charge an early withdrawal penalty if you tap into your savings before the end of the term. 

How does a CD compare to a savings account or a money market account? 

With a CD, you lock your money in for a set term and earn a fixed interest rate. Savings accounts and money market accounts can also pay interest, but you can make withdrawals at any time. A CD may offer higher rates, but you get less flexibility in how you can access your savings. 

How to Choose a CD

CDs can help you reach your financial goals and you may need to do some research to find the right one to open. Here are some of the most important factors to weigh as you compare CDs in Wyoming. 

Interest rate

CD rates matter since you want to get the best rate possible. Some banks can pay much more interest than others, so it makes sense to look at all the options. 

Here are a few tips to help you compare CD rates. 

• Look at how CD rates correspond to different terms to see whether you could get more interest with a shorter or longer maturity. 
• Compare rates for standard CDs to special CD rates at banks that offer those promotions. 
• Use a CD calculator to estimate how much your money could grow with one CD vs. another. 

Is now a good time to open a CD? 

CDs become more attractive when rates are on the rise, since you can earn more interest. You may also want to steer more of your savings into CD accounts if you're worried that a rate drop may be on the horizon. 

Paying attention to interest rate trends can help you decide when the timing may be right to open a new CD. 

Maturity term

A CD maturity term is how long you're expected to leave the money in the account. Banks decide which CD terms to offer. 

Here's how CD terms compare. 

• Short-term CDs typically mature in 1 to 12 months, though some CDs may have terms shorter than 30 days. 
• Mid-term CDs have terms from 1 to 3 years and may offer some of the best CD rates.  
• Long-term CDs may take up to 10 years to reach maturity. 

Your maturity term matters since you need to know when you'll be able to withdraw your savings without a penalty. If you have a specific savings goal in mind, you can tailor your CD term to fit the time frame for completing that goal. 

Minimum opening deposit

You'll need to have a certain amount of money to open a CD account. Minimum deposit requirements can vary by bank, by the type of CD and the term. 

Standard CDs, for example, may have a minimum deposit of $100 to $1,000. Jumbo CDs may require $10,000 to $100,000 to open. Special CDs may be higher, lower or somewhere in the middle. 

In addition to a minimum opening deposit, there may be a minimum balance requirement. For example, you may need $1,000 to open your account, but $2,500 or more to earn the highest advertised rate. Reading the fine print can help you figure out exactly what you need to earn the most interest possible with a new CD. 

Early withdrawal penalty

CDs can have early withdrawal penalties, which kick in if you take money out of your account before maturity. The penalty may be a flat fee, a percentage of the interest earned or both. 

Try these tips to avoid the fee. 

• Choose a bank that doesn't penalize CD savers for early withdrawals
• Select the right CD term so that an early withdrawal isn't necessary 
• Build a ladder of CDs with different maturity terms
• Open a no-penalty CD, which allows you to make early withdrawals without a fee

You can also keep some of your money in a separate savings account, so you always have cash on hand that you can use if you need it. 

Flexibility options

There's more than one type of CD you could open. Standard CDs pay fixed interest rates but your bank could also offer:

• No penalty CDs
• Bump up or raise your rate CDs, which allow you to increase your rate once or twice during the term
• Add-on or step-up CDs that give you a chance to make monthly deposits
• Jumbo CDs 
• IRA CDs
• Special or promotional CDs

If you're not sure which one to open, think about your goals and needs. Compare the rates and terms for each type of CD, as well as the opening deposit requirements, to narrow down which one might be the best fit. 

Make Sure to Compare with Online Banks

While some great Wyoming banks offer CDs, consider whether an online bank could be a better choice. 

Online banks can offer:

• Higher CD rates
• Lower opening deposit requirements
• Fewer fees

Look for a bank that offers convenient online and mobile banking, along with solid customer support. Also, check out the options you'll have to make deposits and withdrawals, and how long those take to process. 

Learn more about the best online banks for savers. 

FDIC Insurance

FDIC insurance protects depositors up to $250,000 if a bank fails. Bank failures are not an everyday occurrence, but they do happen. And if a bank goes under, the FDIC steps in to help the bank's customers get their money back, up to the maximum coverage limit. 

Most traditional banks and online banks are FDIC-insured. You can check a bank's FDIC-member status online or at a branch. 

Credit union accounts are insured by the National Credit Union Administration (NCUA), not the FDIC. The coverage limit is the same.

FAQs

Is CD interest taxable? 

The IRS treats CD interest as taxable income. Your bank will need to send you a 1099 at the end of the year to show how much CD interest you earned. You'll use this form to complete your federal tax return. You'd also report CD interest on your state return if your state has a personal income tax, which Wyoming doesn't. 

How do you open a CD account?

To open a CD, you'll first decide which account you want to open. Next, you'll complete the bank's new account application. You'll need to share some personal information, verify your identity and make your first deposit. Many banks let you open CD accounts online, though some require you to visit a branch to get started. 

Are CDs safe?

A CD is a safe, secure way to grow your money when you deposit your savings at an FDIC-insured bank or NCUA-insured credit union. Since bank CD rates are fixed, there's virtually zero chance of losing money. Banks also use multiple security measures to protect your accounts from hackers and fraud. 

Should you put all your money into a CD?

Putting all your money into a single CD is risky. If you have a financial emergency and need to use some of your CD savings, you could get hit with an early withdrawal penalty. Even if you don't need any of the money, you risk losing out on a chance to earn higher rates if you keep all your savings in one CD.