LOS ANGELES, Jan. 27, 2015 /PRNewswire/ -- With the best CD rates in the country more than double the U.S. average, certificates of deposit can be a great tool for those who want to grow their money. Leading personal finance site GOBankingRates ranked the top 10 CD accounts in the U.S. to help consumers find the best place to park their money for an extended period of time. It's the third installment in GOBankingRates' "Best Banks" series, running through February, which ranks the top institutions and products of this year based on the criteria that consumers say matter most.
GOBankingRates investigated CD accounts at the 120 biggest U.S. brick-and-mortar and online banks, with a methodology that ranked 12-month CDs based on their minimum opening deposit and annual percentage yield.
"The nature of a CD is it rewards customers for giving up a little bit of flexibility with their funds in exchange for higher yields. But that doesn't mean you shouldn't be looking for a CD that offers you options -- like a lower minimum deposit threshold," said Casey Bond, GOBankingRates' managing editor. "The best CDs in the country hit a sweet spot -- an interest rate that's higher than regular savings accounts can offer, but with requirements that are flexible enough to allow you to work a termed deposit into your budget."
10 Best CD Accounts of 2015:
- Nationwide Bank
- GE Capital Bank
- Ally Bank
- Bank5 Connect
- CIT Bank
- TIAA Direct
- First Internet Bank
- Barclays Bank Delaware
- Synchrony Bank
- Presidential Online Bank
- Minimum deposit requirements for the top 10 CDs ranged from $0 to $2,000.
- Interest rates on this list range from 0.80% APY to 1.19% APY -- more than double the U.S. average on 12-month CDs, at 0.36% APY.1
- All CDs that ranked in the top 10 are offered by online banks.
For a video on how to find the best bank for you, visit: http://bit.ly/14Nx19I
GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News, Business Insider, Daily Finance, Huffington Post and more. It also specializes in connecting consumers with the best financial institutions and interest rates nationwide.
1 Insider Tips to Squeeze More Out of Low-Rate CDs, October 27, 2014.