12 best CD accounts to open in April 2024

The current interest rate environment is not beneficial for those looking to borrow money. On the other hand, if you’re a saver, today’s high interest rates are probably welcome. After all, the high interest rate environment gives you more opportunities to make a significant profit from your idle cash. And certificates of deposit (CDs) are a compelling way to do this.

But today’s high rates won’t last forever. Interest rates generally rise and fall in response to macroeconomic changes. One of the biggest economic challenges the factor of interest is inflation. In fact, today’s high rates are a product of the Federal Reserve’s response to COVID-era high inflation – inflation that has since calmed.

Even though the inflation rate has not yet fallen to the 2% target set by the Federal Reserve, this figure stood at 3.2% in February; a significant improvement compared to Rate of 9.1% observed in June 2022 shortly after the Federal Reserve’s first rate hikes. As such, most experts expect the Fed to start cutting rates later this year.

Fortunately, CDs allow you to take advantage of today’s high interest rates. for the duration of your account.

But as with any savings vehicle, it’s important to compare your CD options to ensure you get the best possible price. So, which CD accounts offer the best rates in April?

Open a CD now to take advantage of today’s competitive interest rates.

12 Best CD Accounts to Open in April 2024

If you want lock in today’s high interest rates Before any potential rate drop, consider opening one of the following accounts in April:

• America First Federal Credit Union 1-year CD – 5.30%: This account has a minimum opening deposit of $500. THE early withdrawal penalty on this account is equal to 60 days of interest.
• CD Banque Populaire 6 months – 5.30%: This account has a minimum opening deposit of $10,000. The early withdrawal penalty on this account is equal to 120 days of interest.
• TAB Bank CD 1 year – 5.27%: This account has a minimum opening deposit of $1,000. The early withdrawal penalty on this account is equal to 90 days of interest.
• Vio Bank CD 6 months – 5.25%: This account has a minimum opening deposit of $500. The early withdrawal penalty on this account is equal to 1% of the amount withdrawn plus $25.
• Pain Savings CD 1 year – 5.25%: This account has a minimum opening deposit of $500. The early withdrawal penalty on this account is equal to 180 days of interest.
• LendingClub CD 1 year – 5.15%: The minimum deposit to open this account is $2,500. The early withdrawal penalty on this account is equal to 60 days of interest.
• Synchrony Bank CD 6 months – 5.15%: There is no minimum opening deposit amount on this account. The early withdrawal penalty on this account is equal to 90 days of interest.
• Alliant CD 1 year – 5.15%: This account has a minimum opening deposit of $1,000. The early withdrawal penalty on this account is equal to the value of interest for the number of days the account is open up to a maximum penalty of 90 days.
• CapitalOne CD 10 months – 5.10%: This account does not have a minimum opening deposit. The early withdrawal penalty on this account is equal to 3 months of interest.
• BMO Alto CD 1 year – 5.05%: This account does not have a minimum opening deposit. The early withdrawal penalty on this account is equal to 90 days of interest.
• Marcus by Goldman Sachs CD 14 months – 5.00%: This account has a minimum deposit of $500. The early withdrawal penalty on this account is equal to 90 days of interest.
• Barclays CD 1 year – 5.00%: This account does not have a minimum opening deposit. The early withdrawal penalty on this account is equal to 90 days of interest.

Don’t wait for prices to drop to open a CD. Compare your options now.

The essential

The current high interest rate environment, combined with the fact that interest rates may soon fall, makes CDs attractive savings vehicles. And given that rates are locked, meaning you can earn high returns even if the overall rate climate changes soon, it makes sense to get started quickly. Take advantage of today’s high rates with a CD now.