These 3 CDs All Offer Rates Above 5.00% Right Now. Does It Matter Which One You Pick?

Motley Fool04-19

KEY POINTSPicking the right CD requires deciding how long you want to tie up your money.Capital One, Alliant, and Synchrony all offer CDs with rates above 5.00% right now.There are important ...

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Does It Matter Which One You Pick?","media":"Motley Fool","content":"<div>\n<p>KEY POINTSPicking the right CD requires deciding how long you want to tie up your money.Capital One, Alliant, and Synchrony all offer CDs with rates above 5.00% right now.There are important ...</p>\n\n<a href=\"https://www.fool.com/the-ascent/banks/articles/these-3-cds-all-offer-rates-above-500-right-now-does-it-matter-which-one-you-pick/\">Source Link</a>\n\n</div>\n","source":"fool_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 3 CDs All Offer Rates Above 5.00% Right Now. 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Does It Matter Which One You Pick?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-19 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/the-ascent/banks/articles/these-3-cds-all-offer-rates-above-500-right-now-does-it-matter-which-one-you-pick/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSPicking the right CD requires deciding how long you want to tie up your money.Capital One, Alliant, and Synchrony all offer CDs with rates above 5.00% right now.There are important ...</p>\n\n<a href=\"https://www.fool.com/the-ascent/banks/articles/these-3-cds-all-offer-rates-above-500-right-now-does-it-matter-which-one-you-pick/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1861220207.SGD","symbol_name":"Blackrock FinTech A2 SGD-H","start_time":0,"source_url":"https://www.fool.com/the-ascent/banks/articles/these-3-cds-all-offer-rates-above-500-right-now-does-it-matter-which-one-you-pick/","article_id":"2428866560","we_media_id":null,"thumbnails":["https://g.foolcdn.com/image/?url=https%3A%2F%2Fm.foolcdn.com%2Fmedia%2Faffiliates%2Fimages%2FJester-money-001_Svywi4o.width-1200.jpg&op=resize&w=165&h=104"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428866560","pubTimestamp":1713540600,"sourceInfo":{"source_id":"fool_stock","name":"Motley Fool"},"weMediaInfo":null,"summary":"Choosing a CD requires careful consideration of many options. Check out three great choices with top APYs and learn how to pick between them.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","COF":"第一资本","BK4166":"消费信贷","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1861217088.USD":"贝莱德金融科技A2","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","BK4116":"互联网服务与基础架构","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","BK4516":"特朗普概念","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4588":"碎股","BK4585":"ETF&股票定投概念","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","CD":"秦淮数据"},"translate_title":"这三种定期存单目前的利率都在5.00%以上。你选哪一个重要吗？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CD":0.9,"COF":0.9},"content_text":"KEY POINTSPicking the right CD requires deciding how long you want to tie up your money.Capital One, Alliant, and Synchrony all offer CDs with rates above 5.00% right now.There are important differences between them that impact which you should pick, including the required minimum deposit.Check out our pick for the best cash back credit card of 2024If you're looking for a CD with a high APY (annual percentage yield), you have a lot of options right now. That's a good thing. But it can make it harder to pick which one is best.To help you out, here are a few different potential choices worth considering, along with some tips on how to decide which is best. By taking a look at these three offerings, you can see that it absolutely does matter which CD you select, even when their rates are similar.1. Capital One 360 CDCapital One is currently offering a special 10-month CD with a 5.10% APY as of April 9, 2024. There's no minimum balance required to invest and the CD is FDIC insured, so you can't lose money as long as your deposit doesn't go over FDIC insurance limits. Other key features include:Interest that accrues dailyPrepayment penalties that apply if you withdraw funds earlyThis special CD is a promotional one offered for a limited time. This means Capital One may not keep this offer going for long. Investing in this CD is the right choice if:You have money ready to go right now, or before the promotional offer ends.You're OK with tying up your funds for 10 months, so you can avoid early withdrawal penalties.You believe CD yields will stay pretty high for a while. That's because investing in this 10-month CD means giving up the opportunity to choose a CD with a longer term that will guarantee you can keep your 5.10% rate for a while even if rates fall.2. Synchrony Online CDSynchrony Bank currently has one CD offer above 5.00% and it's a 6-month CD. It's paying 5.15% APY as of April 9, 2024. There's also no minimum balance required to open this CD, and it comes with FDIC insurance coverage to eliminate risk.Some of the other key features of this CD include:An early withdrawal penalty equal to 90 days of simple interest at the current rateInterest you can withdraw at any time during the CD termInterest that compounds daily and is paid monthlyIt's worth noting that while this isn't listed as a promotional CD, Synchrony explains that the bank gives you the interest rate effective on the day you open your CD as long as your payment is received and processed on or before 15 days from the time you open it. So, if rates change before you act, your CD may be at a different rate.The CD term on this investment is also a short one. So, while you get a slightly higher APY, it may not be worth giving up extra time that your rate is guaranteed -- especially as the Federal Reserve (the U.S. central bank) has indicated it may reduce rates this year, and CD rates are likely to fall if that happens.3. Alliant CDAlliant is currently offering the highest rate of any of the three options on this list, and the longest term. You can open a 12-month CD with a 5.15% rate. If you have a jumbo deposit of $75,000 or more to make, you can bring that rate up to 5.20%.There are two big catches, though. First, you must make a $1,000 minimum deposit. And second, you must become an Alliant Credit Union member. To be eligible for membership, you must be affiliated with a partner business or organization, be related to a current Alliant member, live near corporate headquarters in Chicago, or become an Alliant Credit Union Foundation digital inclusion advocate.Other notable features of the CD include:An early withdrawal penalty equal to the number of days the CD is open, with a maximum of 90 daysDividends that compound monthlyDividends that can be withdrawn monthlyWith the longest term and the highest APY, this is the best option if:You are worried about interest rates going downYou want to maximize your yieldsYou have $1,000 to investYou're OK with becoming a credit union memberIf you can't meet the minimum deposit requirement or don't want to lock your money up for 12 months, it's not the right choice.Does it matter which CD you pick?All of these CDs are great options paying competitive rates. But as you can see, it does matter which one you pick. You should:Pick the Alliant CD if you have at least $1,000 to invest, can lock up your money for a year, and believe rates are going down so you want a longer CD term.Pick the Synchrony CD if you don't have $1,000, want a higher rate, and are willing to accept a shorter CD term to get itPick the Capital One CD if you are OK with accepting a slightly lower rate than Synchrony in order to lock in your rate for an additional four months.And, if none of these make sense for your situation, you can also check out The Ascent's guide to the best CD rates available now to find a different certificate of deposit that's right for your situation.These savings accounts are FDIC insured and could earn you 11x your bankMany people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428866560"}