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Review of CD Bank’s CD Rates

In this review, we’ll cover: CD Bank’s CD rates How to get a CD from CD Bank How CD Bank’s CD rates compare Overall review of CD Bank’s banking products [CDBankCertificateofDepositRates]CD Bank’s CD Rates[/CDBankCertificateofDepositRates] High-yield CD savings options with flexible terms. Minimum opening deposit: $10,000 Minimum balance amount to earn APY: $10,000 Early withdrawal penalty: … Continue reading Review of CD Bank’s CD RatesThe post Review of CD Bank’s CD Rates appeared first on MagnifyMoney.

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Review of CD Bank’s CD Rates
Year Established1981 Total Assets$3.7BLEARN MORE If you’re looking only at certificates of deposit and nothing else to invest your money, maybe you should look at a bank that’s dedicated to providing the industry’s top rates on certificates of deposit. CD Bank, an FDIC-insured online division of the Texas state savings bank TBK Bank, SBB, specializes only in certificates of deposit that provide customers with steady growth and guaranteed returns.

A CD can be a safe and simple way to grow your money to meet your savings goals. Your savings will be locked in an account for a time period of your choice and will grow at a steady, guaranteed rate. In some cases, CDs can offer higher returns than a savings account, making them an attractive savings vehicle.

In this review, we’ll go over CD Bank’s product options and compare them against some of the best banks in the industry.

CD Bank’s Most Popular AccountsAPY

Account Type

Account Name

Compare Rates from Similar Accounts

2.60%

CD Rates

CD Bank 12 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

1.90%

CD Rates

CD Bank 36 Month CD

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

In this review, we’ll cover:

CD Bank’s CD rates

How to get a CD from CD Bank

How CD Bank’s CD rates compare

Overall review of CD Bank’s banking products

[CDBankCertificateofDepositRates]CD Bank’s CD Rates[/CDBankCertificateofDepositRates]

High-yield CD savings options with flexible terms.Term

APY

3 Months

1.90%

6 Months

2.10%

9 Months

2.45%

12 Months

2.60%

18 Months

2.70%

24 Months

3.00%

36 Months

1.90%

48 Months

2.00%

60 Months

2.10%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: Lose months of interest earnings depending on CD term
    • 3 months of interest for a CDs with a term of less than 12 months
    • 12 months of interest for a CD with a term of 12-18 months
    • 18 months of interest for a CD with a term of 24-36 months
    • 24 months of interest for a CD with a term of 48-60 months

CD Bank offers a CD term to accommodate long-term and short-term savings goals. Their interest rates are pretty good even for the shorter-term CDs. For a 6-month CD, you can still secure a substantial APR better than most savings accounts. Interest is credited to your account quarterly.

CD Bank doesn’t charge any fees aside from the early withdrawal penalties. It’s best not to withdraw your money before the CD’s maturity date because you’ll lose some of your interest earnings.

You can fund your CD account with an electronic transfer or by check from another bank account, or you can do a wire transfer.

The only downside about CD Bank’s certificates of deposit is the high, $10,000 minimum opening deposit that is consistent for all their terms. That is why this type of CD would be best for a saver looking to set aside a 5-figure sum of money and not someone only looking to save a small amount.

When your CD matures, you have a 10-day grace period to withdraw the funds or roll your CD over for a new term. If you do nothing during this time, CD Bank will automatically roll your CD over to another identical term and lock in the current APR at the time.

How to get a CD from CD Bank

You can open an account with CD Bank online through their website. Just click the green ‘Open Your Account’ button in the top right corner and complete your application in minutes.

You need to be at least 18 years old and must be a U.S. citizen or U.S. resident alien to open your account. You’ll need to have the following information handy: U.S. Social Security number, a valid form of ID (including driver’s license, state ID or passport), and your previous home address (if you’ve lived at your current home address less than two years).

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How CD Bank’s CD rates compare

CD Bank’s CD rates are on par with some of the best offerings out there. Their current rates for shorter term CDs — including their 6-month, 9-month, and 12-month products — are even higher than some of the top banks with the best CD rates.

Since CD Bank is an online bank with an easy application process, it’s easy for you to sign up and lock in these competitive rates.

Again, the only potential drawback is the high minimum opening deposit. Other banks — like Ally Bank, Goldman Sachs Bank USA, and Synchrony Bank — all have lower minimum opening deposits and still provide a high APY.

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Overall review of CD Bank’s banking products

Overall, CD Bank provides a solid certificate of deposit product that gets the job done. They offer flexible terms to help you meet a range of savings needs while offering some of the best interest rates in the industry.

In order to take advantage of their CDs, you need to come in with a high opening deposit. If you can’t afford to make a 5-figure deposit but still want to invest in a CD, you’ll have better luck looking elsewhere and choosing from another bank.

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