Best CD Rates In Colorado Of May 2024

Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 4.75%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.

There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 5.30% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. Standard certificates have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates.

You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.

Read our full Navy Federal Credit Union Review.

Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.

Credit Union of Denver was chosen because it offers multiple certificate options to meet different savings needs. You can open starter certificate accounts, which allow you to make additional deposits throughout the term, with as little as $25. Other CD options may require $500, $1,000, $5,000 or $10,000 to open. There’s also a jumbo CD with a $50,000 minimum.

Certificate rates vary based on the maturity term, which can range from three to 60 months. The highest APY currently available is assigned to the special 13-month CD, which has a $5,000 minimum opening deposit.

Membership is open to people who live and work in select Colorado counties or work for an eligible employer. You’re also eligible if you join the Consumers United Association. There’s a $5 minimum deposit required to open a member savings account and become a member at Credit Union of Denver.

Read more about the best banks in Colorado.

Dividends compound on a monthly basis for certificate accounts. An early withdrawal penalty may apply, though the amount you’ll pay is not disclosed on the Credit Union of Denver website. Deposits are insured through the National Credit Union Association (NCUA).

Schwab CD OneSource isn’t a specific CD account—instead, it’s a CD marketplace offered by the brokerage firm Charles Schwab. That means any CD purchased through Schwab OneSource is a brokered CD. Customers can shop for and compare various brokered CDs through the online marketplace before making a purchase.

Rather than compounding, interest on a brokered CD is paid out to customers regularly through the CD’s term. Deposits still receive FDIC insurance as long as the CDs are issued to the broker from an FDIC-insured bank. Investors can also trade or sell brokered CDs before maturity on the secondary market without incurring a penalty.

A benefit of brokered CDs like those offered through Schwab OneSource is competitive interest rates. APYs available from Schwab OneSource are currently as high as 5.65%.

You must be a Charles Schwab customer to open a CD, and these accounts require a $1,000 minimum deposit.

Interest on Schwab OneSource CDs doesn’t compound. Instead, it’s paid out in intervals throughout the CD’s term. Customers can sell CDs on the secondary market without penalty before maturity, though it’s possible they can lose value. And like bank CDs, you can withdraw your full principal balance at maturity.

Navy Federal Credit Union offers competitive rates for savers who have larger amounts to deposit. The minimum deposit to open a standard certificate account is $1,000, and there’s no maximum purchase amount.

Savers can choose from a variety of terms ranging from three to 24 months for short-term certificates and three, five, or seven years for long-term certificates. The highest APYs are reserved for Navy Federal’s 18-month standard certificate. Navy Federal also offers tiered interest, with the highest rates reserved for accounts with a $100,000 minimum balance.

Membership is required to open a standard certificate account with Navy Federal Credit Union. Eligibility is limited to veterans, retired service members, active duty military members, and their families. There’s a $5 minimum deposit required to open a member savings account.

Read our full Navy Federal Credit Union review.

Dividends are compounded daily for all certificate terms and credited monthly. Early withdrawal penalties apply when withdrawing funds ahead of maturity. The penalty ranges from 90 to 365 days’ worth of dividends earned, depending on the certificate’s maturity term. When an early withdrawal results in the remaining certificate balance being lower than the minimum balance requirement, the certificate will be closed and a penalty will apply.

We picked Armed Forces Bank’s CD because it requires a relatively low minimum opening deposit of $500. CD terms range from 30 days to five years, allowing for flexibility when saving toward different financial goals.

CD rates are competitive across all terms, though the highest APY applies to 15-month promotional CDs, which earn 4.60% APY. With a variety of terms available, including a number of short-term CDs, Armed Forces Bank makes it easy to build a CD ladder that allows you to access your funds every few months.

Armed Forces Bank is tailored toward the needs of military members and their families. However, anyone can open an account here, regardless of military status. It’s possible to open CD accounts online in just a few minutes.

Read our full list of the best military banks and credit unions.

Interest is compounded quarterly for CDs with terms of 12 months or longer. For shorter-term CDs, interest is paid at maturity. Armed Forces Bank charges an early withdrawal penalty when taking money from a CD before maturity. The penalty ranges from 60 days’ to two years’ worth of interest, depending on the CD term.