Best CD Rates In Connecticut 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.

Santander CDs require a low minimum investment of $500, but only three CD terms are available: nine months ( APY), 13 months (N/A APY) and 18 months (5.00% APY). Rates vary by location, and individual branches may offer a variety of CD terms.

You must visit a Santander Bank branch to open a CD. The bank has nearly 500 branch locations in the northeast and Florida.

Interest compounds daily and is credited to your account monthly or at maturity, depending on the term length. A penalty applies for withdrawing funds before the maturity date and depends on the term. When a CD matures, you have seven days to make changes to the account before it automatically renews for the same term.

CitiBank’s fixed-rate CDs offer rates from 0.05% to 4.75% for terms ranging from three months to five years. Promotional CDs include a nine-month CD (3.75% APY), 11-month CD (0.05% APY) and 15-month CD (4.00% APY). The minimum deposit requirement starts at $500, although you can earn the higher APY with the nine-month CD if you deposit $100,000 or more.

The bank’s other CD terms don’t earn very competitive rates, especially those below nine months. It’s easy to open a CD online, and you can manage your account on the go with the Citibank mobile app.

Read our full Citibank Review.

Interest is paid either monthly or at maturity, depending on the term length. There is a 90-day simple interest penalty for CD terms of one year or less and a 180-day simple interest penalty for CD terms longer than one year. A seven-day grace period begins the day after the maturity date. If no action is taken on the account within those seven days, the CD automatically renews for the same period of time as the original term.

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 N/A.

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 and employees of the Department of Defense. 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.