Certificates of deposit (CDs) allow you to earn interest on your savings with minimal risk. Interest rates on your CD are fixed for months or years, so shopping around for a competitive rate is important. If you’re an Ohio resident looking to earn returns on your savings, you can compare current CD rates to find the best account options. To help you get started, we’ve rounded up the best current CD rates in Ohio.
Best CD Rates In Ohio
We’ve compared 365 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Ohio. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of May 3, 2024.
Summary: Best CD Rates In Ohio
Methodology
To find the best CD rates in Ohio, Forbes Advisor analyzed 356 CD accounts at 134 traditional banks, online banks and credit unions. We evaluated these financial institutions on 11 data points, assigning star ratings accordingly. The data points we assessed fall into the following categories: APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. We also ranked these institutions by individual account terms.
We weighed the different categories as follows:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
We ranked each CD account based on scores for these categories. Accounts with higher APYs, low minimum deposit requirements and daily compounding schedules performed best. Lower APYs, minimum deposit requirements above $10,000 and less frequent compounding schedules resulted in lower scores. Only accounts available in Ohio made the list.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Current CD Rates in Ohio
Current CD Rates in Ohio vary, but our list of the best current rates includes CD rates that mostly fall within the 4.00% to 5.00% range. Remember, CD rates vary by account and term. For example, Navy Federal Credit Union’s Standard Certificate advertises rates ranging from 2.75% to 4.80% depending on the term you select. Some of these rates are contingent upon meeting a certain minimum deposit requirement.
CD rates can change at any time, so check current rates before opening an account.
How To Compare the Best CD Rates in Ohio
If you want to compare the best CD rates in Ohio, start with the list of our top four CDs above. You can quickly compare APYs, minimum deposit requirements and compounding schedules.
While a high interest rate is beneficial in helping you earn more on your deposit, it’s not the only factor to consider when shopping for CDs. Minimum deposit requirements tell you how much you need to invest in order to open a specific account, and compounding schedules outline how often your interest compounds. You may also want to compare different accounts’ withdrawal penalties, mobile accessibility, and customer satisfaction.
Make sure you compare current CD rates, too, as they can change at any time.
Who Offers the Highest CD Rates in Ohio?
On our list of best CD rates in Ohio, Charles Schwab Bank, Fifth Third Bank and Navy Federal Credit Union offer some of the highest rates in Ohio. Note that Schwab CD OneSource isn’t a specific CD account—instead, it’s a marketplace for comparing various brokered CDs. That means CD rates you can find using Schwab CD OneSource will vary.
In addition, the other four accounts on our list of best CD rates in Ohio offer CDs with rates of at least 4.00% APY.
Find The Best CD Rates Of 2024