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Best CD Rates for November 2023

Are you seeking a safe and reliable method to grow your savings? If so, Certificates of Deposit (CDs) might be the perfect fit for your risk-averse investing style. As a popular choice for savers, CDs offer fixed interest rates over specific periods, typically boasting higher returns than regular savings accounts. In exchange for keeping your funds deposited for a set period, which can range from 3 months to 5 years, CDs provide a stable and profitable investment option. To help you make informed decisions about where to park your money, we've compiled the latest CD rates for November 2023 from eight of the US banks and financial institutions. By comparing these rates, you can choose the best CD option to match your savings goals and risk tolerance.
What is a CD Account?
A Certificate of Deposit (CD) is a savings account offered by banks and credit unions that earns higher interest rates than regular savings accounts. CD terms range from 3 months to 5 years or more, with longer terms offering higher interest rates. CDs typically require a minimum deposit, from $500 to $1,000, though some online banks and credit unions offer lower minimums. CDs offer higher interest rates and safety, as the FDIC or NCUA insures them. However, they have less liquidity and flexibility compared to regular savings accounts.
Current CD Rates for 7 Banks and Financial Institutions
Now, let's explore the current CD rates offered by some of the banks and financial institutions in November 2023.
1. Capital One CD Rates
With its main operations taking place in the United States, Capital One Financial Corporation is an American bank holding company that specializes in credit cards, auto loans, banking, and savings accounts. It is one of the biggest auto finance companies in the country and the third-biggest issuer of Visa and Mastercard credit cards.
There is no minimum deposit required to open or maintain a Certificate of Deposit account. However, the Certificate of Deposit account may not exceed $1,000,000.
Period 6-Month CD: 4.21% APY
Period 10-Month CD: 5.17% APY
Period 12-Month CD: 4.89% APY
Period 24-Month CD: 4.31% APY
Period36-Month CD: 4.21% APY
Capital One's CD rates
Capital One's CD rates
#Note: Capital One's current CD rates are effective as of Nov. 20, 2023. To check the latest rates and news, please access the official webpage 360 CD Account Disclosures | Capital One
2. Bank of America CD Rates
The Bank of America(BOA) Corporation, sometimes shortened to BofA or BoA, is a worldwide financial services holding company and investment bank based in Charlotte, North Carolina. By market capitalization, BOA is the second-biggest bank worldwide and the second-biggest banking organization in the US, behind JPMorgan Chase.
Period 7-Month CD: 5% APY
Period 10-Month CD: 0.05% APY
Period 13-Month CD: 5% APY
Period 25-Month CD: 3% APY
Period 37-Month CD: 0.05% APY
Bank of America CD Rates
Bank of America CD Rates
#Note: Bank of America's current CD rates are effective as of Nov. 9, 2023. To check the latest rates and news, please access the official webpage BANK OF AMERICA Certificate of Deposit (CD) Accounts.
3. Citibank CD Rates
Citibank serves as the primary banking subsidiary of the multinational financial services company Citigroup. Established in 1812 as the City Bank of New York, it later underwent a name change to become the First National City Bank of New York.
Period 3-Month CD: 0.05% APY
Period 4-Month CD: 0.05% APY
Period 5-Month CD: 0.05% APY
Period 6-Month CD: 1.10% APY
Citibank CD Rates: November 2023
Citibank CD Rates: November 2023
#Note: To check the latest rates and news, please access Citibank's official webpage Checking, Savings, CDs, IRAs, Personal Loans & Lines of Credit Interest Rates | Citi.com.
4. Discover Bank CD Rates
Discover Financial Services is an American financial firm that owns and manages Discover Bank, an internet bank providing checking and savings accounts, personal loans, home equity loans, student loans, and credit cards. Discover Card ranks as the third largest credit card brand in the U.S., based on the number of cards in circulation, serving nearly 50 million cardholders.
Period 12-Month CD: 5.2% APY
Period 24-Month CD: 4.4% APY
Period 36-Month CD: 4.3% APY
Discover Bank CD Rates of November 2023
Discover Bank CD Rates of November 2023
#Note: To check the latest rates and news, please access Discover Bank's official webpage High Yield CDs: High CD Rates, CD Calculator & Reviews | Discover.
5. PNC Bank CD Rates
PNC Bank, established on January 1, 1804, has been providing financial services to its customers for over 218 years. The bank's history can be traced back to 1845 when the Pittsburgh Trust and Savings Company was founded in Pennsylvania.
PNC Bank, with a strong presence in the eastern United States, has the following CD rates:
PNC Bank CD Rates: November 2023
PNC Bank CD Rates: November 2023
#Note: To check the latest rates and news, please access PNC Bank's official webpage CD Accounts: Certificate of Deposit Options & Rates
6. American Express CD Rates
American Express (Amex) is a U.S.-based bank holding company and global financial services provider that focuses on payment cards.
American Express, a reputable financial institution, offers competitive CD rates:
Period 12-Month CD: 4.25% APY
Period 24-Month CD: 4.75% APY
Period 36-Month CD: 1.15% APY
Period 60-Month CD: 3.00% APY
American Express CD Rates
American Express CD Rates
#Note: To check the latest rates and news, please access American Express's official webpage CD Rates - Open a CD Account | American Express® Savings
7. Barclays CD Rates
Barclays is a UK-based universal bank that caters to consumers and small businesses through retail banking services, as well as offering corporate and investment banking services for larger businesses and institutions.
Barclays is known for its online banking services and also offers competitive CD rates:
Period 12-Month CD: 5.50% APY
Period 24-Month CD: 5.00% APY
Period 36-Month CD: 4.50% APY
Period 48-Month CD: 4.45% APY
Barclays Bank CD Rates
Barclays Bank CD Rates
#Note: To check the latest rates and news, please access Barclays' official webpage Online CDs Page | Barclays.
In conclusion, choosing the right CD for your savings is a crucial financial decision. Be sure to compare rates from different banks and consider your financial goals and the length of time you can invest your money. Whether you opt for a traditional bank like Capital One or explore alternatives like Moomoo Cash Sweep, making an informed choice can help you maximize your savings in November 2023.
Additional Choice - Moomoo Cash Sweep: Guaranteed 5.1% APY on your uninvested cash
Traditional Certificate of Deposit (CDS) investments often come with certain Cons: limited liquidity, early withdrawal penalties, and potential opportunity costs. Due to these drawbacks, investors may miss out on better financial opportunities or face risks if they need to access their funds before maturity.
For those seeking an alternative to traditional CDs, Moomoo Cash Sweep Program offers an attractive option.
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FAQ About CDs
1. Is the CD insured?
Yes, bank CDs are insured by either the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration) depending on if it is held at a bank or credit union. This means up to $250,000 of your deposit is protected against loss.
2. How long can CDs stay in the bank?
CD terms can range from 1 month to 10 years or more. The longer the term, the higher the interest rate you can earn. However, your money will be locked up for that entire period with penalties for early withdrawal. It's best to only deposit what you don't need access to for the duration of the CD term.
3. What are the pros and cons of a CD account?
Pros:
- Safety: CDs are low-risk investments, and your principal is protected.
- Predictable Returns: You know exactly how much interest you'll earn.
- Higher Interest Rates: CDs typically offer higher interest rates compared to regular savings accounts.
Cons:
- Lack of Liquidity: Your money is locked in for the CD term.
- Penalties for Early Withdrawal: Accessing your funds before maturity can result in penalties.
- Opportunity Cost: If interest rates rise, you may miss out on better investment opportunities.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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