Savings rates on certificates of deposit, or CDs, remained high in November, with half of the top 10 offerings that month delivering an annual percentage yield – or APY – of at least 6%. And while some of the most attractive promotional offers come with some limiting hurdles, there are still plenty of viable options for just about anyone. (Check out some of the highest CD prices you can get right now here.)
So if you’re in the market for a CD, here’s everything you need to know about getting the best APY in November 2023 – and 10 of the highest-paying CDs this month.
Why are interest rates still rising?
CD rates in 2023 are becoming increasingly attractive, although the average national deposit rate for a 12-month CD was just 1.79% APY as of Oct. 16, down from 0.71% at the same time last year, according to Federal Deposit Insurance Corporation (FDIC) data. However, many smaller and online-only banks and credit unions promise promotional interest rates that are well above the national average – many of which now exceed 5.75% APR (more on this below).
Why are CD prices rising? On the one hand, high inflation has encouraged the Federal Reserve to raise the national interest rate in order to bring consumer prices down again. But when the key interest rate rises, the lending rates for consumers and financial institutions also rise. As a result, many banks and credit unions have responded by also cutting their savings rates to attract and retain customers and to help balance their books while paying off their own debts, says Helium Financial Group co-group – Head of Asset Management, JJ Feldman.
“Dramatic interest rate hikes by the Fed over the last year have pushed up interest rates across the fixed income world,” says Feldman, adding that “CDs currently offer some of the best interest rates compared to corporate and government bonds.” (See Check out some of the highest CD prices you can get right now.)
What you should pay attention to before making a deposit
Feldman says potential depositors need to read the fine print to make sure the advertised offers deliver what they promise. “Savvy customers have recognized the benefits and are increasingly turning to high-yield savings accounts, money market funds or CDs when they don’t need immediate liquidity,” Feldman adds, noting that “investing in CDs presents a great opportunity because of their advantages.” higher yield.”
Anyone who opens a CD must take into account a number of possible fees and restrictions. On the one hand, almost every CD has an early withdrawal penalty if you withdraw your capital before the maturity date. Depending on the institution, these fees may charge a percentage of your interest or even your principal. Learn more about the fine print of CDs and the different types of CDs available on the market here.
10 of the best CDs prices in November 2023
Here are the 10 best CD deposit rates for November 2023. All of these accounts are protected by either the FDIC or NCUA unless otherwise noted. Because some financial institutions offer better interest rates than others, it is important to read all the fine print before opening an account to find out about any potential restrictions or hurdles.
Truliant Federal Credit Union: 6.25% APR
Truliant Federal promises its members a high APR of 6.25% for opening an 11-month certificate. Just make sure you bring at least $5,000 in new money to the credit union and meet membership requirements to get started. To join, depositors must live in either North Carolina, South Carolina, Virginia, Georgia or Tennessee or be a member of a number of qualified employer groups. Other options include adding an immediate family or household member to the credit union.
Travis Credit Union: 6.00% APR
This credit union’s 4-month stock certificate has an APR of 6%. Simply bring a minimum deposit of $500 and meet the credit union’s membership requirements. It should also be noted that the deposit here is limited to $50,000, so this may not work for everyone.
Granite State Credit Union: 6.00%
New balances over $25,000 on this 11-month stock certificate are eligible for a 6% APR. However, you must live or work in the state of New Hampshire to join and open an account.
American Eagle Financial Credit Union: 6.00%
Members here can earn a high, relatively locked-in 6% APR on a 6-month CD with this credit union. However, to join you must live or work in Connecticut or Hampden, Massachusetts. Alternatively, depositors can join if they have an immediate family member or live in the same household as someone who is already a member of the credit union.
Credit human: 6.00%
Bring just $500 and you’ll be ready for the high 6% APR available at this credit union on 12- to 17-month stock certificates. Just make sure you meet the credit union’s membership requirements, which means you either live, work, worship, or attend school in Credit Human’s designated service areas in San Antonio or New Orleans. New depositors can also join if they are studying at a select number of vocational schools, colleges or universities, or have a family member who is also a current member. Another option is to join the American Consumer Council.
RTP Federal Credit Union: 5.97%
Make the minimum deposit of $2,500 with money not yet deposited with this credit union and receive a high promotional interest rate of 5.97% APY for the 5-month certificate. However, to become a member, you must become a member – this means that you either work for one of 300 companies in the Research Triangle Park, North Carolina metropolitan area or that a family or household member is already a member of the credit union.
Associated credit union: 5.90%
Open a 19-month CD with a minimum deposit of $500 and earn a 5.90% APR with this credit union. However, like most credit unions, you must become a member. To qualify, you must have a valid Georgia driver’s license, work for a qualifying employer in the state, or have a qualifying family member who is already a member of the credit union. This is also extended in the form of a 24-month CD. Be sure to check your terms and rates after you reach the due date.
My eBank: 5.77%
If you have a larger amount of cash to open an account with, consider the 6- or 12-month jumbo online term deposits with this online savings bank. Just show up with the minimum deposit of $100,000 and you can earn a high 5.77% APR for your efforts.
TotalDirectBank: 5.75% APR
This CD series requires a minimum deposit via ACH transfer of $25,000. However, for the 6-month CD term, you will receive a high APR of 5.97% if you reach this account minimum. They are also capped at $1 million, so this may not work for very wealthy people.
State Bank of Texas: 5.75% APR
With a minimum deposit of $50,000, this 12-month CD ranks among its competitors as one of the most straightforward options for earning a high 5.75% APR. All you need is a valid driver’s license or other government-issued ID and routing numbers or a check to fund your new account.