Getting the best CD rate in North Carolina can be tough. There are many CD terms and different banks to choose from, and comparing all of them is almost impossible. In addition, each CD account has its advantages and disadvantages.
For example, some accounts offer higher interest rates for short-term CDs, while others are better for long-term investments. Some accounts have good rates but come with restrictions, while others give you more flexibility but lower rates. You also need to consider how much you need to deposit and if there are any fees for taking your money out early.
This article gives you a quick look at some of the top CD accounts in North Carolina. But remember, it's not just about the highest rates. You should also consider the right term for your needs, minimum deposit requirements, and penalties for early withdrawal.
First Internet Bank
APY Range
Minimum Deposit
Terms
Fees
First Internet Bank offers a diverse range of highly competitive interest rates for its CD products to the residents of North Carolina. These rates exceed those provided by other banks and credit unions. Additionally, the bank has set a reasonable and reliable minimum deposit requirement, ensuring convenient customer access to these services.
However, it is worth noting that First Internet Bank imposes relatively high early withdrawal fees compared to other banks and credit unions.
Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.14% | 90 days interest
|
6 Months | 5.13% | 180 days interest |
12 Months | 5.26% | 180 days interest |
18 Months | 4.98% | 180 days interest |
24 Months | 4.76% | 360 days interest |
36 Months | 4.61% | 360 days interest |
48 Months | 4.45% | 360 days interest |
60 Months | 4.50% | 360 days interest |
Established in 1998, First Internet Bank of Indiana is an online banking institution that caters to customers across all 50 states. The bank proudly asserts itself as the first FDIC-insured bank that operates exclusively through the Internet.
Apart from CD products, the bank offers various other services, including checking accounts, savings accounts, money market accounts, and more.
NASA Federal Credit Union
APY Range
Minimum Deposit
Terms
Fees
NASA Federal Credit Union provides diverse CD terms and competitive interest rates, particularly for the 12 or 18-month short-to-medium term.
To initiate a regular CD account, a minimum deposit of at least $1,000 is required. If you prefer a nine-month term, they offer some of the most competitive rates available in the market.
Moreover, they offer Premier Bump Rate certificates with terms of either 24 or 36 months. Within this period, you can request a higher interest rate once. There are also Add-On Certificates and Early Savers certificates, which have remarkably low minimum deposit requirements.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.00% | 3 months interest
|
6 Months | 4.25% | 3 months interest
|
9 Months | 5.10% | 3 months interest
|
12 Months | 4.70% | 6 months interest
|
18 Months | 4.40%
| 6 months interest |
24 Months | 4.00% | 6 months interest |
30 Months | 3.75% | 6 months interest |
36 Months | 3.75% | 6 months interest |
48 Months | 3.75% | 9 months interest |
60 Months | 3.75% | 18 months interest |
120 Months | 3.75% | 24 months interest |
If you live in North Carolina, you can easily join NASA Federal Credit Union through the National Space Society. You can apply for membership online and get approved within an hour.
Marcus by Goldman Sachs
APY Range
Minimum Deposit
Terms
Fees
North Carolina residents have another option for their banking needs: Marcus. It's a financial institution that's part of Goldman Sachs and offers a variety of financial products. One of their notable offerings is CDs, which give you different options for how long you want to invest and competitive interest rates.
Marcus is a great choice if you're interested in CD laddering. In the world of online banking, they stand out by offering some of the best rates for CDs. You don't need to deposit a lot of money to get started, and the fees for taking out your money early are reasonable.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 5.10% | 90 days interest |
9 Months | 5.00% | 90 days interest |
12 Months | 5.15% | 180 days interest |
13 Months – No Penalty | 4.70% | / |
18 Months | 4.70% | 180 days interest |
24 Months | 4.40% | 180 days interest |
36 Months | 4.15% | 180 days interest |
48 Months | 4.05% | 180 days interest |
60 Months | 4.00% | 180 days interest |
72 Months | 3.90% | 270 days interest |
Since Marcus is an online bank, they don't have physical branches. But they make it easy to get in touch with their customer support team and open a CD account through their website, app, and phone services.
Ally Bank
APY Range
Minimum Deposit
Terms
Fees
Ally Bank has really good rates for CDs and different options that last for different lengths of time, from three months to five years. This means people in North Carolina can choose what's best for them. In addition to the regular CDs, Ally also has a special CD with no penalty if you need to take out your money early.
One great thing about Ally is that they have low fees if you want to take out your money before the CD is finished. Their fees are much lower than what other banks and credit unions charge.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
|
6 Months | 4.75% | 60 days of interest
|
9 Months | 4.85% | 60 days of interest
|
12 Months | 4.50% | 60 days of interest
|
11 Months – No Penalty | 4.00%
| / |
18 Months | 4.25% | 90 days of interest
|
36 Months | 4.00% | 90 days of interest
|
60 Months | 3.90% | 150 days of interest
|
Even though Ally Bank was started in 2009, it has quickly become well-known in the industry. They offer a wide range of financial services, like savings accounts, money market accounts, loans, mortgages, checking accounts, investments, and retirement services.
Bread Financial
APY Range
Minimum Deposit
Terms
Fees
Bread Financial makes it easy for North Carolina investors to save money with their competitive CD rates. Although they don't offer a lot of different options for the length of the CDs, their rates are some of the highest in the country for each term.
If you need to withdraw your money early, the fees align with what other banks charge. And the minimum amount you need to deposit is reasonable.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 5.15% | 180 days simple interest |
24 Months | 4.60% | 180 days simple interest |
36 Months | 4.25% | 180 days simple interest |
48 Months | 4.15% | 365 days simple interest |
60 Months | 4.05% | 365 days simple interest |
After your CD matures, you have 10 days to decide what to do next. You can either take out your money or make changes to your account. If you don't do anything, the CD will automatically renew. Bread Financial has been around since 2003 and they offer a wide range of payment, lending, and saving products.
BMO Harris
APY Range
Minimum Deposit
Terms
Fees
BMO offers different types of certificates of deposit (CDs) with varying interest rates. Their “special CDs” have the best rates compared to regular CDs. These CDs have different options for long and medium-term periods and offer some of the most favorable rates across the country. The minimum deposit required is reasonable.
However, BMO has a limitation. They don't offer short-term CDs for 3 months, 6 months, and 9 months without a clear reason. The shortest term for competitive rates starts at 13 months.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
13 Months | 4.75% | 180 days of interest |
25 Months | 4.40% | 180 days of interest |
35 Months | 4.30% | 180 days of interest |
45 Months | 4.30% | 180 days of interest |
59 Months | 4.30% | 180 days of interest |
BMO Harris is the US branch of Bank of Montreal, which is a big investment bank and financial services company.
Bank of America
APY Range
Minimum Deposit
Terms
Fees
Even though brick-and-mortar banks usually have low CD rates, many people still want to stay with their old, reputable bank – therefore, we've decided to include one on our list.
Bank Of America, one of the largest banks in the US, has more than 15 branches across North Carolina. They provide competitive CD rates, but only for specific time periods called “featured CDs.” It's important to choose wisely because not all CD periods have good interest rates.
CD Term | APY |
|---|---|
6 Months | 0.03% |
7 Months (Featured) | 5.00% |
12 Months | 0.03% |
13 Months (Featured) | 5.00% |
24 Months | 0.03% |
25 Months (Featured) | 3.00% |
36 Months | 0.03% |
To make the best decision, it's recommended to explore the available featured CD periods and have discussions with a bank representative about the current opportunities.
Additionally, if you have a significant amount of money to deposit, Bank Of America, a traditional bank, allows for negotiating rates. So, if you find yourself in this situation, it's beneficial to take advantage of this opportunity and secure the most favorable rate possible.
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Jumbo CDs In North Carolina
Jumbo CDs are a type of savings account that requires more money to open compared to regular CDs. The exact minimum amount varies depending on the bank, but it's usually more than $100,000. The other terms and conditions for jumbo CDs are similar to regular CDs.
You have a few options if you want to get a jumbo CD in North Carolina.
- The first option is to search online for better interest rates on jumbo CDs. You can try typing “best jumbo CDs” and see the results. However, only a few online banks offer slightly higher interest rates on jumbo CDs, usually around 0.05% to 0.25% higher. Also, the comparison websites may not show you all the available options.
- Another option is to check with your regular bank. Traditional banks are often willing to offer higher interest rates for large deposits and might be open to negotiating. Since you already have a relationship with your banker, talk to them and see what they can offer you. You might be surprised by the rates they can provide. Don't forget to mention the rates you found online as a benchmark for comparison.
- The last option is to check out with some traditional banks in North Carolina. Before deciding to use your own bank, explore what other banks offer. Traditional banks advertise their rates online, but by having a personal meeting or a phone call, you can often secure even better rates. Putting in a little effort can potentially save you thousands of dollars.
How North Carolina CDs Compare?
The competition among CD providers has reached its peak in the last 15 years, mainly due to the impact of rising interest rates. Banks and credit unions are now offering rates that were unimaginable just a couple of years ago.
It's crucial to compare rates, not just locally in North Carolina, but nationwide. Thanks to online banking, we can easily access banks from anywhere, and interestingly, they tend to offer the highest rates.
Here's a practical rundown of some attractive options that weren't mentioned in our North Carolina CD list:
CD APY Range | Minimum Deposit | |
|---|---|---|
0.10% – 4.85% | $0 | |
5.15% | $1 | |
4.30% – 5.05% | $500 | |
2.00% – 4.35% | $1,000 | |
5.10% – 4.98% | $1,000 | |
5.10% – 5.20% | $2,500 | |
3.90% – 5.00% | $0 | |
3.00% – 4.75% | $1,000 | |
2.00% – 5.10% | $2,500 | |
0.30% – 3.50% | $1,000 | |
0.05% – 4.65% | $500 | |
3.51% – 4.85% | $5,000 | |
4.20 – 5.25% | $25,000 | |
4.20% – 5.30% | $1,000 | |
5.30% – 4.90% | $1,000 | |
4.45% – 5.25% | $1,000 | |
4.24%- 4.75% | $2,500 | |
UP TO 5.15 % | $0 | |
2.75% – 5.25% | $1,000 | |
1.00% – 5.00% | $250 | |
4.85% | $1,000 | |
4.00% – 5.20% | $2,500 | |
0.05% – 5.00% | $1,000 | |
3.90% – 5.05% | $1,000
| |
4.30% – 5.20% | $1,000 |
How To Smartly Compare CDs?
The following are key factors to consider when comparing and selecting a certificate of deposit:
- Bank Reputation: Place your funds in an institution where you feel confident and secure. Read online reviews, assess the bank's financial stability, and evaluate its customer service.
- Term: CDs have specific durations, such as 6 months, 1 year, 3 years, etc. Assess your financial goals and requirements to determine the ideal duration for your investment. Longer-term CDs generally offer higher interest rates but also entail a longer lock-up period for your funds.
- Early Withdrawal Penalty: Familiarize yourself with the terms and conditions related to early withdrawal penalties. If you anticipate needing access to your funds before the CD matures, search for CDs with lower penalties or flexible withdrawal options.
- CD Type: Certain CDs may offer additional features, such as step-up rates (where the interest rate increases over time) or add-on options (allowing you to make additional deposits). Evaluate these features to determine if they align with your investment strategy.
- Minimum Deposit Requirements: Some CDs have minimum deposit requirements. Ensure you meet the specified minimum deposit amount before opening the account. Consider whether you are comfortable with the required deposit and whether it aligns with your investment goals.
- Compounding Method: CDs can compound interest at varying intervals, such as daily, monthly, quarterly, or annually. The more frequently the interest is compounded, the higher your overall returns will be.
Compare CD Rates Side By Side
Best CD Rates In North Carolina: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in North Carolina. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in North Carolina and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
- Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
- Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
- Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.
We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in North Carolina to meet their financial needs.
