Obtaining the most favorable CD rate in Ohio can be a burdensome task. The plethora of terminologies and the multitude of available banks contribute to the complexity. Additionally, each CD account possesses its own set of advantages and disadvantages.
For instance, certain accounts provide elevated yields for short-term CDs, while others are more suitable for long-term investments. Some accounts may offer favorable rates but impose restrictions on the terms, whereas others provide greater flexibility but with lower rates. You also need to consider the minimum deposit requirements and fees for early withdrawal.
This article provides a quick overview of some of the best CD accounts in Ohio. But remember, it's not just about getting the highest rates. You should also consider the CD terms, minimum deposit requirements, and penalties for taking out money early.
Quontic Bank
APY Range
Minimum Deposit
Terms
Fees
The CD rates offered by Quontic Bank are highly competitive, with some of them being among the highest available. This presents a significant advantage for customers. Although the terms of the CDs are somewhat limited, they are generally sufficient for most investors, and the minimum deposit requirement is low. However, it is important to note that the early withdrawal penalties associated with these CDs are quite high.
The process for opening a CD account with Quontic Bank is straightforward and can be completed online within a few minutes. To fund the new account, customers have the option to transfer funds from another bank through wire transfer, ACH transfer, or mail. Alternatively, they can utilize the funds from an existing Quontic account.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 5.05% | All interest earned |
12 Months | 4.50% | 12 months of interest |
24 Months | 4.50% | 12 months of interest |
36 Months | 4.40% | 24 months of interest |
60 Months | 4.30% | 24 months of interest
|
Quontic Bank is an online financial institution headquartered in New York. It has been in operation since 2009 and offers its services to customers residing in all 50 states through its online platform.
The bank provides access to various types of accounts, including savings, checking, CD, and money market accounts. Additionally, Quontic Bank offers residential and commercial real estate products.
Discover Bank
APY Range
Minimum Deposit
Terms
Fees
Discover Bank has excellent CD rates that are highly competitive across different terms. This makes it easy to find the right option for specific savings goals or to create a CD ladder.
To initiate a CD account with Discover, you need to deposit a minimum of $2,500. Discover Bank is one of the few banks that offer a 10-year CD. While they don't have a CD without penalties, the penalties are reasonable and depend on how long the CD is.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.00% | 3 months interest
|
6 Months | 4.25% | 3 months interest
|
9 Months | 4.25% | 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 Georgia and want a trustworthy bank with great customer service and many products to meet all your banking needs, Discover Bank is a great choice.
NASA Federal Credit Union
APY Range
Minimum Deposit
Terms
Fees
NASA Federal Credit Union shares certificates come with terms ranging from six months to five years, meaning you can lock in a fixed rate for that whole time.
To open a regular CD, you'll need at least $1,000 as a minimum deposit. If you're looking for a 18-month term, they have some of the highest rates in the market.
They also have these Premier Bump Rate certificates that last either 24 or 36 months. During that time, you can ask for a higher interest rate once. And if you're younger, they offer Add-On Certificates and Early Savers certificates, which have really 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 | 4.25% | 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 |
Ohio residents can easily Join NASA Federal due to their affiliation with the National Space Society. As part of your account application, you can conveniently complete the membership application online, acquiring your membership status within less than one hour.
Capital One
APY Range
Minimum Deposit
Terms
Fees
At Capital One 360, you'll find different CDs with varying time periods, from 6 – 60 months.
Residents of Ohio can take advantage of competitive interest rates across all durations, making Capital One an excellent choice for implementing CD laddering strategies.
You can also choose how often you want to receive your CD interest—monthly, yearly, or when the term ends.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 4.25% | 3 months interest |
9 Months | 4.25% | 3 months interest |
12 Months | 5.00% | 3 months interest |
18 Months | 4.45%
| 6 months interest |
24 Months | 4.00% | 6 months interest |
30 Months | 4.00% | 6 months interest |
36 Months | 4.00% | 6 months interest |
48 Months | 3.95% | 6 months interest |
60 Months | 3.90% | 6 months interest |
Compared to other banks, Capital One charges a reasonable fee for withdrawing money from your CD before the term ends. If you want a well-known bank that offers more than just basic banking services, Capital One is a good option.
LendingClub
APY Range
Minimum Deposit
Terms
Fees
LendingClub Bank doesn't offer as many different types of certificates of deposit (CDs) as some other banks, but it has good options available. They only offer traditional CDs, but the interest rates are competitive for all their CDs.
The minimum amount you need to deposit is quite high, $2,500. Your deposits are protected by FDIC insurance, and you have 10 days to either take out the money or add more before it automatically renews.
Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 months
| 5.00% | 90 days of interest |
12 months | 5.15% | 90 days of interest |
18 months | 5.00%
| 180 days of interest |
24 months
| 4.50% | 180 days of interest |
36 months | 4.30% | 180 days of interest |
60 months | 4.00% | 180 days of interest |
LendingClub is a financial services company based in San Francisco, California. They started out as a peer-to-peer lender focusing on loans and later expanded to offer personal banking and investment opportunities.
Bread Financial
APY Range
Minimum Deposit
Terms
Fees
Bread Financial doesn't offer a wide variety of different terms, which can be difficult for Ohio investors who want to ladder their CDs. However, the rates they offer are very competitive for all terms and are actually some of the highest in the country for each specific term.
The early withdrawal fees align consistently with those implemented by other financial institutions, and the minimum deposit requirement of $1,500 stands as reasonable.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 5.25% | 180 days simple interest |
24 Months | 4.65% | 180 days simple interest |
36 Months | 4.25% | 180 days simple interest |
48 Months | 4.15% | 365 days simple interest |
60 Months | 4.15% | 365 days simple interest |
Following the maturity of your CD, a grace period of 10 days ensues. Within this timeframe, you possess the choice to withdraw funds or effect alterations; otherwise, the CD will automatically renew. Bread Financial, a company established in 2003, proffers an extensive range of payment, lending, and saving products.
Chase
APY Range
Minimum Deposit
Terms
Fees
Even though regular banks usually have low CD rates, we have decided to offer an option for Ohio residents who prefer a well-known bank with lots of branches and different products.
Chase, the biggest bank in the US, has dozens of branches in Ohop and offers good CD rates – but only for certain periods of time. So, it's important to choose carefully because not all CD periods have good interest rates.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.00% | 90 days of interest |
6 Months | 3.00% | 180 days of interest |
9 Months | 4.00% – 4.75% | 180 days of interest |
12 Months | 2.00% | 180 days of interest |
18 Months | 2.50%
| 180 days of interest |
24 Months | 2.50% | 365 days interest |
30 Months | 2.50% | 365 days interest |
36 Months | 2.50% | 365 days interest |
48 Months | 2.50% | 365 days interest |
60 Months | 2.50% | 365 days interest |
120 Months | 2.50% | 365 days interest |
It's a good idea to check the special periods available and talk to a bank representative about the current opportunities. Also, if you have a lot of money to deposit, Chase, being a traditional bank, lets you negotiate rates – so if you're in that situation, make the most of it and get the best rate possible.
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Jumbo CDs In Ohio
Jumbo certificates of deposit (CDs) necessitate a higher minimum deposit compared to regular CDs. The precise minimum amount may vary depending on the bank, but it typically exceeds $100,000. Similar to regular CDs, other terms and conditions apply.
If you're interested in obtaining a jumbo CD in Ohio, you have a few options to consider.
- The initial option entails conducting an online search for superior rates on jumbo CDs. You can try inputting “best Jumbo CDs” and see what results emerge. However, bear in mind that only a limited number of online banks offer slightly higher rates on jumbo CDs, typically ranging from 0.05% to 0.25% higher. Additionally, these comparison websites might not display all the available alternatives.
- Another option is to consult your primary bank. Traditional banks often exhibit a willingness to provide higher rates for substantial deposits, and they might be open to negotiations. Given that you already have an existing relationship with your banker, engage in a conversation with them to explore the possibilities. You might be pleasantly surprised by the rates they can offer. Remember to mention the rates you discovered online as a benchmark for comparison.
- The final option involves calling 4-5 traditional banks in Ohio. Prior to committing to your current bank, take the time to investigate the offerings of other banks. While traditional banks advertise their rates online, arranging a personal meeting or making a phone call can often secure even better rates. Investing a little effort can potentially result in saving thousands of dollars.
How Ohio CDs Compare?
The CD market is currently witnessing an intense battle, unlike anything we've seen in the past 15 years.
The recent surge in interest rates has completely transformed the landscape, leading banks and credit unions to offer rates that were mere fantasies just a few years ago.
In such a scenario, it becomes imperative to compare rates not only within Ohio but across the nation. The advent of online banking has made it possible to access banks from anywhere, and interestingly, they often provide the most competitive rates available.
Now, let's delve into a captivating comparison of some incredibly enticing options that were overlooked in our Ohio CD list:
CD APY Range | Minimum Deposit | |
|---|---|---|
3.90% – 5.10% | $500 | |
4.14% – 5.26% | $1,000 | |
3.50% – 5.00% | $0 | |
5.05% | $1 | |
2.00% – 4.35% | $1,000 | |
5.08%-5.20% | $1,000 | |
5.00% – 5.10% | $2,500 | |
0.30% – 3.50% | $1,000 | |
3.00% – 4.50% | $0 | |
0.05% – 4.75% | $500 | |
3.51% – 4.85% | $5,000 | |
4.20% – 5.40% | $25,000 | |
4.65% – 5.40% | $1,000 | |
5.35% – 5.51% | $1,000 | |
4.90% – 5.50% | $1,000 | |
0.05% – 4.50% | $1,000 | |
4.25%- 4.75% | $2,500 | |
UP TO 5.10 % | $0 | |
2.75% – 5.25% | $1,000 | |
1.00% – 5.00% | $250 | |
4.70% | $1,000 | |
0.20% – 0.40% | $500 | |
0.05% – 4.75% | $1,000 | |
3.95% – 5.5% | $1,000
|
Compare CD Accounts Side By Side
Best CD Rates In Ohio: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in Ohio. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in Ohio 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 Ohio to meet their financial needs.
