Savings rates for certificates of deposit, or CDs, remained high in November, with half of the 10 leading offerings this month earning an annualized yield — or APY — of at least 6%. And while some of the most attractive promotions come with some restrictive hurdles, there are still plenty of viable options available to almost everyone. (See 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 how to get the best APY in November 2023 — and 10 of the highest-paying CDs this month.
Why are prices still rising?
Certificate of deposit rates in 2023 continue to become more attractive, although the national average deposit rate on 12-month certificates of deposit has been just 1.79% since October 16, compared to 0.71% at the same time last year. According to the Federal Deposit Insurance Corporation. (FDIC) Data. However, many smaller, online-only banks and credit unions are promising promotional rates that far exceed the national average — many of which now exceed 5.75% annual yield (more on that below).
Why are CD prices rising? On the one hand, high inflation encouraged the Fed to increase the national funds rate in an attempt to lower consumer prices. But as money rates rise, so do borrowing rates for consumers and financial institutions alike. As a result, many banks and credit unions have responded by improving their savings rates in order to attract and retain customers, as well as to help balance their books and pay down their debt in the process, says the CEO of Helium Financial Group. – Head of Wealth Management JJ Feldman.
“Significant interest rate increases by the Fed over the past year have pushed up interest rates across the fixed income world,” Feldman says, adding that “CDs offer some of the best rates currently compared to corporate and government bonds.” (See some of the highest CD prices you can get right now here.)
What to look for before making a deposit
Potential filers should read the fine print to make sure the offers being promoted live up to their promises, Feldman says. “Savvy clients 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 represents a great opportunity because of their great benefits.” . High yield.”
Anyone who opens a CD must take into account a number of potential fees and restrictions. First, almost every CD comes with an early withdrawal penalty for withdrawing any of your principal balance before the due date. This fee can charge a percentage of your interest or even your principal balance, depending on the institution. Find out more about micro CD printing and the different types of CDs available on the market here.
10 of the best CD prices for November 2023
Here are the 10 best deposit rates for CDs in November 2023. All of these accounts are protected by the FDIC or NCUA, unless otherwise noted. Since some financial institutions offer better rates than others, it’s important to read all the fine print before opening an account to learn about any potential restrictions or hurdles.
Truliant Federal Credit Union: 6.25% annually
Truliant Federal promises its members a 6.25% APY for opening an 11-month certificate. Just be sure to bring at least $5,000 in new money to the credit union and meet membership requirements to get started. To join, filers must either live in North Carolina, South Carolina, Virginia, Georgia, or Tennessee, or be a member of one of the eligible employer groups. Other methods include having immediate family or a family member as part of the credit union.
Travis Credit Union: 6.00% annually
A 4-month stock certificate at this credit union comes at 6% APY. Simply bring a minimum opening deposit of $500 and meet the credit union membership requirements. It’s also worth noting that deposits here are limited to $50,000, so this may not suit everyone.
Granite State Credit Union: 6.00%
New balances over $25,000 on an 11-month Share Certificate are eligible for a 6% APY. However, you will have to live or work in the state of New Hampshire to become a member and open an account.
American Eagle Financial Credit Union: 6.00%
Here members can get a relatively high 6% annual return on a 6-month CD at this credit union. However, to join, you will have to live or work in Connecticut or Hampden, Massachusetts. Alternatively, depositors can also 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.
Human credit: 6.00%
Have at least $500 and you’re set to receive the highest 6% APY available for 12-17 month stock certificates at this credit union. Just make sure you meet the credit union membership requirements, which entail either living, working, worshiping or attending school in Credit Human’s designated service areas in San Antonio or New Orleans. New depositors can also join if they are studying at one of a select number of trade schools, colleges or universities or if they have a family member who is also a current member. One additional way is to join the Consumer Council of America.
RTP Federal Credit Union: 5.97%
Make a minimum deposit of $2,500 with funds not previously deposited at this credit union and receive a high promotional rate of 5.97% APY for its 5-month certificate. However, you will have to Become a member To join – this means either working for one of the 300 companies in the greater Research Triangle Park, North Carolina area, or having a family or household member who is already part of the credit union.
Associated Credit Union: 5.90%
Open a 19-month CD with a minimum deposit of $500 and get a 5.90% APY promotion at this credit union. However, like most credit unions, you will have to become a member. To do this, you will need 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 also renews as a 24-month CD, so be sure to check your terms and rates after the due date is reached.
My electronic account: 5.77%
For those with a larger amount of cash to open an account, you may want to consider large online term deposits of 6 or 12 months at this online savings bank. Just show up with a minimum deposit of $100,000 and you can get a high annual return of 5.77% for your efforts.
TotalDirectBank: 5.75% annually
This line of CDs requires a minimum deposit via ACH transfer of $25,000. For a CD term of 6 months, hitting this account minimum will earn you a high 5.97% APY. You’re also limited to $1 million, so this amount may not be appropriate for a very high net worth.
Texas State Bank: 5.75% annually
With a minimum deposit of $50,000, this 12-month CD stands among its peers as one of the most no-strings-attached options for earning a high return of 5.75% on APY. You’ll just need a valid driver’s license or other government-issued ID, plus routing numbers or a check to fund your new account.
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