Here are five of the best online CD accounts, broken down into five categories. Start by exploring your CD options here to see how much more money you could be earning. Read on for our list of the best online CD accounts available and a quick guide to opening a CD account. For example, it's relatively easy to snag a CD yield in the 4% to 5% range with online CD issuers, while Bank of America and Chase Bank offer yields of 0.01% and 0.03%, respectively, for their CDs, as of June 2023. In particular, many online banks offer significantly higher returns on CDs than their brick-and-mortar counterparts. While rising interest rates contribute to a downturn in home sales and pricing, they've been a boon to savings vehicles like high-yield savings accounts and certificates of deposit (CDs). The Federal Reserve has raised interest rates 10 times from a benchmark range of 0% to 0.25% at the beginning of the pandemic to its current range of 5% to 5.25%. There are multiple attractive online CD accounts to choose from in today's market.
