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Best 5-year CD rates — June 2021

Best 5-year CD rates June 2021 Bankrate 11 hrs ago © KOLOstock/Getty Images Family spending time together A certificate of deposit, or CD, is a financial product that allows you to stash away some cash and earn a fixed rate of interest on that cash for a set period of time. In exchange for handing over your money for a specified and longer term, banks are usually willing to offer you a higher interest rate. For example, a 5-year CD can earn you a higher (and guaranteed) rate than a typical savings account while still offering safety. Popular Searches Summary of best 5-year CD rates for June 2021

Best 6-month CD rates — June 2021

Best 6-month CD rates June 2021 Bankrate 6 hrs ago © Provided by Bankrate Aerial view of forest from above Anytime you deposit into a CD, you promise to leave the money there for a set period of time. When you get a 6-month CD, the money remains in the deposit account for six months. Because you re willing to lock the money away, a bank might be willing to pay you a higher yield on the money. Popular Searches If you want to know how much interest you could earn on a 6-month CD, try Bankrate s calculator, which is designed to help you estimate potential earnings. Six months may not be a long time, but it can be useful when it comes to staying on track with your savings goals or setting up an emergency savings ladder.

Best 1-year credit union CD rates — June 2021

Best 1-year credit union CD rates June 2021 Bankrate 1 hr ago © MoMo Productions/Getty Images Couple using tablet at home Yields generally aren’t as high as they were almost a year ago, but it’s still possible to find a competitive interest rate. One way to do that is to shop around and look at the yields tied to the share certificates offered by credit unions. Popular Searches Pros and cons of credit union CDs Brick-and-mortar banks can be pretty stingy when it comes to paying out interest to customers with savings accounts. In many cases, their CD rates aren t impressive either.

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