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Best 12 Month CD Rates Today: Top Bank Promotions for Secure Savings

When searching for the best 12-month CD rates today, it’s important to consider several factors beyond just the interest rate. These include the bank’s reputation, minimum deposit requirements, early withdrawal penalties, and whether the CD is promotional or part of the bank’s standard offerings. Understanding these elements will help you select a CD that not only offers a competitive rate but also fits your financial situation and goals. Below, we break down the key aspects to consider and provide a detailed comparison of the top CD rates currently available.

Key Factors to Consider When Choosing a 12-Month CD

Before diving into specific bank promotions, it’s essential to understand the criteria that make a CD a good fit for your needs. Here are the most important factors to evaluate:

Interest Rate: The annual percentage yield (APY) determines how much you’ll earn on your deposit. Higher APYs mean greater returns.
Minimum Deposit: Some CDs require a substantial initial deposit, while others are more accessible with lower minimums.
Early Withdrawal Penalty: If you need to access your funds before the CD matures, you may face a penalty that could eat into your earnings.
Bank Reputation: Opt for federally insured banks to ensure your deposit is protected up to $250,000.
Promotional Terms: Some banks offer limited-time promotions with higher rates, so timing your investment can be crucial.

Top 12-Month CD Rates and Promotions

Below is a comparison table of the best 12-month CD rates available today, along with their key features. This table is designed to help you quickly compare options and identify the best fit for your savings strategy.

Bank	APY	Minimum Deposit	Early Withdrawal Penalty	Promotion Details
Ally Bank	3.50%	$0	60 days of interest	No minimum deposit required
Marcus by Goldman Sachs	3.45%	$500	90 days of interest	No-penalty CD option available
Discover Bank	3.40%	$2,500	90 days of interest	Online-only promotion
Synchrony Bank	3.35%	$2,000	90 days of interest	High-yield CD with FDIC insurance
Capital One	3.30%	$1,000	3 months of interest	Flexible terms and competitive rates

How to Maximize Your CD Earnings

To get the most out of your 12-month CD, consider the following strategies:

Ladder Your CDs: Instead of investing all your funds in a single CD, spread them across multiple CDs with varying terms to maintain liquidity and take advantage of rising rates.
Monitor Promotions: Banks often introduce limited-time offers with higher rates. Staying informed can help you lock in the best deals.
Reinvest at Maturity: When your CD matures, reinvest the principal and interest into a new CD to continue earning competitive rates.

Final Thoughts

Choosing the best 12-month CD requires careful consideration of rates, terms, and your personal financial goals. By comparing the top options and understanding the fine print, you can make an informed decision that maximizes your savings. Always ensure your bank is FDIC-insured and read the terms thoroughly before committing to a CD.

For more information, visit the official websites of the banks mentioned: Ally Bank , Marcus by Goldman Sachs , Discover Bank , Synchrony Bank , and Capital One .

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