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Best 12 Month CD Rates Today: Top Offers for Secure Savings

When searching for the best 12-month CD rates today, it’s essential to consider factors such as annual percentage yield (APY), minimum deposit requirements, and early withdrawal penalties. CDs are time-bound deposits, meaning your funds remain locked for the agreed term, but in return, you earn a higher interest rate compared to regular savings accounts. The current economic climate has led to competitive rates, making it an opportune moment to invest.

Financial institutions like Ally Bank, Marcus by Goldman Sachs, and Capital One are among the top contenders offering attractive APYs on 12-month CDs. These banks provide a combination of high yields, low minimum deposits, and user-friendly online platforms. Credit unions, such as Navy Federal Credit Union, also present compelling options, often with slightly better rates for members.

Top Banks Offering the Best 12-Month CD Rates

Ally Bank stands out with its no-penalty CD option, allowing flexibility for early withdrawals without losing all accrued interest. Marcus by Goldman Sachs offers a straightforward, high-yield CD with no minimum deposit requirement, making it accessible to a broader audience. Capital One combines competitive rates with a seamless digital experience, ideal for tech-savvy investors.

Key Considerations When Choosing a CD

APY: The higher the APY, the more you earn on your deposit.
Minimum Deposit: Some CDs require as little as $500, while others may demand $5,000 or more.
Early Withdrawal Penalty: Fees can range from a few months’ interest to the entire accrued amount.
Compounding Frequency: More frequent compounding (e.g., daily vs. monthly) can boost overall returns.

Comparison of Best 12-Month CD Rates

Bank/Credit Union	APY	Minimum Deposit	Early Withdrawal Penalty
Ally Bank	4.25%	$0	60 days of interest
Marcus by Goldman Sachs	4.30%	$500	90 days of interest
Capital One	4.20%	$1,000	3 months of interest
Navy Federal Credit Union	4.35%	$1,000	6 months of interest

How to Maximize Your CD Investment

To get the most out of your CD, consider laddering your investments. This strategy involves dividing your funds across multiple CDs with varying maturity dates, ensuring liquidity and taking advantage of rising rates. Additionally, always verify the FDIC or NCUA insurance status of the institution to safeguard your deposit.

For further research, visit the official websites of these banks: Ally Bank , Marcus by Goldman Sachs , Capital One , and Navy Federal Credit Union .

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