Best CD Rates in San Jose, California

The potential investors always consider the safest aspects for their hard-earned money and especially in the dynamic economic landscape of San Jose, California, CD rates emerge as the most important entity. It promotes stability and security.

Its interest rates vary from bank to bank and term lengths offering flexibility for short and long-term goals. However, navigating the CD market in San Jose can be both an exciting exploration as well as lucrative investment opportunity.

Foe the most well defined and highly authentic overview, here is an analytical guide stated below;

Overall Best CD rates in San Jose, California

No.	Name of the Bank	APY %	Term  Length	Address
1	Sunflower Bank	5.50%	14-month	Online
2	Beal Bank USA	5.05%	6-month	5180 Stevens Creek Blvd San Jose, CA 95129
3	Tri Counties Bank	5.00%	5-month	Online
4	Star One Credit Union	4.75%	18-month	1090 Blossom Hill Rd, San Jose, CA 95123
5	Bank of the West	4.75%	13-month	50 W San Fernando St, San Jose, CA 95113
6	Silicon Valley Bank	4.65%	12-month	3003 Tasman Dr, Santa Clara, CA 95054
7	East West Bank	4.50%	6-month	Online
8	California Bank &  Trust	4.50%	6-month	515 N First St San Jose, CA 95112
9	CEFCU	4.50%	6-month	171 Branham Ln San Jose, CA 95136
10	U.S. Bank	4.45%	12-month	1099 Lincoln Ave, San Jose, CA 95125
11	First Technology Federal  Credit Union	4.41%	6-month	2702 Orchard Pkwy San Jose, CA 95134
12	First Republic Bank	4.35%	12-month	121 S Market St, San Jose, CA 95113
13	Bank of America	4.01%	15-month	99 Almaden Blvd, San Jose, CA 95113
14	Provident Credit Union	4.00%	6-month	670 Lincoln Avenue, San Jose, CA 95126
15	City National Bank	4.00%	6-month	1 Almaden Blvd San Jose, CA 95113
16	KeyPoint Credit Union	3.93%	18-month	2805 Bowers Avenue, Santa Clara, CA 95051
17	Ally  Bank	3.93%	6-month	Online
18	Fremont Bank	3.93%	6-month	160 W Santa Clara St San Jose, CA 95113
19	Star One Credit Union	3.59%	6-month	3136 Stevens Creek Blvd San Jose, CA 95117
20	Union Bank	3.50%	5-month	99 S Almaden Blvd Suite 100, San Jose, CA 95113
21	Commonwealth Central  Credit Union	3.35%	6-month	5890 Silver Creek Valley Rd San Jose, CA 95138
22	Santa Clara County  Federal Credit Union	3.25%	6-month	255 N White Rd San Jose, CA 95127
23	Golden 1 Credit Union	3.01%	6-month	185 Park Ave San Jose, CA 95113
24	Chase Bank	3.00%	24-month	595 Coleman Ave, San Jose, CA 95110
25	Santa Clara County  Federal Credit Union	3.00%	24-month	1641 N. First Street, San Jose, CA 95112
26	Patelco Credit Union	3.00%	14-month	1775 Story Road, Suite 100, San Jose, CA 95122
27	Heritage Bank of Commerce	3.00%	18-month	150 Almaden Blvd, San Jose, CA 95113
28	PenFed Credit Union	3.00%	6-month	Online
29	State Bank of India  (California)	3.00%	6-month	675 N First St San Jose, CA 95112
30	KeyPoint Credit Union	2.75%	6-month	7030 Santa Teresa Blvd San Jose, CA 95139
31	Technology Credit Union  (Tech CU)	2.50%	6-month	2010 N 1st St Suite 200, San Jose, CA 95131
32	Wells Fargo Bank,  National Association	2.50%	6-month	1720 Story Rd San Jose, CA 95122
33	Fremont Bank	2.45%	24-month	Online
34	Citibank	2.43%	12-month	10 Almaden Blvd, Suite 100, San Jose, CA 95113
35	Luther Burbank Savings	2.19%	6-month	956 The Alameda San Jose, CA 95126
36	Commonwealth Central  Credit Union	2.08%	6-month	5890 Silver Creek Valley Rd, San Jose, CA 95138
37	HSBC	2.08%	18-month	Online
38	LendingClub Bank	2.08%	24-month	Online
39	PNC Bank	2.00%	24-month	Online
40	Patelco Credit Union	2.00%	6-month	5185 Cherry Ave San Jose, CA 95118
41	Meriwest Credit Union	1.38%	36-month	5615 Chesbro Avenue, San Jose, CA 95123
42	Westamerica Bank	1.08%	24-month	Online
43	Comerica Bank	1.06%	15-month	333 W Santa Clara St, San Jose, CA 95113
44	Mechanics Bank	0.45%	60-month	Online
45	Cathay Bank	0.04%	2-year	Online

Current CD Rates of San Jose, California

The current CD rates in San Jose, California, offer a range of investment opportunities for the consumers who are looking for stable returns on their deposits. These rates reflect the diverse options available in the San Jose area.

It precisely manages and deals with different investment horizons and minimum deposit requirements.

Whether you are looking for a short-term investment or a longer-term commitment, the CD market in San Jose offers attractive rates for people. It primarily aims to maximize their returns with the security of FDIC insurance.

Best 6-Month CD Rates

For the best 6-month CD rates, investors seek short-term investment horizons and they find appealing options that offer a blend of accessibility and competitive returns.

1. Merrick Bank

Minimum Amount: $25000

APY / Rate: 4.40%

Pros:

• Offers the best interest rates in CD
• 24/7 access to the account
• Reliable customer support
• FDIC-insured banking

Rules:

• A CD is issued in the name of one person, or joint accounts in the names of more than one person, or payable on death.
• Upon successful registration, the investor gets a Truth-in-Savings disclosure with account information

2.  Popular Direct

Minimum Amount: $10000

APY / Rate: 4.25%

Pros:

• Top-tier rate of interest
• Easy access to the account from the phone, tablet, and desktop
• 24/7 customer support
• Various CD options to implement CD ladder strategy

Rules:

• CDs can be booked online or at the branch.
• Monthly compounding of interest; interest is credited to the account at month’s end.
• Early withdrawal from the CD earns a penalty depending on the term of the CD.

3. Department Of Commerce Federal Credit Union

Minimum Amount: $500

APY / Rate: 4.09%

Pros:

• No monthly fee or hidden charges
• NCUA-insured banking solutions
• Relationship reward benefits of up to an additional 0.25% APY
• Additional 0.10% APY on opening an account with a $25000 initial deposit

Rules:

• Dividends are compounded monthly and added to the account every month.
• There is an additional.25% APY for Gold, Silver, or Bronze status customers under the Relationship reward benefits program
• CD gets auto-renewed on maturity. Any changes to the CD can be done during the 10 days grace period.

Best 1-Year CD Rates

In the perspective of 1-year CD rates, investors are presented with opportunities that strike a balance between relatively quick access to their funds and the benefit of higher yields.

1. CFG Bank

Minimum Amount: $500

APY / Rate: 4.65%

Pros:

• Best interest rates on a 12-month CD
• The minimum amount required is low
• No monthly maintenance fee
• FDIC-insured to the maximum permitted by law

Rules:

• A CD can be booked online or by contacting the representative at the branch
• The maximum deposit limit to the account is set at $250,000
• CD gets auto-renewed at maturity. The term can be altered or more amounts can be added to the CD during the grace period.

2. Bask Bank

Minimum Amount: $0

APY / Rate: 4.10%

Pros:

• 6-month to 24-month CD term available
• High APY on CDs
• FDIC insured investment
• Easy online access to the account

Rules:

• New customers have to open an account with the bank. A CD can be added to the account through the online banking system.
• The minimum deposit should be made during the 10 days of account opening.
• Penalty on premature withdrawal from CD-
• 90 days simple interest calculated on the principal for CDs with a term of less than 12 months
• 180 days simple interest calculated on the principal for CDs with term of 12 months and more

3. M.Y. Safra Bank

Minimum Amount: $500

APY / Rate: 4.41%

Pros:

• Leading bank with a nationwide presence
• Fixed and competitive rates
• CD Calculator to assess CD benefits
• Reliable customer support

Rules:

• CD earns monthly compounded interest that is credited to the account every month.
• Early withdrawal is charged with a penalty.
• Any changes to the CD term can be done during the grace period.

Best 2-Year CD Rates

When it comes to the best 2-year CD rates, individuals are looking for a middle ground between short and long-term investments. In this aspect, they find these options particularly attractive, as they offer better interest rates in exchange for a slightly longer commitment.

1. Discover Bank

Minimum Amount: $25000

APY / Rate: 4.10%

Pros:

• No hidden charges and account fees
• Terms ranging from 3 months to 10 years
• Stress-free banking experience
• Minimum penalty on early withdrawal

Rules:

• Open an account with the bank and apply for a CD account addition.
• Get confirmation on email and make the deposit to the account.
• CD earns compounded interest on a monthly basis.

2. Rising Bank, a division of Midwest BankCentre

Minimum Amount: $1000

APY / Rate: 4.60%

Pros:

• competitive CD rates and guaranteed returns
• Traditional term CDs and Jumbo CDs are available
• Term ranging 6 months to 3 years
• Customer-first service
• 24/7 account access through a mobile app

Rules:

• Open an account with a bank online or contact the branch.
• Make the initial deposit to earn interest on a monthly compounding basis.
• 90 days simple interest is charged as a penalty on premature withdrawal of CD with a term of fewer than 12 months. For CDs with the duration of more than 12 months, the penalty is 180 days of simple interest.

3. Popular Direct

Minimum Amount: $1500

APY / Rate: 4.50%

Pros:

• Highly competitive interest rates
• Easy access to the account
• Mobile banking option
• FDIC-insured banking

Rules:

• Open a CD account with bank online or by contacting the branch
• Interest on CD is compounded monthly and credited to the account every month on a fixed date.
• The premature penalty depends on the CD term.
• The 10-day grace period on maturity to make changes to the CD term or add more funds to the CD.

Best 3-Year CD Rates

The best 3-year CD rates appeal to those who are comfortable with locking in their funds for an extended period with high yield return.

1. CFG Bank

Minimum Amount: $500

APY / Rate: 4.60%

Pros:

• High-yield CD option
• Low minimum amount requirements
• 24/7 customer support and account access
• FDIC insures to the max permitted by law

Rules:

• CD can be booked online or at the branch
• There is a cap on the maximum deposit to the CD set at $250,000
• The CD earns monthly compounded interest
• A penalty is charged for premature withdrawal.

2. Prime Alliance Bank

Minimum Amount: $500

APY / Rate: 4.50%

Pros:

• High rates of interest
• FDIC insured investment
• Variety of terms on CDs
• Strong customer support system

Rules:

• Interest on CD is compounded monthly and added to the account at the month;’s end
• Early withdrawal of the principal is charged with a penalty depending on the term of the CD.

3. Bread Savings, a division of Comenity Capital Bank

Minimum Amount: $1500

APY / Rate: 4.75%

Pros:

• The best interest rate on a 3-year CD
• Easy access to the account
• Reliable customer support
• No hidden fee or monthly maintenance charges

Rules:

• Interest is calculated on a monthly compounding basis and transferred to the account every month
• There is a 10 days grace period on maturity to make changes to the CD term or add more money
• Early withdrawal from the CD is charged with a penalty depending on the CD term

Best 5-Year CD Rates

The best 5-year CD rates are flexible for the forward-thinking investors. It offers the highest interest rates in exchange for a long-term investment.

1. CFG Bank

Minimum Amount: $500

APY / Rate: 4.60%

Pros:

• Top-tier rate of interest
• Decent minimum amount requirement
• FDIC-insured banking option
• 24/7 account access

Rules:

• A CD can be opened online or by contacting the branch.
• The investor has to make a minimum deposit allowed of  $500. The maximum deposit limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. Sallie Mae Bank

Minimum Amount: $2500

APY / Rate: 4.55%

Pros:

• Choices of CD terms ranging from 12 months to 60-month
• Auto-renewal at maturity
• No monthly maintenance fees
• FDIC-insured to the max limit

Rules:

• CDs can be opened online or at the branch.
• The interest is calculated and compounded monthly.
• Customers can choose monthly, quarterly, yearly, or at-maturity dividend disbursal.
• Early withdrawal is charged a penalty:

3. M.Y. Safra Bank

Minimum Amount: $500

APY / Rate: 4.51%

Pros:

• High-yield CD option
• Terms available 30 days 60 months
• Higher earnings with compounded interest
• FDIC-insured

Rules:

• The interest on CD is compounded monthly and credited to the account every month.
• Premature withdrawal of principal is charged with a penalty.
• CD terms can be altered or more amounts can be added to the CD during the grace period after maturity.

Economic Statistics for San Jose, California

San Jose, California, stands as a compelling city for investors and savers. It is underscored by its dynamic economic indicators. As of the latest information, San Jose’s population was approximately 971,233. It represents the city’s status as a significant hub within the Silicon Valley area​​.

This population size, alongside a vibrant economic landscape, plays a crucial role in understanding the local financial market, including CD rates.

In addition to this, the median household income in San Jose is notably high. It is reported at $136,010, which underscores the city’s affluent demographic and its potential for savings and investment opportunities​​.

Furthermore, the median value of owner-occupied housing units stands at a staggering $1,149,600, highlighting the  expensive real estate market and the substantial equity that homeowners might leverage for investment, including CDs​​.

On the other side, the employment landscape in San Jose is equally noteworthy. The significant sectors include Manufacturing, Professional, Scientific, & Technical Services, and Health Care & Social Assistance.

This diversity in employment sectors not only supports the city’s economy but also provides a robust foundation for savers and investors looking for stability and growth​​.

Statistic	Value
Population (2022 estimate)	971,233
Median Household Income (2018-2022)	$136,010
Median Home Value (2018-2022)	$1,149,600
Major Employment Sectors	Manufacturing, Professional, Scientific, & Technical Services, Health Care & Social Assistance

In this regard, all those who consider the CD investments in San Jose, these economic statistics suggest them a community with a strong financial footing. It is capable of supporting competitive CD rates. The high average income and home values indicate a market where financial institutions may offer favorable terms to attract the deposits of affluent savers.

How to Get Best CD Rates in San Jose, California

To secure the best CD rates in San Jose, California, investors and savers should adopt a strategic approach that includes;

• Comparing rates from a variety of financial institutions, including banks, credit unions, and online platforms.
•  As per San Jose’s competitive banking landscape, leveraging online comparison tools can be particularly effective for identifying the most favorable rates available.
• Additionally, considering the impact of local economic factors such as the average income, housing values, and population demographics can guide savers towards institutions that may offer higher rates to attract deposits in this affluent area.
• Moreover, building a relationship with your banking institution and negotiating for better rates can also lead to more advantageous terms.

CD Rates Methodology

The methodology for determining the best CD rates typically involves a comprehensive review of offerings from a significant number of banks.

In this case, 90 financial institutions, to ensure a broad and representative sample of the market. Out of these, 45 banks made the list. The list highlights those that offer the most competitive rates to customers.

This selection process is rigorous and aims to present a wide range of options for the locals. The criteria for making the list can include the annual percentage yield, minimum deposit requirements and early withdrawal penalties.

This methodology ensures that the list reflects the best opportunities for investors along with maximizing their returns.

Conclusion

Overall, utilizing online comparison tools can simplify the process of selecting the best CD rates. The primary goal is to find a CD that not only offers a favorable return but also aligns with personal financial goals and risk tolerance, all while ensuring the security of the investment through FDIC insurance.

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