Best CD Rates in Connecticut

It is evident that CDs offer a secure way to grow your savings over a fixed period. It holds the interest rates that are typically higher than those of regular savings accounts.

Whether you’re planning for a short-term goal or looking to park your money safely for a few years, Connecticut’s financial institutions provide a variety of CD options.

By carefully comparing rates, terms, and penalties for early withdrawal, investors in the Constitution State can find opportunities to boost their financial health and achieve their savings objectives more efficiently. Let’s explore the further details in the section below;

Overall Best CD rates in Connecticut

No.	Name of the Bank	APY %	TermLength	Address
1	American Airlines Federal Credit Union	5.50%	6-month	415 Day Hill Rd Windsor, CT 06095
2	Liberty Bank	5.22%	3-month	60 N Main St Southington, CT 06489
3	Simsbury Bank &  Trust Company	5.22%	3-month	864 Cottage Grove Rd PO Box 376 Bloomfield, CT 06002
4	Darien  Rowayton Bank	5.18%	6-month	138 Rowayton Ave Norwalk, CT 06853
5	Seasons Federal Credit Union	5.13%	6-month	1371 E Main St Meriden, CT 06450
6	Liberty Bank	5.08%	6-month	1901 Silas Deane Hwy Rocky Hill, CT 06067
7	Naugatuck Valley  Savings and Loan	5.08%	6-month	1030 Hamilton Ave Waterbury, CT 06706
8	Simsbury Bank &  Trust Company	5.08%	6-month	864 Cottage Grove Rd PO Box 376 Bloomfield, CT 06002
9	Comtrust Federal Credit UnionComtrust Federal  Credit Union	5.00%	6-month	1901 Day Hill Rd PO Box 648 Windsor, CT 06095
10	FD Community Federal Credit Union	4.89%	6-month	601 Watertown Ave Waterbury, CT 06708
11	Greater Watertown Federal Credit Union	4.89%	6-month	48 Woodruff Ave Watertown, CT 06795
12	Bankwell Bank	4.88%	6-month	300 Atlantic St Stamford, CT 06901
13	Connecticut State Employees Credit Union, Inc.	4.88%	6-month	84 Wadsworth St Hartford, CT 06106
14	Santander Bank, N.A.	4.88%	6-month	40 Hazard Ave Enfield, CT 06082
15	Torrington Savings Bank	4.88%	6-month	8 Church St Torrington, CT 06790
16	360 Federal Credit Union	4.75%	6-month	421 Talcottville Rd Vernon, CT 06066
17	INOVA Federal Credit Union	4.50%	6-month	185 Boston Post Rd Orange, CT 06477
18	American Eagle Financial Credit Union, Inc.	4.25%	6-month	333 E River Dr East Hartford, CT 06108
19	Putnam Bank	4.17%	6-month	40 High St Norwich, CT 06360
20	Santander Bank, N.A.	4.16%	3-month	40 Hazard Ave Enfield, CT 06082
21	Connex Credit Union	4.01%	17-month	412 Washington Avenue, North Haven, CT 06473
22	HSBC Bank USA, National Association	4.00%	6-month	310 Connecticut Ave Norwalk, CT 06854
23	First Tech Federal Credit Union	4.00%	18-month	3555 SW 153rd Drive, Beaverton, OR 97006
24	Nutmeg State Financial Credit Union	4.00%	24-month	520 Cromwell Avenue, Rocky Hill, CT 06067
25	Bank of America, National Association	3.93%	3-month	200 Glastonbury Blvd Glastonbury, CT 06033
26	PenFed Credit Union	3.93%	36-month	7940 Jones Branch Drive, McLean, VA 22102
27	Hartford Federal Credit Union	3.06%	24-month	964 Asylum Avenue, Hartford, CT 06105
28	American Express  National Bank	3.03%	18-month	200 Vesey Street, New York, NY 10285
29	PenFed Credit Union	3%	6-month	Online ©
30	360 Federal Credit Union	3.00%	3-month	191 Ella Grasso Tpke PO Box 273 Windsor Locks, CT 06096
31	Connecticut State Employees Credit Union, Inc.	3.00%	3-month	84 Wadsworth St Hartford, CT 06106
32	Essex Savings Bank	3.00%	3-month	203 Middlesex Ave Chester, CT 06412
33	Savings Institute Bank and Trust	3.00%	6-month	Willimantic, CT
34	Chelsea Groton Bank	3.00%	60-month	904 Poquonnock Road, Groton, CT 06340
35	Simsbury Bank	3.00%	48-month	Simsbury, CT
36	Capital One	3.00%	6-month	1680 Capital One Drive, McLean, VA 22102
37	Sikorsky Credit Union	3.00%	12-month	1000 Oronoque Lane, Stratford, CT 06614
38	The Milford Bank	2.75%	6-month	33 Broad Street, Milford, CT 06460
39	Thomaston Savings Bank	2.75%	36-month	203 Main Street, Thomaston, CT 06787
40	Newtown Savings Bank	2.70%	6-month	39 Main Street, Newtown, CT 06470
41	Greenwich Credit Union	2.68%	12-month	Online
42	Ion  Bank	2.60%	60-month	251 Church Street, Naugatuck, CT 06770
43	Wells Fargo Bank, National Association	2.50%	6-month	7 S Main St Branford, CT 06405
44	Farmington Bank	2.50%	6-month	Farmington, CT
45	Connecticut Community Bank	2.50%	36-month	1100 Kings Highway East, Fairfield, CT 06825
46	Dime  Bank	2.50%	48-month	290 Salem Turnpike, Norwich, CT 06360
47	United Bank	2.33%	36-month	Bridgeport, CT
48	Navy Federal Credit Union	2.08%	24-month	820 Follin Lane SE, Vienna, VA 22180
49	First Republic Bank	1.90%	6-month	111 Pine Street, San Francisco, CA 94111
50	Santander Bank	1.90%	6-month	75 State Street, Boston, MA 02109
51	TD Bank	1.90%	3-month	1701 Route 70 East, Cherry Hill, NJ 08034
52	M&T Bank	1.90%	24-month	One M&T Plaza, Buffalo, NY 14203
53	Ally  Bank	1.05%	15-month	500 Woodward Ave, Detroit, MI 48226
54	PNC Bank	0.25%	5-years	300 Fifth Avenue, The Tower at PNC Plaza, Pittsburgh, PA 15222
55	Citizens Bank	0.16%	24-monh	One Citizens Plaza, Providence, RI 02903
56	Synchrony Bank	0.05%	12-month	777 Long Ridge Road, Stamford, CT 06902
57	Discover Bank	0.05%	12-month	502 E. Market Street, Greenwood, DE 19950

Current CD Rates of Connecticut

The current CD rates in Connecticut makes them a compelling option for savers who require and are in need of seeking higher returns on their deposits.

It is quite convenient to use over other traditional savings accounts. With rates ranging significantly across different financial institutions, some offering upwards of 4% to 5.5% APY for terms ranging from one to five years, Connecticut residents have the opportunity to secure attractive yields on their investments.

This diverse range of rates underscores the importance of shopping around to find the best terms that align with one’s financial goals and timelines.

Best 6 Month CD Rates

For savers looking for short-term investment opportunities, the best 6-month CD rates offer an ideal balance between higher interest yields and the flexibility of a brief commitment period.

1. Popular Direct

Minimum Amount: $10,000

APY / Rate: 4.50%

Pros:

• Best CD rates for 6 month CD term
• Online access to the account round the clock
• FDIC insured investment to the maximum permitted by law
• Credible customer service and support

Rules:

• A minimum of $10000 must be maintained in the CD accounts till maturity
• Interest is accrued and compounded daily
• Premature withdrawal is charged with a penalty amount

2. Live Oak Bank

Minimum Amount: $2500

APY / Rate: 4.35%

Pros:

• No monthly maintenance fees
• Online access to account offering 24/7 access
• High, fixed interest rate
• FDIC insured banking option

Rules:

• Interest is compounded daily and disbursed monthly
• Minimum $2500 and maximum $250,000 per account
• Early withdrawal of insured sum is charged with a penalty
• CD renewal options can be managed online

3. Synchrony Bank

Minimum Amount: $0.1

APY Rate: 3.50% APY

Pros:

• No monthly fees on savings account
• Competitive rates on savings and CDs
• Access your account 24/7 from desktop or mobile.
• All deposits are FDIC-insured.

Rules:

• The penalty is 730 days of simple interest
• Interest earned may vary
• fees may reduce the aggregate balance on the account.
• A minimum deposit of $10,000 is required for all CDs.

Best 1 Year CD Rates

The top 1-year CD rates present an attractive option for individuals aiming to maximize returns over a moderate timeframe.

1. Limelight Bank

Minimum Amount: $1,000

APY / Rate: 4.75%

Pros:

• Terma available from 6 months to 36 months
• Low minimum deposit requirements and high yield
• Mobile banking feature available

Rules:

• Penalties on early withdrawal of the principal amount
• Interest credited to account on monthly basis

2. American Express National Bank

Minimum Amount: $0

APY / Rate: 4.50%

Pros:

• No minimum deposit required
• No monthly maintenance fee
• Hasslefree account opening

Rules:

• Interest is compounded daily and added to the account at the month end
• Penalty on early withdrawal of the CD sum up to 540 days’ interest depending on the length of your CD
• CD automatically renews at maturity

3. CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 4.00% APY

Pros:

• NCUA Insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
• Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

Best 2 Year CD Rates

Those investors who are willing to lock in their funds for a slightly longer period can benefit from the best 2-year CD rates, which typically offer higher interest rates than their shorter-term counterparts.

1. America’s First Credit Union

Minimum Amount: $500

APY / Rate: 4.75%

Pros:

• Variety of certificate options available (ladder, bump, dedicated savings and flexible)
• Low minimum deposit requirement
• Higher dividend rate
• Investment secured by NCUA

Rules:

• Easy to open an CD account with existing AFCU account
• Dividend are credited monthly directly to checking, money market, share savings account
• Early-withdrawal penalty

2. Randolph-Brooks Federal Credit Union

Minimum Amount: $20,000

APY / Rate: 4.70%

Pros:

• Minimal minimum deposit amounts required
• High dividend rates on a share certificate for two years
• Zero-risk investing
• FDIC‘s maximum insurance coverage

Rules:

• The CD interest is compounded every month.
• Dividends can be transferred to RBFCU checking, savings, or money market accounts as well as the certificate account.
• At maturity, the certificate automatically renews.
• Early withdrawal penalties apply to premature withdrawal

3. PenFed Credit Union

Minimum Amount: $1000.00

APY / Rate: 4.35 % APY

Pros:

• Easy online and mobile access.
• Checking account dividends are compounded daily and paid monthly
• 85,000 free ATM network access nationwide.
• Competitive APY rates.

Rules:

• NCUA insured.
• Rates are the same and are subject to change.
• Penalties applied for early withdrawal.
• The penalty will be 30% of the gross amount of dividends after 365 days of the open date.

Best 3 Year CD Rates

The best 3-year CD rates allow individuals to capitalize on even higher interest yields. It is suitable for those with a medium-term financial planning horizon.

1. Alliant Credit Union

Minimum Amount: $1000

APY / Rate: 4.60%

Pros:

• Investments guaranteed by NCUA
• superior interest rates compared to traditional banks
• No maximum investment limit
• Minimal minimum deposit amounts required
• No recurring monthly fees

Rules:

• Dividends are compounded both monthly and upon maturity.
• Without incurring penalties, dividends can be earned and taken each month. By doing so, simple interest is calculated instead of compound interest.
• There is a fee for closing a certificate account before maturity.

2.  Bread Financial

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• Best rates for 3-year CD options
• Hassle-free account opening process
• Enhanced liquidity rate
• The minimum deposit requirement is low
• FDIC insured

Rules:

• Interest is calculated and compounded daily and added to the account by month end
• The investment limit per customer is set at $1 million and per account at $10 million
• The grace period is 10 days within which CD customer can choose to cash out
• CD auto-renewal after the grace period

3. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty for premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn inter

Best 5 Year CD Rates

For the most patient savers, the best 5-year CD rates reward long-term commitments with the highest interest rates. It is a premier choice for maximizing savings growth over time.

1. Barclays

Minimum Amount: $0

APY / Rate: 4.30%

Pros:

• No minimum deposit requirement
• Fixed rates offer higher stability
• No monthly maintenance fees
• 24/7 access to the account

Rules:

• The interest is compounded daily
• 14 days period to add funds to the CD to earn interest
• Early withdrawal from the account is penalized
• Easy fund transfer to any other account

2. Synchrony Bank

Minimum Amount: $0

APY / Rate: 4.30%

Pros:

• No minimum balance required
• Higher interest rates
• Accurate saving solution with a CD ladder
• CD calculator available on the bank website

Rules:

• Withdrawing principal prior to the maturity date earns a penalty
  1. Term less than one year- 90 days of simple interest
  2. The term more than one year and less than 48 months- 180 days of simple interest
  3. The term more than 48 months: 365 days of simple interest
• Interest can be withdrawn anytime during the CD term without any penalty
• Interest can be transferred to Synchrony bank account or other bank saving accounts

3. First National Bank of America

Minimum Amount: $1000.00

APY Rate: 4.35% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts, making this one of the best CD rates in Colorado
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

Economic Statistics for Connecticut

In Connecticut, with an average income, home value, and population tailored to investor and saver needs, understanding the economic landscape is pivotal for making informed financial decisions.

As of 2024, Connecticut boasts a population of approximately 3.6 million people, reflecting a diverse and dynamic economic environment.

Moreover, the average household income in the state is notably high, which aligns with Connecticut’s status as one of the wealthier states in the U.S. Additionally, the average home value in Connecticut is indicative of its robust real estate market. It offers a variety of opportunities for real estate investors and homeowners alike.

Statistic	Detail
Population	Approximately 3.6 million people
Average Household Income	Notably high, indicating a wealthier populace
Average Home Value	Reflects a robust real estate market
Context for CD Rates	The economic prosperity and stability of Connecticut make it an attractive environment for securing competitive CD rates. Investors can leverage the state’s economic health to find opportunities that align with their financial goals.

These economic statistics provide a backdrop against which the best CD rates in Connecticut can be considered. It offers the investors a secure avenue for growing their wealth in a state characterized by economic prosperity and stability.

How to Get Best CD Rates in Connecticut

To secure the best CD rates in Connecticut, start by conducting thorough research across a variety of financial institutions. Pay close attention to the annual percentage yield, term lengths, and minimum deposit requirements, as these factors can significantly impact your returns.

Additionally, consider the institution’s reputation for customer service and the flexibility of its early withdrawal penalties.

Along with all this, comparing these elements side by side will help you identify the most competitive CD offerings. Finally, do not hesitate to negotiate with banks or explore online banks and credit unions, which often offer higher rates due to lower overhead costs.

CD Rates Methodology

When evaluating the best Certificate of Deposit (CD) rates in Connecticut, our methodology involved a comprehensive review of CD rates from 86 banks. This extensive survey covered a wide range of financial institutions, from large national banks to local credit unions. It ensures a broad and representative sample of the CD products available to consumers in the state.

Out of the 86 banks reviewed, 65 made it to our list, based on several key factors. These criteria included the competitiveness of their interest rates, the variety of term lengths available, customer service reputation, and the flexibility of their early withdrawal penalties. 

This selective process ensures that our list reflects not only the highest CD rates but also the best overall value propositions for savers and investors in Connecticut.

Conclusion

In conclusion, the landscape of Certificate of Deposit (CD) rates in Connecticut offers a wide array of opportunities for investors looking to optimize their financial strategies.

By conducting an in-depth review of CD rates, we have highlighted options that not only offer competitive interest rates but also cater to a variety of financial needs and timelines. In addition to all this, Connecticut’s economic indicators, such as its relatively high average income and home values, further enhance the attractiveness of CDs as a savings vehicle in the state.

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