Best CD Rates in Ohio

In Ohio, the investors have an array of options to boost their financial well-being. One of such options include; Certificate of Deposits. Throughout Ohio, all the banks and credit unions offer competitive CD rates that cater to a variety of financial goals.

With the right CD, Ohioans can enjoy the peace of mind that comes with secure and predictable returns. This makes it an essential tool in your investment arsenal.

Let’s delve into the best CD rates in Ohio, where financial prudence meets opportunity, and ensure that your savings not only grow but flourish.

Overall Best CD rates in Ohio

No.	Bank Name	APY	Term Length	Address
1	Southeastern Ohio Credit Union	5.25%	6-month	68518 Bannock Rd # SR331 Saint Clairsville, OH 43950
2	Universal 1 Credit Union	5.20%	6-month	718 S Dixie Dr Vandalia, OH 45377
3	Firefighters & Company Federal Credit Union	5.17%	6-month	338 S Patterson Blvd Dayton, OH 45402
4	Monarch Federal Credit Union	5.17%	6-month	170 Monarch Ln Miamisburg, OH 45342
5	3Rivers Federal Credit Union	5.15%	6-month	1166 S Shannon St Van Wert, OH 45891
6	Akron Fire Police Credit Union, Inc.	5.13%	3-month	161 Massillon Rd Akron, OH 44312
7	Community United Credit Union	5.10%	6-month	10883 Pearl Rd Strongsville, OH 44136
8	First Federal Savings & Loan Association of Newark	5.10%	6-month	1050 Beecher Xing N Gahanna, OH 43230
9	Beal Bank, SSB	5.05%	6-month	3311 Richmond Rd Beachwood, OH 44122
10	DayMet Credit Union, Inc.	5.05%	6-month	3199 S Dixie Dr Moraine, OH 45439
11	Community Bank	5.01%	6-month	199 W Main St New Concord, OH 43762
12	Community Savings	5.01%	6-month	902 Wheeling Ave Cambridge, OH 43725
13	First City Bank	5.01%	6-month	1885 NW Blvd Columbus, OH 43212
14	Rockhold Bank	5.01%	6-month	101 E Main St Bainbridge, OH 45612
15	Brookville Building and Savings Association	5.00%	6-month	721 S Commerce St Lewisburg, OH 45338
16	Fort Jennings State Bank	5.00%	6-month	1300 N Locust St Ottawa, OH 45875
17	Hicksville Bank	5.00%	6-month	304 N Michigan Ave Edgerton, OH 43517
18	Vinton County National Bank	5.00%	9-month	112 W Main St, McArthur, OH 45651
19	St. Pauls Parish Federal Credit Union	4.43%	3-month	1762 Brown St Akron, OH 44301
20	Summit Federal Credit Union	4.25%	3-month	100 Wheeler St PO Box 1460 Akron, OH 44311
21	Superior Credit Union	4.05%	3-month	4230 Elida Rd, Lima, OH 45807
22	Valley Central Savings Bank	4.05%	3-month	115 W Benson St, Reading, OH 45215
23	Richwood Bank	4.01%	12-month	1512 W William St, Delaware, OH 43015
24	North Valley Bank	4.00%	12-month	2775 Maysville Pike, Zanesville, OH 43701
25	Sutton Bank	4.00%	3-month	1 S Main St, Attica, OH 44807
26	Sharefax Credit Union	4.00%	3-month	1147 Old State Route 74, Batavia, OH 45103
27	Towpath Credit Union	4.00%	12-month	2969 Smith Rd, Fairlawn, OH 44333
28	The Farmers National Bank of Canfield	3.96%	6-month	20 S Broad St, Canfield, OH 44406
29	Telhio Credit Union	3.93%	18-month	96 N 4th St, Columbus, OH 43215
30	New York Community Bank	3.69%	3-month	1835 Brittain Rd Akron, OH 44310
31	Stark Federal Credit Union	3.69%	3-month	4100 Dressler Rd NW, Canton, OH 44718
32	WaFd Bank	3.45%	12-month	Online
33	Southeast Financial Credit Union	3.40%	6-month	200 N Town St Fostoria, OH 44830
34	Kemba Financial Credit Union	3.05%	6-month	555 Officenter Pl, Gahanna, OH 43230
35	PenFed Credit Union	3%	6-month	Online
36	Woodforest National Bank	3.00%	15-month	8585 Pearl Rd, Strongsville, OH 44136
37	Wright-Patt Credit Union	3.00%	17-month	3560 Pentagon Blvd, Beavercreek, OH 45431
38	Directions Credit Union	3.00%	60-month	5121 Whiteford Rd, Toledo, OH 43623
39	Seven Seventeen Credit Union	3.00%	12-month	3181 Larchmont Ave NE, Warren, OH 44483
40	Unity Catholic Federal Credit Union	3.00%	12-month	5839 Ridge Rd, Parma, OH 44129
41	Van Wert Federal Savings Bank	3.00%	3-month	976 S Shannon St, Van Wert, OH 45891
42	Wayne Savings Community Bank	3.00%	12-month	151 N Market St, Wooster, OH 44691
43	Firefighters Community Credit Union	2.75%	48-month	4664 E 71st St, Cuyahoga Heights, OH 44125
44	Greater Cleveland Community Credit Union	2.70%	12-month	4600 Carnegie Ave, Cleveland, OH 44103
45	Heritage Credit Union	2.70%	24-month	25 S Liberty St, Powell, OH 43065
46	Miami University Community Federal Credit Union	2.60%	6-month	420 Wells Mill Dr, Oxford, OH 45056
47	Wells Fargo Bank, National Association	2.50%	6-month	325 John H Mcconnell Blvd Columbus, OH 43215
48	Ohio HealthCare Federal Credit Union	2.50%	36-month	3955 W Dublin Granville Rd, Dublin, OH 43017
49	Ohio University Credit Union	2.50%	18-month	944 E State St, Athens, OH 45701
50	River Valley Credit Union	2.50%	6-month	2094 S Alex Rd, West Carrollton, OH 45449
51	Ohio Healthcare Federal Credit Union	2.47%	3-month	1174 Battles Ave Akron, OH 44314
52	The Ohio State Bank	2.00%	12-month	111 S Main St, Marion, OH 43302
53	Wilmington Savings Bank	2.00%	6-month	184 N South St, Wilmington, OH 45177
54	Summit Federal Credit Union	2.00%	3-month	100 Wheeler St, Akron, OH 44311
55	Toledo Metro Federal Credit Union	2.00%	24-month	1212 Adams St, Toledo, OH 43604
56	Sylvania Area Federal Credit Union	1.86%	24-month	6613 Maplewood Ave, Sylvania, OH 43560
57	Vacationland Federal Credit Union	1.80%	36-month	2911 S Hayes Ave, Sandusky, OH 44870
58	Waterford Bank	1.78%	12-month	3900 N McCord Rd, Toledo, OH 43617
59	Wayne Savings Community Bank	1.05%	17-month	151 N Market St, Wooster, OH 44691
60	School Employees Lorain County Credit Union	0.98%	60-month	340 Griswold Rd, Elyria, OH 44035

Current CD Rates of Ohio

The current Ohio’s CD rates offer a glimpse into the state’s financial opportunities available for individuals to grow their savings.

By locking in a rate with a CD, Ohioans can benefit from fixed, predictable returns over a specified term. The CDs are a cornerstone for those who want the stability and security in their investment portfolios.

Best 6 Month CD Rates

For the best 6-month CD rates, investors find an attractive entry point into the world of savings. It offers a short-term commitment with competitive yields.

1. Bask Bank

Minimum Amount: $1000

APY / Rate: 4.45%

Pros:

• Instant account opening
• 6 months to 24 months CD term option
• High yield accounts
• FDIC insured to the maximum permitted by law

Rules:

• Interest is calculated on a daily basis on the amount available in the account on a particular day
• A penalty is imposed on early withdrawal of the principal amount
• Auto-renewal on maturity after 10 days grace period

2. Merrick Bank

Minimum Amount: $25000

APY / Rate: 4.45%

Pros:

• Strong and credible bank
• Best customer service
• Range of investment tools to diversify the investment portfolio

Rules:

• The minimum amount must be deposited to the account in a single transaction.
• Early withdrawal penalty if you choose to withdraw the principal before maturity
• Interest is calculated and accrued daily and transferred to the account at month’s end

Best 1 Year CD Rates

The best 1-year CD rates strike a balance between favorable returns and manageable commitment

1. BMO Harris

Minimum Amount: $1000

APY / Rate: 5.00%

Pros:

• Varying rates and term options
• High-rate of interest
• FDIC insured
• Access to the account via mobile, online, and telephone
• No monthly maintenance or other fees

Rules:

• Open a CD account with a minimum of $1000.
• Interest is compounded daily and added to your account at the end of every month
• You can early withdraw the CD but will have to pay a penalty amount depending on the terms and amount of the CD
• 10 days grace period to withdraw or rollover CD on maturity

2. Popular Direct

Minimum Amount: $10,000

APY / Rate: 4.80%

Pros:

• CD calculator to buy the right CD option
• 24/7 access to the account
• FDIC insured investment options
• High rate and reliable customer support

Rules:

• Open an account with a minimum of $10000
• Interest is calculated and accrued daily and credited to the account at month end
• APY is earned when the principal and the interest remain in the account
• Early withdrawal of any sum from the account is charged with a penalty

Best 2 Year CD Rates

2-year CD rates are appealing for the investors who are looking for a secure place for their funds while benefiting from rates higher than shorter-term deposits.

1.  America’s First Credit Union

Minimum Amount: $500

APY / Rate:

4.75%

Pros:

• Low minimum deposits
• Low-risk investment with NCUA insurance coverage
• Terms ranging from 3 months to 60 months
• Many CD options are available including Ladder, bump, dedicated savings & flexible

Rules:

• Dividends are credited to the account monthly.
• On maturity, you can choose to roll over the CD or get funds transferred into your checking, money market, share savings
• After 10 days grace period, the CD is automatically renewed

2. Bethpage Federal Credit Union

Minimum Amount: $500

APY / Rate: 4.50%

Pros:

• 6 months to 60-month terms available
• The minimum deposit amount is set at $50
• Federally insured by the NCUA

Rules:

• Divided are compounded daily
• The dividend period and crediting frequency are set on a monthly basis.
• The certificate is auto-renewed at maturity on the existing terms
• Penalty on withdrawing dividends on principal before maturity.

Best 3 Year CD Rates

The best 3-year CD rates offer a way to further enhance their earnings through longer-term investments.

1.  Alliant Credit Union

Minimum Amount: $1000

APY / Rate: 4.60%

Pros:

• Investments backed by the NCUA
• Higher interest rates than other commercial banks.
• No cap on investing
• No minimum deposit rule
• No ongoing monthly charges

Rules:

• Dividends are compounded every month and at maturity
• Dividends are earned and can also be withdrawn without penalty every month.
• If you withdraw the dividends you earn simple interest and not compounded interest
• No penalty is charged for closing a CD prematurely.

2. Sallie Mae Bank

Minimum Amount: $2500

APY / Rate: 4.40%

Pros:

• Locked in interest rates
• 6 months to 60-month term range
• FDIC insured investment
• No monthly maintenance fees

Rules:

• Monthly and on-maturity interest disbursement options are available.
• The premature withdrawal penalty is applicable as follows:
  1. Term 12 months of lesser than 12 months: 90 days simple interest
  2. The term greater than 12 months: 180 days simple interest
• 10 days grace period on maturity to alter CD term and amount
• Auto-renewal of CD post grace period

Best 5 Year CD Rates

The best 5-year CD rates present the highest yields, rewarding investors with patience and a long-term outlook on their savings strategy, by making it a cornerstone for robust financial planning.

1.  Popular Direct

Minimum Amount: $10000

APY / Rate: 4.55%

Pros:

• Easy, round the clock account access
• All investments are FDIC insured
• Best  rate of interest
• Unconditional customer support

Rules:

• The minimum deposit required to open an account is $10000
• The CD earns compounded interest
• The interest is accrued daily and goes into the account at month end
• In case of premature withdrawal from the account, a penalty is to be paid

2. Randolph-Brooks Federal Credit Union

Minimum Amount: $20000

APY / Rate: 4.55%

Pros:

• Best interest rates for 5-year CDs
• Risk-free investment option
• FDIC insured banking solutions
• Reliable customer service

Rules:

• Interest is compounded monthly and added to the account
• Investors can choose to receive the dividends in their RBFCU checking, savings, and money market accounts, or any other bank’s savings account.
• Automatic renewal of CD on maturity.
• The premature withdrawal penalty depends on the terms of the CD.

Ohio Economic Statistics

Ohio’s economic landscape offers a unique backdrop for investors and savers looking to navigate the terrain of CD rate, particularly for places like Ohio.

• With an average household income in Ohio being around $58,642, according to the U.S. Census Bureau. The state presents a solid foundation for savings and investment strategies.
• The average home value in Ohio stands at approximately $157,200, reflecting a more accessible real estate market compared to the soaring property values.
• Ohio’s population, nearing 11.69 million, showcases a diverse and substantial consumer base that contributes to the state’s economic activities and opportunities for financial institutions to offer competitive CD rates.

Economic Indicator	Ohio	California
Average Household Income	$58,642	Higher than Ohio, with averages significantly impacted by regions like the San Francisco Bay Area and Los Angeles
Average Home Value	$157,200	Over $600,000, reflecting the state’s higher cost of living and real estate prices
Population	Approximately 11.69 million	Significantly larger, with a diverse and extensive population contributing to a dynamic economy

How to Get Best CD Rates in Ohio

Securing the best CD rates in Ohio requires a combination of research, timing, and strategy.

• Investors should start by comparing rates offered by a variety of financial institutions, including both banks and credit unions, as these can vary significantly.
• It is also essential to consider the term length that best suits your financial goals, as longer terms often offer higher rates.
• Additionally, staying informed about the overall economic environment and Federal Reserve rate changes can help you anticipate shifts in CD rates.

Online platforms and financial comparison tools can also provide up-to-date information, making it easier to identify the most competitive offerings. Moreover, building a relationship with your financial institution might unlock special rates or promotions not widely advertised, offering another avenue to secure the best possible rates.

CD Rates Methodology

The methodology behind identifying the best CD rates involves an extensive review of the offerings from various financial institutions.

For this analysis, a total of 89 banks’ CD rates were reviewed. Out of these, 60 banks made the list for offering the most competitive CD rates. This selection process is based on several criteria, including the interest rates offered, the terms of the CDs, the minimum deposit requirements, and the banks’ reputations for customer service.

The aim is to provide a comprehensive overview of the best CD rates available. It helps the investors to make informed decisions that align with their financial objectives and timelines.

Conclusion

In conclusion, finding the best CD rates in Ohio involves a strategic approach. By staying informed about market trends, Ohioans can identify opportunities to maximize their savings through CDs. The methodology of evaluating CD rates mentioned above, offers a robust framework for comparing options. It overall ensures that investors have access to the most competitive rates available.

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