Finding the best CD rates in your area doesn’t have to be a hassle. This is our list of the best CD rates in Rhode Island.

Find the best banks in Rhode Island here.

Best 6-Month CD Rates in Rhode Island

4.0
Our Rating

Bank or Credit Union Name: Bask Bank

Minimum Amount: $1000.00

APY / Rate: 4.45% APY

Pros:

  • FDIC approved Bank
  • Terms available from 6-24 months
  • Top-tier APY rate with secured return guaranteed
  • Customer-friendly terms

Rules:

  • New customers have to open an account with the bank before investing in Bask Bank’s CDs.
  • CDs can be opened at the bank as well as online
  • The minimum deposit amount of $1000 must be deposited to the account within 10 days of account opening
  • Early withdrawal is subject to a penalty.
  • Investors can withdraw the interest credited to the account without any penalty.
  • There is a 10 days grace period after maturity to make additional deposits to the CD.
4.0
Our Rating

Bank or Credit Union Name: First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

  • Online-only CD options are available
  • Highly competitive CD rates in a 1-year term
  • Early withdrawal penalties are decent
  • FDIC insured bank with investment covered to the max
  • Terms ranging from 3 months to 5 years

Rules:

  • Interest on CDs is compounded monthly and added to the account at the month’s end.
  • Early withdrawal incurs a penalty amounting to:
  • 1- 90 days interest for a 3-month term
  • 2- 180 days interest for a 6-18 month term 3- 365 days interest for 24-60 month term

Best 2 Years CD Rates in Rhode Island

4.0
Our Rating

Bank or Credit Union Name: North American Savings Bank

Minimum Amount: $5000.00

APY / Rate: 4.81% APY

Pros:

  • Reputed Bank in the region
  • High APY on CDs
  • eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
  • No limit on beneficiaries
  • FDIC insured.

Rules:

  • Minimum balance must be maintained
  • Early withdrawal penalty equalling 6 months interest
  • 7 days grace period before CD gets auto renewed
  • Terms range from 3 months to 5 years.
4.0
Our Rating

Bank or Credit Union Name: America’s First Credit Union

Minimum Amount: $500.00

APY / Rate: 4.75% APY

Pros:

  • Low minimum deposits and high yields
  • Automatic renewals
  • NCUA insured up to $250,000
  • Terms from three months to five years

Rules:

  • To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
  • AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
  • AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.
  • If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD.
  • Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
  • AFCU is a federally insured credit union, which means that your deposits are insured
4.0
Our Rating

Bank or Credit Union Name: Bread Savings

Minimum Amount: $1500.00

APY / Rate: 4.50% APY

Pros:

  • Excellent for earning a competitive interest rate on a savings account or CD.
  • Without monthly services.
  • Free domestic incoming wire transfers on savings account

Rules:

  • APYs are subject to change at any time without notice
  • The penalty will be applied for early withdrawals on CDs
  • At maturity, your CD will automatically renew and earn the base interest rate

Best 3 Years CD Rates in Rhode Island

4.0
Our Rating

Bank or Credit Union Name: Alliant Credit Union

Minimum Amount: $1000.00

APY / Rate: 4.60% APY

Pros:

  • Funds are insured up to $250,000 by NCUA
  • Low minimum deposit of only $1,000; no maximum
  • Great dividend rates

Rules:

  • Dividends compounded every month and at maturity.
  • Incur an early withdrawal penalty
4.0
Our Rating

Bank or Credit Union Name: North American Savings Bank

Minimum Amount: $1000.00

APY / Rate: 4.60% APY

Pros:

  • Reputed Bank in the region
  • High APY on CDs
  • eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
  • No limit on beneficiaries
  • FDIC insured.

Rules:

  • Minimum balance must be maintained
  • Early withdrawal penalty equalling 6 months interest
  • 7 days grace period before CD gets auto renewed
  • Terms range from 3 months to 5 years.
4.0
Our Rating

Bank or Credit Union Name: CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.60% APY

Pros:

  • The high yield rate of interest
  • A decent minimum amount required
  • FDIC insured banking option
  • Strong customer support system

Rules:

  • To open a CD an investor can approach the bank online or in-branch.
  • The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
  • The interest on the CD is compounded monthly.
  • Premature withdrawal from the CD is subject to a penalty.
4.0
Our Rating

Bank or Credit Union Name: Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

  • Excellent for earning a competitive interest rate on a savings account or CD.
  • Without monthly services.
  • Free domestic incoming wire transfers on savings account

Rules:

  • APYs are subject to change at any time without notice
  • The penalty will be applied for early withdrawals on CDs
  • At maturity, your CD will automatically renew and earn the base interest rate

Best 5 Years CD Rates in Rhode Island

4.0
Our Rating

Bank or Credit Union Name: Popular Direct

Minimum Amount: $10000.00

APY / Rate: 4.55% APY

Pros:

  • Highly competitive rates for 6-month CDs
  • 24/7 access to the bank account
  • No hidden fees or charges
  • Customer support for all sorts of queries and concerns
  • FDIC insured bank up to maximum

Rules:

  • APY can be earned assuming the interest and the principal remains on deposit until maturity.
  • Interest is compounded monthly and added to the account at the end of the month.
  • Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD
4.0
Our Rating

Bank or Credit Union Name: CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

  • The high yield rate of interest
  • A decent minimum amount required
  • FDIC insured banking option
  • Strong customer support system

Rules:

  • To open a CD an investor can approach the bank online or in-branch.
  • The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
  • The interest on the CD is compounded monthly.
  • Premature withdrawal from the CD is subject to a penalty.
4.0
Our Rating

Bank or Credit Union Name: Popular Direct

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

  • Online-only CD options are available
  • Highly competitive CD rates in a 1-year term
  • Early withdrawal penalties are decent
  • FDIC insured bank with investment covered to the max
  • Terms ranging from 3 months to 5 years

Rules:

  • Interest on CDs is compounded monthly and added to the account at the month’s end.
  • Early withdrawal incurs a penalty amounting to:
  • 1- 90 days interest for a 3-month term
  • 2- 180 days interest for a 6-18 month term 3- 365 days interest for 24-60 month term
4.0
Our Rating

Bank or Credit Union Name: 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