Best CD Rates in South Dakota

South Dakota is a stunning landscape for the investors that stands as the best returns on their investments. The financial institutions in South Dakota offer competitive CD (Certificate of Deposit) rates that cater to a wide array of savers, from those taking their first steps into saving to seasoned investors.

CDs are the ultimate sources of diversifying their portfolios. In this term, discovering the best CD rates in South Dakota could be the key to unlocking your financial potential and securing your future in this economically vibrant state.

Overall Best CD rates in South Dakota

No.	Bank Name	APY	Term Length	Address
1	Farmers State Bank of Canton	5.50%	12-month	220 E 5th St Canton, SD 57013
2	Voyage Federal Credit Union	5.18%	12-month	4409 E 26th St Sioux Falls, SD 57103
3	First Century Federal Credit Union	5.06%	12-month	1512 E Benson Rd Sioux Falls, SD 57104
4	Vermillion Federal Credit Union	5.06%	12-month	105 E Cherry St Vermillion, SD 57069
5	Siouxland Federal Credit Union	5.00%	12-month	200 Tower Rd Dakota Dunes, SD 57049
6	Black Hills Federal Credit Union	4.88%	3-month	921 W 10th St Sioux Falls, SD 57104
7	Dakota Plains Federal Credit Union	4.75%	12-month	120 W Sioux Ave PO Box 7145 Pierre, SD 57501
8	Sunrise Banks, National Association	4.75%	12-month	5105 S Crossing Pl Sioux Falls, SD 57108
9	M O Federal Credit Union	4.65%	12-month	1730 Dakota Ave S Huron, SD 57350
10	American State Bank	4.60%	12-month	1201 E Cliff Pl Sioux Falls, SD 57108
11	PenFed Credit Union	4.50%	12-month	Online
12	Bank Midwest	4.50%	12-month	225 S Minnesota Ave Sioux Falls, SD 57104
13	Norstar Federal Credit Union	4.50%	12-month	526 8th St PO Box 917 Britton, SD 57430
14	Oahe Federal Credit Union	4.50%	12-month	124 S Euclid Ave PO Box 818 Pierre, SD 57501
15	Dakota Plains Federal Credit Union	4.50%	3-month	120 W Sioux Ave PO Box 7145 Pierre, SD 57501
16	First National Bank in Philip	4.50%	3-month	103 E Oak St P.O. Box 910 Philip, SD 57567
17	Wells Fargo Bank	4.50%	3-month	101 N Phillips Ave Sioux Falls, SD 57104
18	First Premier Bank	4.38%	3-month	1305 W 18th St Sioux Falls, SD 57105
19	Pioneer Bank & Trust	4.35%	18-month	700 State St, Belle Fourche, SD 57717
20	Aberdeen Federal Credit Union	4.32%	12-month	2324 8th Ave NE PO Box 1495 Aberdeen, SD 57401
21	Aberdeen Federal Credit Union	4.32%	3-month	2324 8th Ave NE PO Box 1495 Aberdeen, SD 57401
22	First National Bank in Philip	4.25%	12-month	103 E Oak St P.O. Box 910 Philip, SD 57567
23	Quoin Financial Bank	4.01%	18-month	201 N Broadway Ave, Miller, SD 57362
24	First National Bank South Dakota	4.01%	12-month	332 Broadway Ave, Yankton, SD 57078
25	Campbell County Bank	4.00%	12-month	110 N Main St PO Box 275 Herreid, SD 57632
26	CorTrust Bank National Association	4.00%	12-month	7135 S Santa Rosa Ct Sioux Falls, SD 57108
27	Menno State Bank	4.00%	12-month	105 N 5th St Menno, SD 57045
28	Premier Bank	4.00%	12-month	500 4th St Hudson, SD 57034
29	State Bank of Alcester	4.00%	12-month	190 Iowa St PO Box 168 Alcester, SD 57001
30	Northern Hills Federal Credit Union	4.00%	3-month	2211 Dakota Ave Belle Fourche, SD 57717
31	Sioux Falls Federal Credit Union	4.00%	3-month	6101 S Cliff Ave Sioux Falls, SD 57108
32	Minnwest Bank	4.00%	18-month	1404 Broadway St, Mitchell, SD 57301
33	The Farmers & Merchants Bank	4.00%	18-month	103 N Main St, Plankinton, SD 57368
34	Dakotaland Federal Credit Union	4.00%	18-month	1371 Dakota Ave S, Huron, SD 57350
35	Vermillion Federal Credit Union	4.00%	18-month	105 E Cherry St, Vermillion, SD 57069
36	Watertown Employees Federal Credit Union	4.00%	36-month	204 E Kemp, Watertown, SD 57201
37	Richland State Bank	3.98%	3-month	106 N Main St, Bruce, SD 57220
38	Miner County Bank	3.94%	3-month	217 S Main St PO Box 129 Howard, SD 57349
39	Rivers Edge Bank	3.94%	3-month	330 S Main Ave PO Box 50 Bridgewater, SD 57319
40	Sisseton-Wahpeton Federal Credit Union	3.93%	12-month	125 S Main St, Sisseton, SD 57262
41	First National Bank of Omaha	3.92%	3-month	505 W 7th St Woonsocket, SD 57385
42	Menno State Bank	3.76%	3-month	105 S 5th St, Menno, SD 57045
43	CorTrust Bank National Association	3.75%	3-month	7135 S Santa Rosa Ct Sioux Falls, SD 57108
44	Huron Area Education Federal Credit Union	3.69%	18-month	1855 Arizona Ave SW, Huron, SD 57350
45	Ft. Randall Federal Credit Union	3.55%	3-month	518 W SD Hwy 46 Wagner, SD 57380
46	Premier Bank	3.55%	3-month	500 4th St Hudson, SD 57034
47	State Bank of Alcester	3.55%	3-month	190 Iowa St PO Box 168 Alcester, SD 57001
48	State Bank of Eagle Butte	3.45%	24-month	124 Main St, Eagle Butte, SD 57625
49	Farmers and Merchants State Bank	3.25%	3-month	121 S Main St White Lake, SD 57383
50	State Bank of Alcester	3.02%	6-month	202 Iowa St, Alcester, SD 57001
51	Rushmore State Bank	3.00%	18-month	Onine
52	Oahe Federal Credit Union	3.00%	24-month	221 E Pleasant Dr, Pierre, SD 57501
53	Security State Bank	3.00%	18-month	109 W Main St, Tyndall, SD 57066
54	Peoples State Bank	2.75%	36-month	212 Calumet Ave SE, De Smet, SD 57231
55	Farmers State Bank	2.68%	24-month	211 N Broadway Ave, Marion, SD 57043
56	Sentinel Federal Credit Union	2.67%	18-month	4010 Cheyenne Blvd, Rapid City, SD 57703
57	First Fidelity Bank	2.50%	18-month	745 Main St, Burke, SD 57523
58	Avanti Federal Credit Union	2.50%	18-month	1620 4th St NE, Watertown, SD 57201
59	East River Federal Credit Union	2.50%	6-month	220 S Harth Ave, Madison, SD 57042
60	Ipswich State Bank	2.00%	24-month	301 1st Ave, Ipswich, SD 57451
61	Valley Exchange Bank	2.00%	18-month	223 Main St, Lennox, SD 57039
62	American State Bank of Pierre	1.98%	13-month	700 E Sioux Ave, Pierre, SD 57501
63	Aberdeen Federal Credit Union	1.00%	60-month	2324 8th Ave NE, Aberdeen, SD 57401
64	Sunrise Bank Dakota	1.00%	12-month	201 S Main St, Onida, SD 57564

Current CD Rates of South Dakota

In South Dakota, the landscape of CD rates currently presents a promising opportunity for individuals looking to grow their savings.

With rates ranging significantly, some financial institutions are offering CD rates as competitive as 3.00% to 5.30%. It highlights the state’s strong financial environment for savers and investors alike​​.

Moreover, this variability in rates allows for a strategic choice for those aiming to maximize their interest earnings over time.

Best 6 Month CD Rates

In the dynamic landscape of short-term savings, the best 6-month CD rates in South Dakota are catching the eyes of investors.

1.  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.

2. 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 1 Year CD Rates

For those plotting a slightly longer financial journey, the 1-year CD rates in the state offer a golden mean between rewarding returns and accessible time frames.

1.  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. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 365 days of interest.
• 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.
• FDIC insurance: AFCU is a federally insured credit union, which means that your deposits are insured

2. Prime Alliance Bank

Minimum Amount: $500

APY / Rate: 4.75%

Pros:

• Competitive APY and interest rates
• 24/7 customer support
• FDIC insured
• Competitive Interest rates

Rules:

• Interest is compounded monthly and credited to the account at month’s end.
• A penalty is charged on withdrawing the amount before maturity.
• CD gets auto renewed. To make any changes to the term or add more funds, there is a 10-days grace period on maturity.

Best 2 Year CD Rates

With a horizon that extends into the near future, 2-year CD rates in South Dakota stand out for the individuals who are aiming to balance a decent yield with moderate term commitment.

1. North American Savings Bank

Minimum Amount : $5000.00

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.

2. 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 3 Year CD Rates

Leading 3-year CD rates provide a solid ground for savers who are looking to amplify their earnings with a patient approach.

1.  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.

2. 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.

Best 5 Year CD Rates

 For the long-term planners 5-year CD rates in South Dakota epitomize the pinnacle of patience and foresight in the quest for maximum savings growth.

1. 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

2. BMO Harris

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• Competitive CD rates
• Decent minimum balance requirement
• Easy CD withdrawal methods
• 3-months to 60-month term available

Rules:

• A CD can be opened via mobile, online,, or telephone.
• The interest on the CD is compounded monthly and added to the account on a fixed date every month.
• There is a penalty for early withdrawal which depends on the term and amount of the CD.
• Any changes to the CD regarding the amount or term can be made within the grace period of penalty days post maturity.

South Dakota Economic Statistics

In the context of South Dakota’s economic landscape and its implications for investors particularly for those who are interested in CD rates, a few of the key statistics stand out. As per the latest information;

• South Dakota’s population was estimated at 919,318, marking a 3.7% increase from the April 2020 estimates base. This steady population growth indicates a potentially expanding market for financial services, including savings products like CDs​​.
• Regarding the median household income, South Dakotans enjoy a relatively comfortable economic status, with a median household income of $69,457 for the period 2018-2022. This level of income, alongside a median home value of $219,500, positions South Dakota as a state with a solid middle-class base, which is crucial for the financial sector, including savings and investment products​​.

Given these economic indicators, South Dakota presents a promising landscape for investors and savers looking for competitive CD rates

Statistic	Value	Reference Period
Population	919,318	July 2023
Median Household Income	$69,457	2018-2022
Median Home Value	$219,500	2018-2022

How to Get Best CD Rates in South Dakota

Securing the best CD rates in South Dakota involves a strategic approach that leverages local market conditions and the competitive landscape among financial institutions.

• In this regard, start by conducting thorough research across various banks and credit unions, comparing their CD rates, terms, and conditions.
• For this, consider local, regional, and national banks, as each may offer unique advantages. Utilize online comparison tools and financial websites that aggregate and compare CD rates across multiple institutions.
• Additionally, don’t overlook the importance of building a relationship with your banking institution; sometimes, customers with multiple accounts or a long-standing relationship can negotiate better rates.
• Lastly, stay informed about the overall economic climate and Federal Reserve rate changes, as these factors significantly influence CD rates.

CD Rates Methodology

The methodology to identify the best CD rates in South Dakota involved a comprehensive review of CD rates from 89 banks.

This extensive survey encompassed a mix of local, regional, and national financial institutions, aiming to provide a broad overview of the options available to savers and investors within the state.

Out of the 89 banks reviewed, 64 made the list, indicating that they offered CD rates competitive enough to stand out in the current financial landscape.

This selection process highlights the diversity and competitiveness of CD offerings in South Dakota. It provides a valuable resource for individuals seeking to maximize their savings growth through CDs.

Conclusion

On the summation level, when searching for the best CD rates in South Dakota, it’s crucial to conduct thorough research and compare offerings from a wide range of financial institutions.

Investors are encouraged to consider both the rates and the terms of CDs to find the best fit for their financial goals. With a strategic approach and due diligence, individuals can capitalize on the opportunities presented by the diverse banking landscape in South Dakota.

FAQs