Best CD Rates in Madison, Wisconsin

In the charming city of Madison, Wisconsin, finding the best Certificate of Deposit (CD) rates is a good step for savers who are looking to grow their finances.

As the capital city thrives, local and national banks, along with credit unions, compete to offer attractive CD rates to residents, making it an opportune time to secure a solid return on your investment.

Let’s delve into where you can find the most competitive CD rates in this dynamic city, ensuring your money works as hard for you as you do for it.

Overall Best CD rates in Madison, Wisconsin

No.	Name of the Bank	APY %	Term Length	Address
1	American Bank	5.10%	18-month	402 Gammon Place, Suite 300, Madison, WI 53719
2	Landmark Credit Union	5.00%	12-month	5656 Monona Drive, Monona, WI 53716
3	National Bank of Waupun	5.00%	6-month	210 East Main Street, Waupun, WI 53963
4	Landmark Credit Union	4.60%	18-month	5656 Monona Drive, Monona, WI 53716
5	PenFed Credit Union	4.50%	12-month	2909 East Washington Avenue, Madison, WI 53704
6	County-City Credit Union	4.45%	6-month	106 South Harman Street, Appleton, WI 54915
7	Post Office Credit Union	4.41%	12-month	222 West Washington Avenue, Madison, WI 53703
8	First Business Bank	4.35%	12-month	401 Charmany Drive, Madison, WI 53719
9	River Valley Bank	4.32%	18-month	Online
10	Post Office Credit Union	4.22%	18-month	222 West Washington Avenue, Madison, WI 53703
11	First Business Bank	4.14%	18-month	401 Charmany Drive, Madison, WI 53719
12	Associated Bank	4.02%	12-month	207 West Washington Avenue, Madison, WI 53703
13	Peoples Community Bank	4.01%	18-month	1609 Monroe Street, Madison, WI 53711
14	American Savings Bank	4.00%	12-month	7701 Mineral Point Road, Madison, WI 53717
15	CO-OP Credit Union	4.00%	12-month	1100 3rd Street South, Menomonie, WI 54751
16	Park Bank	3.93%	24-month	1815 Greenway Cross, Madison, WI 53713
17	Prosperity Bank	3.93%	12-month	100 Wisconsin Avenue, Madison, WI 53703
18	Calumet County Bank	3.93%	12-month	206 North Main Street, Brillion, WI 54110
19	Johnson Bank	3.90%	18-month	525 Junction Road, Madison, WI 53717
20	Farmers State Bank	3.86%	12-month	1 North Pinckney Street, Madison, WI 53703
21	Madison Credit Union	3.55%	12-month	949 East Washington Avenue, Madison, WI 53703
22	Wisconsin Bank & Trust	3.47%	18-month	119 Junction Road, Madison, WI 53717
23	Union Federal Savings and Loan Association	3.06%	18-month	401 North Segoe Road, Madison, WI 53705
24	Johnson Bank	3.00%	12-month	525 Junction Road, Madison, WI 53717
25	Union Federal Savings and Loan Association	3.00%	12-month	401 North Segoe Road, Madison, WI 53705
26	Maple Leaf Bank	3.00%	6-month	222 West Washington Avenue, Madison, WI 53703
27	Monona State Bank	2.65%	12-month	5515 Monona Drive, Monona, WI 53716
28	State Bank of Cross Plains	2.65%	12-month	1205 Main Street, Cross Plains, WI 53528
29	Monona State Bank	2.65%	18-month	5515 Monona Drive, Monona, WI 53716
30	State Bank of Cross Plains	2.65%	18-month	1205 Main Street, Cross Plains, WI 53528
31	Oak Bank	2.35%	18-month	5951 McKee Road, Fitchburg, WI 53719
32	Associated Bank, National Association	2.23%	12-month	20 West Mifflin Street, Madison, WI 53703
33	Madison Credit Union	2.12%	18-month	949 East Washington Avenue, Madison, WI 53703
34	University of Wisconsin Credit Union	2.10%	18-month	3500 University Avenue, Madison, WI 53705
35	Wisconsin Bank & Trust	2.09%	12-month	119 Junction Road, Madison, WI 53717
36	Great Midwest Bank, SSB	2.00%	12-month	2750 North Grandview Boulevard, Pewaukee, WI 53072
37	Heritage Credit Union	2.00%	12-month	3701 Marsh Road, Madison, WI 53718
38	University of Wisconsin Credit Union	2.00%	12-month	3500 University Avenue, Madison, WI 53705
39	Bank of Sun Prairie	1.60%	18-month	228 East Main Street, Sun Prairie, WI 53590
40	Capitol Bank	1.60%	18-month	710 North High Point Road, Madison, WI 53717
41	Blackhawk Community Credit Union	1.05%	24-month	2707 Kennedy Road, Janesville, WI 53545

Current CD Rates of Madison, Wisconsin

In Madison, Wisconsin, CD rates from various banks ranges a lot with minimum deposit requirements varying between $500 and $10,000.

This demonstrates a competitive environment for savers seeking to maximize returns on their deposits, despite the relatively low interest rate landscape.

The rates reflect a range of options available to consumers, catering to different investment thresholds and preferences.

6-Month CD Rates

It is ideal for investors seeking short-term savings without committing to a full year, offering a blend of accessibility and improved yield.

1. Western Alliance Bank

Minimum Amount: $1.00

APY / Rate: 5.20%

Pros:

• High interest rates: Western Alliance Bank typically offers some of the highest interest rates on CDs in the market.
• No monthly fees: There are no monthly fees for any of Western Alliance Bank’s CDs.
• Flexible terms: Western Alliance Bank offers CDs with terms ranging from 3 months to 5 years, so you can choose the term that best fits your needs.
• Easy to open: You can open a CD with Western Alliance Bank online or by phone.
• Different customer service options available.

Rules:

• Minimum deposit: The minimum deposit to open a CD with Western Alliance Bank varies by term.
• Early withdrawal penalties: There is an early withdrawal penalty if you withdraw money from your CD before the maturity date. The penalty is equal to 3 months’ interest on the amount withdrawn.
• Direct deposit: If you set up direct deposit for your paycheck or other regular income, you’ll earn a higher interest rate on your CD.

2. OceanFirst Bank

Minimum Amount: $10.000

APY / Rate: 5.15% APY

Pros:

• High interest rates: OceanFirst Bank’s CD rates are competitive with other banks. For example, the bank’s 13-month CD currently offers a promotional rate of 5.15% APY, which is higher than the national average for 1-year CDs.
• FDIC coverage: FDIC insurance covers up to $250,000 per depositor per FDIC-insured bank.
• Easy online access: OceanFirst Bank’s online banking platform is easy to use and provides customers with 24/7 access to their accounts.
• The bank has a customer satisfaction rating of 4.3 out of 5 stars on Bankrate.com.

Rules:

• Minimum deposit: The minimum deposit for a CD at OceanFirst Bank is $10,000.
• Flexible terms: OceanFirst Bank offers CDs with a variety of terms, so you can choose one that fits your needs. Terms range from 6 months to 7 years.
• CD is automatically renewed for a 6-month term. The renewal rate is determined based on the published rate for the CD, excluding CD specials
• You must maintain the minimum balance requirement for the CD term in order to earn the advertised interest rate.
• If you withdraw funds from your CD before the maturity date, you may be subject to an early withdrawal penalty.
• Fees: There are no fees to open or maintain a CD at OceanFirst Bank. However, fees may reduce earnings.

3. Freedom Bank

Minimum Amount: $1.00

APY / Rate: 5.10% APY

Pros:

• High interest rates
• insured by the FDIC
• No monthly fees
• Free ATM use
• Personalized service

Rules:

• Term length: The term length for a CD at Freedom Bank ranges from 7 days to 5 years.
• Early withdrawal penalty: There is an early withdrawal penalty if you withdraw money from your CD before the term ends. The penalty is 60 days’ interest on the amount withdrawn.
• The minimum deposit amount for a CD varies depending on the term. For example, the minimum deposit for a 1-month CD is $500, while the minimum deposit for a 5-year CD is $5,000.

1-Year CD Rates

These CD rates are the perfect balance for those looking to earn a higher interest rate than a savings account without a long-term lock-in.

1. Garden Savings Federal Credit Union

Minimum Amount: $1000

APY / Rate: 5.50%

Pros:

• Insured BY NCUA
• CDs: Garden Savings offers CDs with terms ranging from 3 months to 60 months. The APYs on CDs are also competitive, and there are no early withdrawal penalties.
• Free e-statements: The credit union offers free e-statements, which can help you save money on paper statements.
• Good customer service: The credit union has a reputation for good customer service.
• 5,000 shared branches

Rules:

• $1,000 minimum opening deposit of new money from outside insitutions only.
• There is a 180-day early withdrawal penalty if you withdraw your money before maturity.
• Special Share Certificate Terms have additional conditions and terms such as dividends compound and are credited monthly.
• Will automatically renew to a reduced term of a month less than originally opened.
• Rates subject to change daily
• All rate offers subject to change without notice. Garden Savings reserves the right to discontinue promotional rates without notice.

2. Crescent Bank

Minimum Amount: $1.000

APY / Rate: 5.45% APY

Pros:

• Competitive interest rates: Crescent Bank’s CDs offer some of the highest interest rates in the market.
• FDIC insured: Your deposits are FDIC insured up to $250,000 per depositor. This means that your money is safe even if the bank fails.
• Wide range of terms : Crescent Bank also has strong CD rates for 18-month, 2-year, 30-month, 3-year, 4-year, and 5-year terms.
• Easy to open an account : Crescent Bank is a financial institution with branches in New Orleans, Metairie, and Mandeville, Louisiana. You can also open online CDs nationwide.

Rules:

• You must meet the minimum opening deposit requirement. This requirement varies depending on the term of the CD. For example, To open an online CD at Crescent Bank, you’ll need to deposit $1,000 or more in new money.
• early withdrawal penalty: Crescent Bank, the early withdrawal penalty for a 12-month online CD is 90 days of interest.
• You must maintain the minimum balance throughout the term of the CD. If your balance falls below the minimum, you may be charged a fee.

3. USAlliance Financial

Minimum Amount: $500

APY / Rate: 5.40% APY

Pros:

• High interest rates: USAlliance Financial offers competitive interest rates on its CDs.
• No early withdrawal penalty: USAlliance Financial does not charge an early withdrawal penalty on its CDs, so you can access your money if you need it without penalty.
• USALLIANCE Financial is a federally insured credit union, which means that your deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor.
• Easy to open: You can open a CD with USAlliance Financial online or in person. The process is quick and easy.

Rules:

• Minimum deposit: For a 3-month CD, the minimum deposit is $500, also for a 60-month CD, the minimum deposit is $500.
• Term: USALLIANCE Financial offers CDs with terms ranging from 3 months to 60 months.
• Automatic renewal: You must sign up for automatic renewal of your CD.
• Early withdrawal penalty: There is no early withdrawal penalty on CDs with USAlliance Financial.

2-Year CD Rates

It is extremely suitable for savers aiming for slightly higher returns, ready to park their funds for a couple of years.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 5.00% APY

Pros:

• High APYs: Bread Savings offers competitive APYs on both its savings accounts and CDs. The current APY for the high-yield savings account is 4.90%, and the APY for CDs ranges from 5.00% to 4.35%.
• FDIC insured: Bread Savings is FDIC insured, so your deposits are protected up to $250,000.
• Minimal fees: Bread Savings has no monthly maintenance fees for either its savings accounts or CDs. There are also no fees for ACH transfers, online statements, or incoming wire transfers.
• Easy to use: Bread Savings’ website and mobile app are easy to use. You can easily open an account, deposit money, and transfer funds.

Rules:

• Minimum deposit: The minimum deposit to open a CD is $1500.
• APY: APYs vary depending on the term length. For example, the APY for a 12-month CD is 5.00%, while the APY for a 60-month CD is 4.35%.
• Deposit Amount : Maximum deposit limit of $1 million per account and $10 million limit per customer
• Term lengths: CD terms range from 12 months to 60 months.
• Early withdrawal penalties: There are early withdrawal penalties for CDs at Bread Savings.
• CD is automatically renewed for a 1,2, and 3 year Certificate of Deposit (CD).

2. Idabel National Bank

Minimum Amount: $1.00

APY / Rate: 4.85% APY

Pros:

• High interest rates. Idabel National Bank’s CDs offer some of the highest interest rates in the market. For example, their 24-month CD currently has an APY of 4.85%, which is significantly higher than the national average.
• FDIC insured. All CDs at Idabel National Bank are FDIC insured, up to $250,000 per depositor.
• Access: You can access your CD funds through online banking, ATMs, or by writing a check.
• Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

Rules:

• Minimum Opening Deposit: The minimum deposit for a CD at Idabel National Bank is $1.00
• Term length. CD terms range from 30 days to 5 years.
• Early withdrawal penalties. There is an early withdrawal penalty if you withdraw funds from your CD before maturity. The penalty is equal to 30 days’ interest.
• At maturity, your CD will automatically renew and earn the base interest rate.

3. Discover Bank

Minimum Amount: $2500

APY / Rate: 4.75% APY on 18-month term.

Pros:

• Competitive interest rates: Discover Bank CDs offer competitive interest rates compared to other banks. For example, as of July 2023, Discover Bank’s 1-year CD has an APY of 4.85%, while the national average APY for a 1-year CD is 2.50%.
• No monthly fees: Discover Bank CDs do not have any monthly fees.
• FDIC insured: Discover Bank is FDIC insured, so your money is protected up to $250,000.
• Easy to open: You can open a Discover CD online in just a few minutes. You’ll need to provide some basic information, such as your name, address, and Social Security number.

Rules:

• Minimum deposit: There’s a $2,500 minimum deposit requirement to open a CD with Discover.
• Flexible terms: Discover Bank offers 12 certificate of deposit (CD) terms, ranging from three months to 10 years.
• Early withdrawal penalty: The penalty for an early withdrawal depends on the length of the term of your CD. For terms of less than one year, the penalty is three months of simple interest. For terms between one and four years, the penalty is six months of simple interest.

3-Year CD Rates

It attracts those planning ahead, offering better rates for a commitment to a mid-term investment horizon.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.75%

Pros:

• High APYs: Bread Savings offers competitive APYs on both its savings accounts and CDs. The current APY for the high-yield savings account is 4.90%, and the APY for CDs ranges from 5.00% to 4.35%.
• FDIC insured: Bread Savings is FDIC insured, so your deposits are protected up to $250,000.
• Minimal fees: Bread Savings has no monthly maintenance fees for either its savings accounts or CDs. There are also no fees for ACH transfers, online statements, or incoming wire transfers.
• Easy to use: Bread Savings’ website and mobile app are easy to use. You can easily open an account, deposit money, and transfer funds.

Rules:

• Minimum deposit: The minimum deposit to open a CD is $1500.
• APY: APYs vary depending on the term length. For example, the APY for a 12-month CD is 5.00%, while the APY for a 60-month CD is 4.35%.
• Deposit Amount : Maximum deposit limit of $1 million per account and $10 million limit per customer
• Term lengths: CD terms range from 12 months to 60 months.
• Early withdrawal penalties: There are early withdrawal penalties for CDs at Bread Savings.
• CD is automatically renewed for a 1,2, and 3 year Certificate of Deposit (CD).

2. Quontic Bank

Minimum Amount: $500

APY / Rate: 4.40%

Pros:

• High interest rates: Quontic Bank’s CDs offer some of the highest interest rates on the market. As of July 2023, Quontic Bank’s 1-year CD offers an APY of 5.30%, which is significantly higher than the national average of 1.59%.
• Flexible terms: Quontic Bank offers CDs with a variety of terms, so you can choose one that fits your needs. You can choose from terms of 6 months, 1 year, 2 years, 3 years, or 5 years.
• FDIC insured: Quontic Bank is FDIC insured, so your deposits are protected up to $250,000.
• Easy to open online: You can open a CD with Quontic Bank online in just a few minutes. This makes it a convenient option for people who want to open a CD without having to go to a bank branch.

Rules:

• Minimum deposit: The minimum deposit to open a CD with Quontic Bank is $500.
• Term length: CD terms range from 6 months to 5 years.
• No minimum balance requirement: Quontic Bank’s CDs have no minimum balance requirement, so you can start saving with as little as $500.
• Early withdrawal penalties: There is an early withdrawal penalty if you withdraw money from your CD before the maturity date. The penalty is equal to 3 months’ interest on the amount withdrawn.
• Quontic Bank offers online CD openings.

3. Summit Credit Union

Minimum Amount: $500

APY / Rate: 4.30%

Pros:

• High interest rates: Summit Credit Union offers some of the highest CD rates in the industry. As of July 2023, their 13-month CD has an APY of 5.15%, and their 22-month CD has an APY of 5.25%.
• Flexible terms: Summit Credit Union offers CDs with terms ranging from 6 months to 60 months. This gives you the flexibility to choose a term that fits your financial goals.
• Insured by NCUA
• Convenient online banking: Summit Credit Union offers convenient online banking, so you can manage your CD account from anywhere.

Rules:

• Minimum deposit: The minimum deposit for a CD at Summit Credit Union is $500.
• Term length: The term length for a CD at Summit Credit Union ranges from 6 months to 60 months.
• Early withdrawal penalty: There is no early withdrawal penalty on CDs at Summit Credit Union.
• APY: The APY for a CD at Summit Credit Union varies depending on the term length. As of July 2023, their 13-month CD has an APY of 5.15%, and their 22-month CD has an APY of 5.25%.

5-Year CD Rates

These cd rates are best for long-term savers looking for the highest available rates in exchange for locking in their investment for a longer duration.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.35%

Pros:

• High APYs: Bread Savings offers competitive APYs on both its savings accounts and CDs. The current APY for the high-yield savings account is 4.90%, and the APY for CDs ranges from 5.00% to 4.35%.
• FDIC insured: Bread Savings is FDIC insured, so your deposits are protected up to $250,000.
• Minimal fees: Bread Savings has no monthly maintenance fees for either its savings accounts or CDs. There are also no fees for ACH transfers, online statements, or incoming wire transfers.
• Easy to use: Bread Savings’ website and mobile app are easy to use. You can easily open an account, deposit money, and transfer funds.

Rules:

• Minimum deposit: The minimum deposit to open a CD is $1500.
• APY: APYs vary depending on the term length. For example, the APY for a 12-month CD is 5.00%, while the APY for a 60-month CD is 4.35%.
• Deposit Amount : Maximum deposit limit of $1 million per account and $10 million limit per customer
• Term lengths: CD terms range from 12 months to 60 months.
• Early withdrawal penalties: There are early withdrawal penalties for CDs at Bread Savings.
• CD is automatically renewed for a 1,2, and 3 year Certificate of Deposit (CD).

2. Quontic Bank

Minimum Amount: $500

APY / Rate: 4.30% APY

Pros:

• High interest rates: Quontic’s CDs offer some of the highest interest rates on the market. For example, as of July 2023, Quontic’s 1-year CD is currently offering an APY of 5.30%.
• FDIC insured
• Easy to open online: You can open a CD with Quontic Bank online in just a few minutes. This makes it a convenient option for people who want to open a CD without having to go to a bank branch.

Rules:

• Minimum deposit: The minimum deposit to open a CD with Quontic Bank is $500.
• No minimum balance requirement: There is no minimum balance requirement to open a CD with Quontic Bank.
• Early withdrawal penalties: There is an early withdrawal penalty if you withdraw money from your CD before the maturity date. The penalty is equal to 3 months’ interest on the amount withdrawn.

3. Marcus by Goldman Sachs

Minimum Amount: $500

APY / Rate: 3.80% APY

Pros:

• High interest rates: Marcus offers some of the highest interest rates on CDs available. As of July 20, 2023, the Marcus 2-year High-Yield CD rate is 4.35%.
• Easy to open and use: Marcus accounts can be opened online in just a few minutes. There are no minimum balance requirements or fees to worry about.
• Convenient access: You can access your Marcus account 24/7 online or through the Marcus mobile app. You can also set up automatic transfers from your checking account to your Marcus account.
• Safe and secure: Marcus accounts are FDIC insured up to $250,000.

Rules:

• You must deposit at least $500 to open a CD account.
• The interest rate you earn will depend on the term of your CD.
• If you withdraw your money before the maturity date, you will be subject to an early withdrawal penalty.
• You can earn the highest published interest rate and Annual Percentage Yield (APY) if you deposit at least $500 within 10 days of opening your CD account.
• The interest rates are subject to change at any time.

Madison, WisconsinEconomic Statistics

• The blend of a solid income base, substantial home values, and a sizable population presents a fertile ground for financial planning and investments​. Madison, Wisconsin, stands as a vibrant city with a population estimated at 272,903. It is a locale characterized by a robust educational and healthcare sector, which notably impacts local employment trends.
• The city boasts a median household income of approximately $74,895, and the median value of owner-occupied housing units hovers around $326,600, reflecting a stable and appealing living environment for both investors and savers.

Such economic and demographic dynamics play a significant role for investors and savers, especially when considering the best CD rates in Madison.

Statistic	Value
Population	272,903
Median Household Income	$74,895
Median Home Value	$326,600

How to Get Best CD Rates in Madison, Wisconsin

To secure the best CD options, follow the steps stated below;

1. Begin by exploring both local and national banks, as well as credit unions, since they often offer competitive CD rates.
2. Online banks should also be considered as they frequently provide higher rates due to lower overhead costs.
3. You are required to utilize financial comparison websites to compare CD rates across different financial institutions. This will give you a broad view of the available rates, helping you pinpoint the most attractive offers.
4. Credit unions are member-owned and may offer higher interest rates on CDs to their members. Membership is sometimes based on geographic location, employment, or other criteria.

Moreover, pay close attention to the terms of the CD, including maturity dates and early withdrawal penalties. A higher rate might come with conditions that are less favorable, such as a longer lock-in period or higher penalties for early withdrawal.

CD Rates Methodology

• Number of Banks Reviewed – For Madison, Wisconsin, an extensive review was conducted that included CD rates from 79 banks.
• Selection Criteria – Out of these, 41 banks made the list based on their offering of the best CD rates. The criteria for making the list could include the rates offered, the terms of the CDs, customer service, and the financial stability of the institutions.

Conclusion

The highest rate is not the only factor to consider; terms, conditions, and the institution’s reliability are equally important. By following the guidelines mentioned above, you can maximize your investment’s potential while minimizing risks associated with early withdrawals and rate changes.

Moreover, engaging in this process diligently will ensure you secure a CD that aligns with your financial goals and timelines. It contributes positively to your overall investment strategy.

FAQs: