Highest Tennessee CD (Certificate of Deposit) Rates

The TN-Tennessee CD (certificate of deposit) Rates are just among the factors being considered in looking for the best CD products. Although higher rates are important, one also needs to look into the bank's credibility and record of service among other things. One also needs to consider if your money is really safe by making sure that it is insured. The minimum balance may also be a factor. Penalties on things such as early withdrawal must also be noted beforehand.

Compare the Best CD Rates in Tennessee

Account Type:
Certificates of Deposit
Amount:
Term:



Choosing the Best CDs through Tennessee CD (certificate of deposit) Rates and other Variables

Tennessee Dakota CD (certificate of deposit) Rates are higher than savings account rates and money market account rates, making it more likely to be invested by large depositors. The rates are most of the time higher than the national average rates, thus pulling more customers to avail of the CDs. However, it wouldn't be so easy to create a long customer list because the rates are very competitive that the big players are starting to gain each other. Most national banks and credit unions are on the top list for the providing the highest Tennessee CD Rates thus making it convenient for local residents to purchase their CDs in these banks. Local banks are also hiking up the ladder and are overtaking some national players, also giving chances to local customers to have a closer physical access to the high yield CDs in their neighborhood.

This battle to the top yielding Tennessee CD Rates chart creates confusion for many customers who wanted to invest their idle funds in CDs. Some may choose to just go with the number one bank because its CD rate is the highest, while some go for the bank with the zero opening required deposit. And for the others, just invest on CDs they think that are very worthwhile for them.

How does one choose the best CD? There are several variables that are included in the computation of the Tennessee CD Rates. Many customers choose their ideal CD by basing their decision on a single factor, usually the rates. Many customers choose the credibility of their local bank alone. Others invest on credit unions because these institutions generally offer higher rates than the banks.

The process may be right but it can be wrong. Some has to deal with coming up with a few more hundred dollars just to reach the minimum balance to be able to qualify for the interests. Others withdraw their funds due to their personal unexpected high expenses. Instances like these result from basing the buying decision on one or a couple of factors only and not looking at the whole perspective of CDs as a whole.

Factors that should be considered other than just the Tennessee CD (certificate of deposit) Rates are the maturity date, the bank or credit union, the minimum balance and the early withdrawal penalty fees. The relationship of the maturity date and the rates, specifically APY, lies on the total periods the rate is compounded. For instance, consider a CD with an APY of 0.95% compounded monthly and matures after 12 months. Since the CD matures after a year and the rate is compounded monthly, the periods involved are twelve (i.e. twelve months in one year). Banks and credit unions will be holding the funds and the customers must make sure whether these institutions are capable of handling the money. In addition, customers want to have a secured banking experience, meaning they don't go down in case the bank goes bankrupt. Funds in banks must be FDIC insured while funds in a credit union are NCUA insured.

The minimum balance is also an important element in determining a customer's probable interest earnings. Some banks implement conditions like the application of the Tennessee CD (certificate of deposit) Rates only when the customer deposits an amount that may only be equal or greater than a designated amount. Customers must make sure that they deposit and maintain enough funds to be able to make their funds grow. The presence of early withdrawal penalty fees would reduce the chances of the customer making withdrawals. Since the fees are high, usually equal to months' interest, customers would rather wait for the term to expire rather than receive a lower return.

CD Rates by State:

ONLINE SAVINGS ACCOUNT

  • No minimum balance
  • Competitive rates, No risk

MONEY MARKET ACCOUNT

  • High rates, Access to money
  • FDIC Insured

CD Types


CDs Overnight Averages

Product
Yield
+/-
Last week


3 Mo CD
0.11
-
0.11


6 Mo CD
0.17
-
0.17


1 Yr CD
0.26
-
0.26


1.5 Yr CD
0.33
-
0.33


5 Yr CD
1.02
-
1.02


CDs Guides