High CD rates offered by top banks with limited benefits

With CD rates in USA experiencing highs and lows, banks and financial institutions are trying best to offer competitive rates. In such situation, finding a bank offering CD rates over 2.00 per cent has become a tough task to achieve. Well, the search though might seem to be challenging ends with Bank of America and Chase bank. Both the banks are providing competitive rates of CD being over 2.00 per cent, but with few restrictions or disadvantages.

Well, the priority of requiring such CD rates necessitate a longer term that is up to 10 years. The second restriction of obtaining such CD rates is that both the banks offer a inconsiderate penalty for early withdrawal that amounts to 3 per cent of the withdrawal principal. Bank of America also secures the right of refusing to accept an early withdrawal making the situation more concerning.

The 10-year term CD for Chase Bank offer a 2.25 per cent APY in some particular states, while other states are offered a yield of 1.75 per cent.  The varying CD rates of the bank can be checked at the CD rates page of the bank. You can also look around for the availability of 2.25 percent APY in your state. However, the special CDs over 2.00 percent per cent require a minimum deposit of $10,000 and a checking account.

The 10-year CD of Bank of America features a 2.30 per cent APY. This particular CD rates are also variable in different state. You can always take the lead in checking the CD rates for different states at the particle page of the bank. Some states are offered a term, of 7-10 years for the yield, while other states, the term of yield remains static at 10 year.

The US Bank, additional to these two banks, also offers long-term CD rates offering a yield over 2.00 per cent. Here, the 59 month CD offers a yield of 2.25 per cent APY. This particular bank also holds the right to refuse an early withdrawal with the penalty charge being heavier.

The Pentagon Federal Credit Union has continued it’s strive in offering CD rates of 2.75 per cent APY for both its IRA CD and 7-year CD. The Discover Bank also offers a CD rate of 2.50 APY for a term of 10 years featuring a lesser penalty charge for early withdrawn, at an interest of nine months.