Banking » Compare Banks » Best CD Rates In North Carolina: 7 Lucrative Options
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Best CD Rates In North Carolina: 7 Lucrative Options

Our compilation of the top CD accounts in North Carolina offers competitive rates, low minimum deposits, and favorable early withdrawal fees
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Getting the best CD rate in North Carolina can be tough. There are many CD terms and different banks to choose from, and comparing all of them is almost impossible. In addition, each CD account has its advantages and disadvantages.

For example, some accounts offer higher interest rates for short-term CDs, while others are better for long-term investments. Some accounts have good rates but come with restrictions, while others give you more flexibility but lower rates. You also need to consider how much you need to deposit and if there are any fees for taking your money out early.

This article gives you a quick look at some of the top CD accounts in North Carolina. But remember, it's not just about the highest rates. You should also consider the right term for your needs, minimum deposit requirements, and penalties for early withdrawal.

First Internet Bank

First Internet Bank review
First Internet Bank review

First Internet Bank

APY Range

4.18% – 5.35%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Fees

$0

First Internet Bank offers a diverse range of highly competitive interest rates for its CD products to the residents of North Carolina. These rates exceed those provided by other banks and credit unions. Additionally, the bank has set a reasonable and reliable minimum deposit requirement, ensuring convenient customer access to these services.

However, it is worth noting that First Internet Bank imposes relatively high early withdrawal fees compared to other banks and credit unions.

Term
APY
Early Withdrawal Penalty
3 Months
4.18%
90 days interest
6 Months
5.22%
180 days interest
12 Months
5.35%
180 days interest
18 Months
5.07%
180 days interest
24 Months
4.85%
360 days interest
36 Months
4.75%
360 days interest
48 Months
4.54%
360 days interest
60 Months
4.59%
360 days interest

Established in 1998, First Internet Bank of Indiana is an online banking institution that caters to customers across all 50 states. The bank proudly asserts itself as the first FDIC-insured bank that operates exclusively through the Internet.

Apart from CD products, the bank offers various other services, including checking accounts, savings accounts, money market accounts, and more.

NASA Federal Credit Union

NASA Federal credit union review
NASA Federal credit union review

NASA Federal Credit Union

APY Range

4.20% – 5.55%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Fees

$0

NASA Federal Credit Union provides diverse CD terms and competitive interest rates, particularly for the 12 or 18-month short-to-medium term.

To initiate a regular CD account, a minimum deposit of at least $1,000 is required. If you prefer a nine-month term, they offer some of the most competitive rates available in the market.

Moreover, they offer Premier Bump Rate certificates with terms of either 24 or 36 months. Within this period, you can request a higher interest rate once. There are also Add-On Certificates and Early Savers certificates, which have remarkably low minimum deposit requirements.

CD Term
APY
Early Withdrawal Penalty
3 Months
2.00%
3 months interest
6 Months
3.40%
3 months interest
9 Months
3.50%
3 months interest
12 Months
4.85%
6 months interest
18 Months
5.00%
6 months interest
24 Months
4.30%
6 months interest
30 Months
4.30%
6 months interest
36 Months
4.30%
6 months interest
48 Months
4.00%
9 months interest
60 Months
4.00%
18 months interest
120 Months
3.80%
24 months interest

If you live in North Carolina, you can easily join NASA Federal Credit Union through the National Space Society. You can apply for membership online and get approved within an hour.

Marcus by Goldman Sachs

Marcus LOGO
Marcus LOGO

Marcus by Goldman Sachs

APY Range

3.70% – 5.10%

Minimum Deposit

$500

Terms

6 – 72 months

Fees

$0

North Carolina residents have another option for their banking needs: Marcus. It's a financial institution that's part of Goldman Sachs and offers a variety of financial products. One of their notable offerings is CDs, which give you different options for how long you want to invest and competitive interest rates.

Marcus is a great choice if you're interested in CD laddering. In the world of online banking, they stand out by offering some of the best rates for CDs. You don't need to deposit a lot of money to get started, and the fees for taking out your money early are reasonable.

CD Term
APY
Early Withdrawal Penalty
6 Months
4.90%
90 days interest
9 Months
5.00%
90 days interest
12 Months
5.10%
180 days interest
13 Months – No Penalty
4.35%
/
18 Months
5.00%
180 days interest
24 Months
4.40%
180 days interest
36 Months
4.30%
180 days interest
48 Months
4.00%
180 days interest
60 Months
3.80%
180 days interest
72 Months
3.70%
270 days interest

Since Marcus is an online bank, they don't have physical branches. But they make it easy to get in touch with their customer support team and open a CD account through their website, app, and phone services.

Ally Bank

ally bank
ally bank

Ally Bank

APY Range

3.00% – 5.15%

Minimum Deposit

$0

Terms

3 – 60 months

Fees

$0

Ally Bank has really good rates for CDs and different options that last for different lengths of time, from three months to five years. This means people in North Carolina can choose what's best for them. In addition to the regular CDs, Ally also has a special CD with no penalty if you need to take out your money early.

One great thing about Ally is that they have low fees if you want to take out your money before the CD is finished. Their fees are much lower than what other banks and credit unions charge.

CD Term
APY
Early Withdrawal Penalty
3 Months
3.00%
60 days of interest
6 Months
3.50%
60 days of interest
9 Months
5.00%
60 days of interest
12 Months
4.85%
60 days of interest
11 Months – No Penalty
4.55%
/
18 Months
5.15%
90 days of interest
36 Months
4.25%
90 days of interest
60 Months
4.10%
150 days of interest

Even though Ally Bank was started in 2009, it has quickly become well-known in the industry. They offer a wide range of financial services, like savings accounts, money market accounts, loans, mortgages, checking accounts, investments, and retirement services.

Bread Financial

Bread Financial logo
Bread Financial logo

Bread Financial

APY Range

4.25% – 4.75%

Minimum Deposit

$1,500

Terms

12 – 60 months

Fees

$0

Bread Financial makes it easy for North Carolina investors to save money with their competitive CD rates. Although they don't offer a lot of different options for the length of the CDs, their rates are some of the highest in the country for each term.

If you need to withdraw your money early, the fees align with what other banks charge. And the minimum amount you need to deposit is reasonable.

CD Term
APY
Early Withdrawal Penalty
12 Months
5.50%
180 days simple interest
24 Months
5.00%
180 days simple interest
36 Months
4.75%
180 days simple interest
48 Months
4.50%
365 days simple interest
60 Months
4.50%
365 days simple interest

After your CD matures, you have 10 days to decide what to do next. You can either take out your money or make changes to your account. If you don't do anything, the CD will automatically renew. Bread Financial has been around since 2003 and they offer a wide range of payment, lending, and saving products.

BMO Harris

BMO_Harris_Bank review
BMO_Harris_Bank review

BMO Harris

APY Range

0.05% – 4.50%

Minimum Deposit

$1,000

Terms

3 month – 60 month

Fees

$0

BMO offers different types of certificates of deposit (CDs) with varying interest rates. Their “special CDs” have the best rates compared to regular CDs. These CDs have different options for long and medium-term periods and offer some of the most favorable rates across the country. The minimum deposit required is reasonable.

However, BMO has a limitation. They don't offer short-term CDs for 3 months, 6 months, and 9 months without a clear reason. The shortest term for competitive rates starts at 13 months.

CD Term
APY
Early Withdrawal Penalty
13 Months
5.25%
180 days of interest
25 Months
5.00%
180 days of interest
35 Months
4.75%
180 days of interest
45 Months
4.75%
180 days of interest
59 Months
4.75%
180 days of interest

BMO Harris is the US branch of Bank of Montreal, which is a big investment bank and financial services company.

Bank of America

Bank_of_America
Bank_of_America

Bank of America

APY Range

0.03% – 5.00%

Minimum Deposit

$1,000

Terms

1 – 120 months

Fees

$0

Even though brick-and-mortar banks usually have low CD rates, many people still want to stay with their old, reputable bank – therefore, we've decided to include one on our list.

Bank Of America, one of the largest banks in the US, has more than 15 branches across North Carolina. They provide competitive CD rates, but only for specific time periods called “featured CDs.” It's important to choose wisely because not all CD periods have good interest rates.

CD Term
APY
6 Months
0.03%
7 Months (Featured)
5.00%
12 Months
0.03%
13 Months (Featured)
5.00%
24 Months
0.03%
25 Months (Featured)
3.20%
36 Months
0.03%

To make the best decision, it's recommended to explore the available featured CD periods and have discussions with a bank representative about the current opportunities.

Additionally, if you have a significant amount of money to deposit, Bank Of America, a traditional bank, allows for negotiating rates. So, if you find yourself in this situation, it's beneficial to take advantage of this opportunity and secure the most favorable rate possible.

Jumbo CDs In North Carolina

Jumbo CDs are a type of savings account that requires more money to open compared to regular CDs. The exact minimum amount varies depending on the bank, but it's usually more than $100,000. The other terms and conditions for jumbo CDs are similar to regular CDs.

You have a few options if you want to get a jumbo CD in North Carolina.

  • The first option is to search online for better interest rates on jumbo CDs. You can try typing “best jumbo CDs” and see the results. However, only a few online banks offer slightly higher interest rates on jumbo CDs, usually around 0.05% to 0.25% higher. Also, the comparison websites may not show you all the available options.
  • Another option is to check with your regular bank. Traditional banks are often willing to offer higher interest rates for large deposits and might be open to negotiating. Since you already have a relationship with your banker, talk to them and see what they can offer you. You might be surprised by the rates they can provide. Don't forget to mention the rates you found online as a benchmark for comparison.
  • The last option is to check out with some traditional banks in North Carolina. Before deciding to use your own bank, explore what other banks offer. Traditional banks advertise their rates online, but by having a personal meeting or a phone call, you can often secure even better rates. Putting in a little effort can potentially save you thousands of dollars.

How North Carolina CDs Compare?

The competition among CD providers has reached its peak in the last 15 years, mainly due to the impact of rising interest rates. Banks and credit unions are now offering rates that were unimaginable just a couple of years ago.

It's crucial to compare rates, not just locally in North Carolina, but nationwide. Thanks to online banking, we can easily access banks from anywhere, and interestingly, they tend to offer the highest rates.

Here's a practical rundown of some attractive options that weren't mentioned in our North Carolina CD list:

CD APY Range
Minimum Deposit
4.45% – 5.15%
$0
0.01% – 4.80%
$1
4.30% – 5.30%
$500
2.00% – 4.35%
$1,000
4.30% – 5.20%
$1,000
4.00% – 5.50%
$2,500
4.10% – 5.25%
$0
3.00% – 5.00%
$1,000
2.00% – 5.00%
$2,500
0.30% – 5.00%
$1,000
0.05% – 4.90%
$500
3.51% – 4.85%
$5,000
4.60% – 5.60%
$25,000
4.45% – 5.50%
$1,000
5.56% – 5.65%
$1,000
4.50% – 5.75%
$1,000
1.49% – 5.26%
$2,500
2.25% – 5.15%
$0
2.75% – 4.50%
$1,000
1.00% – 5.50%
$250
0.40%
$1,000
5.50%
$2,500
0.03% – 5.00%
$1,000
3.95% – 5.25%
$1,000
4.25% – 5.50%
$1,000

How To Smartly Compare CDs?

The following are key factors to consider when comparing and selecting a certificate of deposit:

  • Bank Reputation: Place your funds in an institution where you feel confident and secure. Read online reviews, assess the bank's financial stability, and evaluate its customer service.
  • Term: CDs have specific durations, such as 6 months, 1 year, 3 years, etc. Assess your financial goals and requirements to determine the ideal duration for your investment. Longer-term CDs generally offer higher interest rates but also entail a longer lock-up period for your funds.
  • Early Withdrawal Penalty: Familiarize yourself with the terms and conditions related to early withdrawal penalties. If you anticipate needing access to your funds before the CD matures, search for CDs with lower penalties or flexible withdrawal options.
  • CD Type: Certain CDs may offer additional features, such as step-up rates (where the interest rate increases over time) or add-on options (allowing you to make additional deposits). Evaluate these features to determine if they align with your investment strategy.
  • Minimum Deposit Requirements: Some CDs have minimum deposit requirements. Ensure you meet the specified minimum deposit amount before opening the account. Consider whether you are comfortable with the required deposit and whether it aligns with your investment goals.
  • Compounding Method: CDs can compound interest at varying intervals, such as daily, monthly, quarterly, or annually. The more frequently the interest is compounded, the higher your overall returns will be.

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.