Best CD Rates in Pennsylvania 2023
We’ve compared 365 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Pennsylvania. Discover why we picked each account, learn about their pros and cons and access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of Aug. 14, 2023.
Navy Federal Credit Union EasyStart℠ Certificate
5.0
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
0.40% to 4.45%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
Annual Percentage Yield
0.40% to 4.45%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
Why We Picked It
Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 4.45%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.
There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 4.85% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. Standard certificates have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates.
You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.
Read our full Navy Federal Credit Union Review.
Pros & Cons
- Low minimum deposit requirement
- Competitive APY
- Deposit additional funds at any time
- Must be affiliated with the military or the Department of Defense to open an account
- Limited number of physical branches
- Longest term is 24 months
Details
Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.
Truist Certificates of Deposit
4.9
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
4.50% to 5.00%
Minimum Deposit Requirement
$1,000 to $2,500
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
Annual Percentage Yield
4.50% to 5.00%
Minimum Deposit Requirement
$1,000 to $2,500
Interest Compounding Frequency
Daily
Why We Picked It
Truist CDs offer competitive rates and terms ranging from seven days to five years. The bank’s 9-month CD earns APY, and its 12-month CD earns 4.50% APY. While additional terms—ranging from seven days to five years—are available, APYs for these terms aren’t listed on Truist’s website. Interest on Truist CDs compounds daily.
You need to make a significant investment to open a Truist CD—there’s a minimum deposit requirement of $1,000 to $2,500s. Customers have the option to bank in person, but there’s no option to open a CD online. Instead, you must schedule an in-branch appointment.
Read our full Truist Bank Review.
Pros & Cons
- Competitive APY
- Terms range from seven days to five years
- High minimum opening deposit requirement
- No option to open CD online
- Withdrawal penalties have a minimum of $25
Details
Interest compounds daily and is credited to your account on a schedule that depends on your CD’s term. When your CD reaches maturity, it will automatically renew unless you deposit, withdraw or change terms. Note that you can only take one action during the 10-day grace period. CDs with terms shorter than 32 days have a one-day grace period.
Early withdrawals of your principal balance may be subject to penalties, which will cost you a minimum of $25.
Charles Schwab Bank Schwab CD OneSource
4.5
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
Up to 5.60%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
N/A
Annual Percentage Yield
Up to 5.60%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
N/A
Why We Picked It
Schwab CD OneSource isn’t a specific CD account—instead, it’s a CD marketplace offered by the brokerage firm Charles Schwab. That means any CD purchased through Schwab OneSource is a brokered CD. Customers can shop for and compare various brokered CDs through the online marketplace before making a purchase.
Rather than compounding, interest on a brokered CD is paid out to customers regularly through the CD’s term. Deposits still receive FDIC insurance as long as the CDs are issued to the broker from an FDIC-insured bank. Investors can also trade or sell brokered CDs before maturity on the secondary market without incurring a penalty.
A benefit of brokered CDs like those offered through Schwab OneSource is competitive interest rates. APYs available from Schwab OneSource are currently as high as 5.60%.
You must be a Charles Schwab customer to open a CD, and these accounts require a $1,000 minimum deposit.
Pros & Cons
- Highly competitive interest rates
- Option to trade brokered CDs on the secondary market
- 24/7 customer service via phone or online chat
- $1,000 minimum deposit requirement
- Brokered CDs can lose value if sold before maturity
Details
Interest on Schwab OneSource CDs doesn’t compound. Instead, it’s paid out in intervals throughout the CD’s term. Customers can sell CDs on the secondary market without penalty before maturity, though it’s possible they can lose value. And like bank CDs, you can withdraw your full principal balance at maturity.
Navy Federal Credit Union Standard Certificate
4.5
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
0.45% to 4.55%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
Annual Percentage Yield
0.45% to 4.55%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
Why We Picked It
Navy Federal Credit Union offers competitive rates for savers who have larger amounts to deposit. The minimum deposit to open a standard certificate account is $1,000, and there’s no maximum purchase amount.
Savers can choose from a variety of terms ranging from three to 24 months for short-term certificates and three, five, or seven years for long-term certificates. The highest APYs are reserved for Navy Federal’s 18-month standard certificate. Navy Federal also offers tiered interest, with the highest rates reserved for accounts with a $100,000 minimum balance.
Membership is required to open a standard certificate account with Navy Federal Credit Union. Eligibility is limited to veterans, retired service members, active duty military members, and their families. There’s a $5 minimum deposit required to open a member savings account.
Read our full Navy Federal Credit Union review
Pros & Cons
- Competitive rates for short- and long-term certificates
- CDs are renewable up to 21 days after maturity
- No shared branch banking
- Available only to military members and their families
- $1,000 minimum opening deposit
- Highest APYs require a $100,000 minimum balance
Details
Dividends are compounded daily for all certificate terms and credited monthly. Early withdrawal penalties apply when withdrawing funds ahead of maturity. The penalty ranges from 90 to 365 days’ worth of dividends earned, depending on the certificate’s maturity term. When an early withdrawal results in the remaining certificate balance being lower than the minimum balance requirement, the certificate will be closed and a penalty will apply.
Santander Bank Standard Certificates of Deposit
4.5
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
5.25% to 5.50%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
Annual Percentage Yield
5.25% to 5.50%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
Why We Picked It
Santander CDs require a low minimum investment of $500, but only two CD terms are available: nine months (5.25% APY) or 12 months (5.50% APY). Rates vary by location, and individual branches may offer a range of CD terms.
You must visit a Santander Bank branch to open a CD. The bank has nearly 500 branch locations in the northeast and Florida.
Pros & Cons
- Competitive interest rates
- $500 minimum deposit
- Personal and small business CDs are available
- Must visit a branch to open a CD
- Limited term options
Details
Interest compounds daily and is credited to your account monthly or at maturity, depending on the term length. A penalty applies for withdrawing funds before the maturity date and depends on the term. When a CD matures, you have seven days to make changes to the account before it automatically renews for the same term.
Summary: Best CD Rates In Pennsylvania
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Navy Federal Credit Union EasyStart Certificate |  | 5.0 |  | 0.40% to 4.45% | $50 | Daily | Learn More | Read Our Full Review | |
| Truist Certificates of Deposit |  | 4.9 |  | 4.50% to 5.00% | $1,000 to $2,500 | Daily | Learn More | Read Our Full Review | |
| Charles Schwab Bank Schwab CD OneSource |  | 4.5 |  | Up to 5.60% | $1,000 | N/A | |||
| Navy Federal Credit Union Standard Certificate | | 4.5 | | 0.45% to 4.55% | $1,000 | Daily | |||
Santander Bank Standard Certificates of Deposit |  | 4.5 | | 5.25% to 5.50% | $500 | Daily |
Methodology
To determine the best CD rates in Pennsylvania, Forbes Advisor analyzed 356 CD accounts at 134 brick-and-mortar banks, online banks and credit unions. We assigned a star rating to each institution based on 11 data points within the following categories: APYs, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. We also analyzed each institution by individual CD terms and ranked them accordingly.
We used the following category weightings when assigning rankings:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
Higher APYs and daily compounding schedules led to higher rankings. Alternatively, minimum deposit requirements of $10,000 or more and less frequent compounding schedules led to lower rankings. We only included accounts available in Pennsylvania on this list.
To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.
Highest CD Rates in Pennsylvania
Our ranking of the best CDs in Pennsylvania depend largely on the accounts’ APYs. According to our findings, each of the top five CDs in Pennsylvania includes terms that offer an APY of at least 4.85%. Of the five accounts on our list, Charles Schwab Bank’s Schwab CD OneSource marketplace offers the CD with the highest rate—a highly competitive 5.55%.
Keep in mind that CD rates can change at any time, so the rates advertised today may not be the same tomorrow. Always check current rates before opening a CD at any institution.
Short-Term CDs in Pennsylvania
Short-term CDs in Pennsylvania are those that mature within one year of opening. While short-term CDs offer more flexibility than long-term CDs, they often come with lower interest rates—though exceptions exist. Short-term CDs make the most sense for people who want to earn interest on their savings without locking up their money for several years.
Each of our top five CDs in Pennsylvania offers short-term maturities, with Truist Bank offering a term as short as seven days. While interest rates on these short-term CDs vary, each account provides competitive earnings.
Long-Term CDs in Pennsylvania
Long-term CDs in Pennsylvania generally have terms of at least two years. Long-term CDs typically offer higher interest rates in exchange for longer commitments from account holders. If you’re considering opening a long-term CD, make sure you’re comfortable setting your deposit aside for the duration of the CD’s term. Or consider using a CD ladder to maintain access to a portion of your deposits on a consistent basis.
Jumbo CDs in Pennsylvania
Jumbo CDs require a much larger minimum deposit—typically at least $100,000—although CDs with higher minimum deposits generally offer higher interest rates. And, due to the high minimum deposit, they aren’t a common choice among individual investors. Instead, jumbo CDs are more popular among commercial investors who are dealing with high volumes of cash and want to minimize risk.
Of the top five best CDs in Pennsylvania, Truist Bank and Santander Bank offer jumbo CDs.
Find The Best CD Rates Of 2023
Learn More
Next Up In CDs
- Best CD Rates Of 2023
- CD Interest Rates Forecast
- CD Calculator: How Much Can You Earn With A Certificate Of Deposit?
- Marcus By Goldman Sachs CD Rates
- 11 Types Of CDs: Which One To Choose
- Citibank CD Rates