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Fortune
Cassie Bottorff

These are the best CD rates in Connecticut today

Little piggy banks on ascending stacks of coins (Credit: Getty Images)

Want an investment that offers attractive returns with very little risk? Consider getting a certificate of deposit (CDs) or share certificate. With a CD, you make a lump sum deposit, committing your funds for a fixed period in exchange for a fixed interest rate.

We collaborated with Curinos, utilizing a comprehensive dataset of over 20,000 data points from Connecticut banks and credit unions to determine the state's best CDs. These CDs have the highest annual percentage yields (APYs) in the state.

Since CDs are considered deposit accounts, they’re backed by FDIC or NCUA insurance, which provides up to $250,000 of coverage.

Best CD rates in Connecticut overall

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Compare rates from our partners

We've also gathered data from banks nationwide to pinpoint the institutions offering the best CDs. Our top picks have competitive interest rates and low minimum opening deposit requirements.

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Best CD rates in Connecticut by term

Using data sourced from Curinos, we pinpointed the top 6-month, 1-year, and 5-year CDs in Connecticut.

To be eligible for these rates, please review any criteria in the notes field in the tables below. Keep in mind that certain fields may be blank. For the most current information, we advise reaching out to the bank or credit union directly.

Best 6-month CD rates in Connecticut

Achieve an attractive APY without tying up your funds for an extended period by choosing a 6-month CD. Remember, though, that opting for a longer maturity will likely result in a higher APY.

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Best 1-year CD rates in Connecticut

If you're not prepared for a long-term commitment with your funds, opt for a 1-year CD. Additionally, some CDs have minimal opening deposit requirements, ensuring accessibility regardless of your savings amount.

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Best 5-year CD rates in Connecticut

If you're aiming for a financial goal set in the more distant future, think about choosing a 5-year CD. Despite requiring a longer commitment, 5-year CDs usually come with higher rates compared to shorter-term options.

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What is a certificate of deposit?

When you choose a CD, you lock in your funds for a period and earn a fixed interest rate. This deposit account is secure if your bank or credit union is covered by FDIC insurance or NCUA protection.

However, if you need to withdraw your funds before the CD matures, be ready to face some consequences. Typically there's an early withdrawal penalty amounting to a few months' interest.

What does APY mean on a CD?

Think of the APY, or annual percentage yield, as the rate of return for one year on your CD.  If you saved $2,000 in a 1-year CD with a 5% APY, you’d earn $100 by the end of the year.

What are the most common types of CDs?

There are many different types of CDs, but traditional, brokered, and no-penalty CDs are common. 

  • Traditional CDs. Simply deposit your money for a fixed period, and in return, receive regular interest payments. It's that straightforward.
  • Brokered CDs. Financial institutions sell these CDs to brokerages. Brokerages then sell these CDs to customers with more attractive APYs than traditional CDs.
  • No-Penalty CDs. Seeking flexibility? With these CDs, you can access your funds without incurring early withdrawal fees. However, these CDs may offer slightly lower interest rates for this feature.

How to choose the best CD in Connecticut

There are over 50 FDIC-regulated banks in Connecticut and 70 NCUA-regulated credit unions. Here’s how to choose the right one for your needs:

  • Term Length. The duration of your CD's term indicates how long it takes to mature. A CD’s duration can range from a few months to a few years. Select a term length that aligns with your needs and financial goals.
  • APY. The annual percentage yield (APY) is the number that tells you how much interest you earn in a year. A higher APY means more interest.
  • Minimum deposit requirement. Some banks and credit unions require a minimum investment to open a CD, which may vary from a few hundred dollars to thousands. Keep in mind that many CDs involve a lump sum deposit and don't allow additional contributions.
  • Early withdrawal penalties. Not all CDs penalize you for withdrawing funds early, but if yours does, you could lose earned interest and part of your principal balance. While you can’t always plan for early withdrawals, it's good to know if there’s a penalty.
  • Deposit insurance. FDIC and NCUA insurance provide depositors coverage if their bank or credit union fails—up to $250,000 per depositor or share owner. Double-check that your account is insured to safeguard your money in case of a bank failure.
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