The best CD rates for North Carolina in January 2024


Investing in certificates of deposit (CDs) offers a balanced approach to earning returns with minimal risk. Through our partnership with Curinos, we’ve evaluated over 20,000 data points from North Carolina banks and credit unions to identify the CDs with the most attractive annual percentage yields (APYs). 

These selected CDs, backed by the solid protection of Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) insurance, present an excellent opportunity for secure and profitable investment in the state.

Best CD rates in North Carolina overall

Compare rates from our partners

In addition to our local focus, we’ve sourced data from financial institutions nationwide to pinpoint those offering the best CD rates. These options not only bring competitive interest rates to the table but also feature accessible opening deposit requirements. For an expansive view of the best CD rates available, visit our detailed list of the best CD rates.

Best CD rates in North Carolina by term

In our analysis of North Carolina’s CD rates, we’ve categorized top picks for 6-month, 1-year, and 5-year terms, thanks to data from Curinos. The notes accompanying each rate in our tables may specify criteria like investment minimums or account features. Sometimes, these notes might be blank. For the most accurate and current information, reaching out directly to the bank or credit union is advised.

Best 6-month CD rates in North Carolina

Choose a 6-month CD for a balance between a decent APY and shorter commitment. Remember, longer durations typically offer higher APYs. 

Best 1-year CD rates in North Carolina

Considering a 1-year CD is a smart move for those looking for a moderate-term financial commitment. These CDs often come with manageable minimum deposit requirements, offering an accessible path to save.

Best 5-year CD rates in North Carolina

Choosing a 5-year CD suits those with long-term financial objectives. These CDs usually offer higher rates, rewarding a longer commitment. 

What is a certificate of deposit?

A CD is a time-bound savings account offered by financial institutions. You deposit money for a specified term and receive a fixed interest rate. The safety of CDs lies in FDIC or NCUA insurance, which covers up to $250,000. However, withdrawing funds before the term’s end often results in penalties.

What does APY mean on a CD?

APY stands for “annual percentage yield” and reflects the interest rate over a year, accounting for compounding. For instance, a $1,000 deposit in a 1-year CD at 3% APY would earn $30 in interest annually.

What are the most common types of CDs?

CDs come in many shapes and sizes. Here are the types of CDs you’ll come across most often:

  • Traditional CDs: These are standard CDs where you invest a fixed sum for a predetermined term, receiving regular interest payments.
  • Brokered CDs: Offered through brokerage firms, these CDs typically offer higher interest rates and more flexibility in terms of investment amount and term.
  • No-penalty CDs: These allow early withdrawal of funds without a penalty but might offer lower interest rates compared to traditional CDs.

How to choose the best CD in North Carolina

There are over 90 FDIC-regulated banks in North Carolina and more than 60 NCUA-regulated credit unions. Here’s how to choose the right one for your needs:

  • Term length: Select a term that aligns with your financial goals, with options ranging from one week to ten years. The longer your term, the higher your APY.
  • APY: Higher APYs equate to more interest earnings. Compare rates to ensure you’re getting the best deal for your term length.
  • Minimum deposit: Understand the minimum amount required to open a CD, which varies widely among institutions. Some require a tiny investment, such as a few dollars while others require tens of thousands.
  • Penalties: Be aware of penalties for early withdrawal, which can affect your interest and principal.
  • Deposit insurance: Ensure your CD is insured by FDIC or NCUA for up to $250,000, providing security in case of bank failure.

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