Best Mid-Term CD Rates on Raisin in {currentMonth} 2024

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Best Mid-Term CD Rates on Raisin in {currentMonth} 2024

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

About Mid-Term CD Accounts

How to Choose a Mid-Term CD

Selecting the right mid-term certificate of deposit means calculating your potential interest earnings for a period between one and three years. 

Through Raisin, you can access some of the best mid-term CD rates available nationwide — all from federally insured banks and credit unions.

When you're selecting the mid-term CD that's right for you, there are a few factors you should take into consideration.

  • Interest rate and APY: Possibly the most important is the CD's Annual Percentage Yield (APY). This value represents the base interest rate of the CD as well as potential interest earnings based on how the interest is compounded, offering you a clear view of what your earnings could look like.

  • Security: It's key to make sure your deposits are held with a federally insured financial institution, giving you the confidence that your money is protected up to the institutional limits. All banks and credit unions on the Raisin platform are insured by the FDIC or NCUA, respectively.

  • Minimum deposit: Some institutions may require a minimum deposit to open an account or to earn a specific APY. With Raisin, that minimum deposit is always $1.

  • Fees and penalties: Because CDs have a fixed term, there are often penalties with early withdrawal. Always be sure to understand your product's terms before depositing funds.

  • Compound interest schedule: Interest can compound at different frequencies for different CDs. Be sure to take a look to see if the CD you're interested in compounds interest daily, monthly, or annually, as this can impact your earnings.

How Does a CD Account Work?

Certificates of deposit are relatively simple savings tools as long as you understand the product's term and interest rate. Let's take a look at how a CD works, how it differs from other types of cash deposits, and what safety and security measures can help you make sure your investment is protected.

Fixed Term And Interest Rate

What sets a CD apart from other deposit products is that it has a fixed term and interest rate. This means that when you open a certificate of deposit, you agree to deposit your cash for a set period of time and, in exchange, earn a fixed interest rate for the entirety of that term. These terms can range from one month to several years, which can help you secure guaranteed returns on your cash — something few other investments can promise.

Because of their fixed terms, CDs tend to have the top interest rates among deposit products, making them a potentially great option during periods of interest rate volatility.

Maturity

The date your certificate of deposit's term ends is known as its maturity date. Once your funds reach maturity, there are usually a few options available to you.

Certificate of deposit rollover: Rolling over your CD into a new one with a new term can mean extending your earnings and continuing to earn. Once your CD rolls over, keep in mind that the interest rate may be different than that of your previous term.

Certificate of deposit withdrawal: You may also withdraw your funds and interest earned at the end of your CDs terms, offering you the opportunity to spend your cash or invest elsewhere.

Types of CDs

There are different types of CDs that may work better based on your own savings goals:

  • Fixed-term CDs: The most common certificate of deposit offering, fixed-term CDs offer a fixed interest rate for a set term, with penalties for withdrawal before the end of that term.

  • No-penalty CDs: No-penalty CDs have a similar structure to fixed-term CDs, with a set interest rate for a set period of time. However, they're typically more flexible, allowing for withdrawal prior to the maturity date without a penalty. In exchange, these CDs typically have slightly lower interest rates.

Safety Measures

Certificates of deposits are generally considered a safe, low-risk savings product. In addition to offering guaranteed returns, one of the greatest benefits of CDs is the availability of federal deposit insurance. All CDs offered on the Raisin platform are covered by insurance from either the FDIC or NCUA up to the per-institution limits. This means that in the event the bank or credit union offering the CD fails, your deposit is insured up to $250,000 per depositor, per account, per insured institution.

Liquidity

Finally, the liquidity of funds in a certificate of deposit sets them apart from other deposit products and is crucial to take into account before depositing funds. Here are how CDs and savings accounts differ in liquidity:

  • CD accounts: Certificates of deposit come with fixed terms, meaning that funds generally cannot be accessed during that period without incurring penalty feeds. These deposits make more sense for longer-term savings that you want to grow but not necessarily access during the CD's term.

  • High-yield savings accounts: You may have limits on the number of withdrawals that can be made in a month (accounts on Raisin have no monthly withdrawal limits), but high-yield savings accounts are considered more liquid than certificates of deposit.

Benefits of Certificates of Deposit (CDs)

Dropping a coin into a piggy bank

Certificates of deposit, also known as CDs, are a type of deposit account offered by banks and credit unions. CDs allow you to earn interest on your money like other deposit accounts, such as a savings account, but there are some key aspects that make CDs unique. Notably, CDs tend to offer among the highest available interest rates of all banking deposit products.

Unlike savings accounts or money market accounts, you can deposit a set amount of money into your CD account and commit to leaving your money there for a fixed period of time. Terms may last as little as three months, or as long as five years (60 months) or even longer. In return, you'll earn a fixed amount of interest based on a predetermined interest rate. The rate of a CD typically does not change during the term, which is why you may see the product called a fixed-term CD. Another type of CD is a no-penalty CD, which gives the owner more flexibility to withdraw funds before the CD's maturity date.

When the CD term is up — when the product has reached maturity — you’ll be able to withdraw your original balance plus any interest earned, or opt to rollover all or part of those proceeds into a new CD with a new term. A key benefit of opening a CD is you’ll know exactly how much of a return you’ll receive when your money is ready to withdraw at the maturity date you selected.

CD Accounts vs. High-Yield Savings Accounts

CD Accounts
Fixed interest rates depending on the term length.

VS

High-Yield Savings Accounts
Interest rate may be subject to change based on market conditions and financial institution
CD Accounts
Some banks may require high minimum deposits for CDs; $500 is common (Raisin does not)

VS

High-Yield Savings Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minimum (Raisin does not)
CD Accounts
With fixed-term CDs, customers may be charged a penalty for early withdrawal. No-penalty CDs do not have early withdrawal fees

VS

High-Yield Savings Accounts
Some banks may place limits on frequency of withdrawals from high-yield savings accounts (Raisin does not)

Tips for Using Certificates of Deposit

Flat lay arrangement with a calculator, cash, a notepad, and a pen

There are a host of advantages to leveraging certificates of deposit (CDs) to boost your savings. You are likely to earn more interest with a CD compared to that of a competitive high-yield savings account. Plus, the interest rate you earn for the duration of the CD term won’t fluctuate over time. And you can pick a term to fit your needs. This feature allows you to structure CDs in sequences, such as the CD ladder, which provides periodic access to savings while tapping the highest available interest rates of the longest-term products.

Click the button to read more about how to maximize your savings with CDs.

What Is Raisin?

Family spending time out door

Raisin brings together high-yielding savings products offered by a network of U.S. financial institutions. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions and manage them all from one account.

Safety

Safety

Funds deposited into any of the savings products available through Raisin are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How Raisin Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at Raisin

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include multi-factor authentication, encryption, and web application firewall advanced internet protection technologies. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

Open an Account in 3-5 Minutes

Select a product

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the right product for your savings goals.

Register for a Raisin account

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with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new Raisin account.

How Raisin Compares

With Raisin
One secure account guards your personal data and safely allows you to tap into yields from multiple savings products

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With Raisin
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With Raisin
Only one account is required. You manage all your chosen savings products through the Raisin platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

FAQs

Secure Messaging Center

Email: support.us@raisin.com

Call: 844-994-EARN (3276) (Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)

The Raisin name and logo are trademarks of Raisin GmbH. All other trademarks, logos, marks, and brand names are the property of their respective owners — used with permission.

© 2024 Raisin GmbH. All rights reserved.

*APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate and APY may change after initial deposit. Minimum opening deposit is $1.00.

Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodian Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through Raisin.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis & Clark Bank is the Custodian Bank.