CDs can be a good option if you’re trying to level up your savings. They typically offer higher APYs than savings accounts but require you to keep your funds invested for the entire term.
Finding the best CD rates in Connecticut is important to help you maximize your investment.
Best CD Rates in Connecticut
Finding the best CD rates in Connecticut can feel overwhelming with all the online options available today. We’ve located the best rates for you, so all you have to do is decide which is right for you.
- Valley Direct: 5.60% APY
- Sallie Mae: 5.10% APY
- Blue Federal Credit Union: 5.25% APY
- Quontic Bank: 5.30% APY
- Discover® Bank: 4.70% APY
- CIT Bank: 5.00% APY
- First Tech: 5.35% APY
1. Valley Direct 
- Minimum Deposit: $500
- APY: 4.60% – 5.60%
- Terms: 12 to 36 months
Valley Direct is an online bank offering a few CD options with the best rates. You can choose a fixed-rate CD for 12 or 24 months or a variable-rate CD for 36 months.
The nice thing about the variable rate CD is the rate is guaranteed to stay 0.1% above the Federal Funds Target Rate’s upper limit. If you have long-term goals, this could be a good way to earn interest and not fall prey to inflation.
If you aren’t sure if you can lock your funds up that long, the other fixed terms offer attractive rates, too.
With all terms, you’re at risk of paying an early withdrawal fee if you don’t leave the funds through maturity, so be sure you only choose a term where you can leave the funds untouched.
Pros:
- Fixed and variable rate option
- High APYs on all CD options
- Protection from inflation on 3-year CDs
Cons:
- A $500 balance is required to open a CD
- A small selection of terms
2. Sallie Mae 
- Minimum Deposit: $1
- APY: 4.70% – 5.10% APY
- Terms: 10 to 14 months
Sallie Mae offers lucrative CD programs for Connecticut residents to meet their savings goals. With only a $1 minimum deposit required, it’s easy to start saving, earning the best CD rates in Connecticut on CDs with terms of 10 to 14 months.
Sallie Mae offers CDs in two terms, 10 or 14 months, and as a traditional or no-penalty CD. If you aren’t 100% sure, you can lock up your funds for that time. Taking the slightly lower APY on a no-penalty CD can reassure you that you can liquidate your funds as needed.
Pros:
- Low barrier to entry
- Option for no-penalty CDs
- Interest compounds daily
Cons:
- Small CD term selection
- APY lowers if you need a no-penalty CD
3. Blue Federal Credit Union 
- Minimum Deposit: $1
- APY: 5.00% – 5.25%
- Terms: 9 to 15 months
Credit unions offer great CD rates in Connecticut, too. Blue Federal Credit Union is one example, as they offer great rates on short-term CDs. Fortunately, anyone can become a member by donating to the Blue Foundation.
Blue Federal Credit Union’s CD selection is small, with only two terms, either 9 or 15 months. They also offer a no-penalty CD with a 9-month term, making it easy to save without worrying you’ll incur a penalty for early withdrawal.
Pros:
- Low barrier to entry
- High rates for short-term savings
- No-penalty CD option
Cons:
- Limited CD term selection
- You must join the Blue Federal Credit Union to use the CDs
Open a CD with Blue Federal Credit Union
4. Quontic 
- Minimum Deposit: $500
- APY: 4.30% – 5.30%
- Terms: 6 months to 5 years
If you prefer digital banks, Quontic offers some of the best CD rates in Connecticut. They have an extensive range of terms and offer a 10-day grace period after a CD automatically renews if you change your mind and want to cash it out.
You don’t have to worry about being unable to talk to someone with Quontic being a digital bank because they have excellent customer service and the option to talk to someone via phone or live chat. All accounts at Quontic are FDIC-insured, and interest compounds daily.
Pros:
- No monthly maintenance fee
- High APYs
- Daily compounded interest
Cons:
- Early withdrawal penalties
- Slightly high minimum deposit
5. Discover® Bank 
- Minimum Deposit: $2,500
- APY: 2.00% – 4.70% APY
- Terms: 3 months to 10 years
Discover® Bank offers an extensive range of CDs that cover short and long-term goals. All CDs are fixed rates; however, they charge extensive early withdrawal fees if you need your funds early.
Opening an account online with Discover® Bank takes only a few minutes. They don’t charge monthly fees, and you can deposit funds in your CD later if you don’t have them ready when you open the account.
Discover® Bank offers the best CD rates in Connecticut on its 18-month CD, but all the terms they offer have attractive rates.
Pros:
- Extensive term selection
- Great APYs
- No monthly fees
Cons:
- High early withdrawal penalty
- Low APYs for longer terms
6. CIT Bank 
- Minimum Deposit: $1,000 unless you want a jumbo CD, then $100,000
- APY: 0.30% – 5.00%
- Terms: 6 months to 5 years
CIT Bank also offers the best CD rates in Connecticut, with many options for CD types and terms. They offer great rates on short-term CDs but have options for up to five years, including no-penalty CDs that allow early access to your funds without a penalty.
CIT Bank doesn’t charge monthly fees. They require a higher minimum deposit than some banks, but once you’re a customer, you may also have the option to choose RampUp CDs, which allow you to take advantage of higher APYs if market rates increase.
Pros:
- Interest compounds daily
- Many term options
- FDIC-insured
Cons:
- High minimum deposit requirement
- Some terms have low APYs
7. First Tech 
- Minimum Deposit: $500
- APY: 2.25% – 5.35%
- Terms: 6 to 60 months
First Tech offers some of the best CD rates in Connecticut and many options for CDs, including Bump Up CDs. These CDs allow you to bump up your rate if the market rates increase, whereas traditional CDs remain fixed even if rates increase.
With certificates or CDs for six to 60-month terms, there is a certificate for every financial goal. However, you’ll need at least $500 to invest at First Tech to take advantage of their rates.
Pros:
- Many term options
- Bump Up alternatives
- NCUA insured
Cons:
- Not all terms have high APYs
- You must join the First Tech Credit Union
Summary of the Best CD Rates in Connecticut
| Company | Best APY | Min. Dep. Requirement | Compounding Frequency |
| Valley Direct | 5.60% APY | $500 | Daily |
| Sallie Mae | 5.10% APY | $1 | Daily |
| Blue Federal Credit Union | 5.25% APY | $1 | Daily |
| Quontic | 5.30% APY | $500 | Daily |
| Discover | 4.70% APY | $2,500 | Daily |
| CIT Bank | 5.00% APY | $1,000 | Daily |
| First Tech | 5.35% APY | $500 | Daily |
Learn More:
Types of CDs Available in Connecticut
When looking for the best CD rates in Connecticut, it’s important to know what to look for so you choose the option that suits your needs. Here are the various CD options you may consider.
Short-Term CDs in Connecticut
Short-term CDs usually have a term of 12 months or less. They are great for short-term goals and often have high promotional rates. When you invest in a short-term CD, banks usually automatically renew them but offer a small window to cancel the CD if desired.
Short-term CDs have a lower risk of early withdrawal fees because once the CD matures, you can withdraw the funds without a penalty.
Long-Term CDs in Connecticut
Long-term CDs are for longer-term goals and usually last two to ten years, depending on the bank. Longer-term CDs, such as ten-year CDs, often have much lower APYs than shorter terms.
Always compare your options, and if the longer-term APYs are too low, consider investing in a shorter-term CD and letting it renew.
Long-term CDs are a great option for conservative investors or to diversify a portfolio, keeping a portion of the funds risk-free, especially with an FDIC-insured bank.
Liquid CDs in Connecticut
Liquid CDs are CDs you can cash in before maturity without a penalty. Traditional CDs charge a penalty, usually three months of interest, but sometimes more. Liquid CDs may have a lower APY than traditional CDs but provide reassurance that you can cash out whenever you need to.
Each liquid CD has different terms, so always read the fine print. For example, you may have to wait 30 days to cash out the CD.
Step Up/Bump Up CDs in Connecticut
Locking your money up in a CD feels risky, especially when interest rates are changing. If you worry about missing out on a higher APY, a step-up CD can help. This option allows you to take advantage of higher rates for the remaining term on a CD.
Each bank has different rules regarding how step-up CDs work and how many times you can increase the rate. Read the fine print to know what they allow before choosing a CD.
Add-on CDs in Connecticut
If you have money you want to contribute to a CD regularly, you’ll need an add-on CD. This option allows you to add to your CD balance without opening a new CD. Traditional CDs don’t allow additional deposits, so this is a special feature to help you reach your goals.
Our Methodology
The BankBonus team has reviewed dozens of brick-and-mortar banks, online banks, credit unions, and fintech companies offering CD accounts in Connecticut.
To provide you with accurate recommendations for the best CD rates in Connecticut, we used the metrics below to assess each account:
- APY: First and foremost, we evaluate CD offers based on how competitive their APY is
- Compounding schedule: Another major factor we consider is the account’s compounding schedule, prioritizing banks that compound interest daily rather than monthly or quarterly
- CD terms: We also consider the variety of CD term lengths each financial institution offers
- Account minimum: Additionally, we look at each CD’s minimum opening deposit requirements and any ongoing account minimums
- User experience: We carefully consider the ease of applying and managing CD accounts on each bank’s website and factor in reviews of the mobile app from the App Store and Google Play Store
- Customer service: In our review process, we also explore each institution’s customer service channels, hours of availability, and third-party reviews
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