Growing your wealth means investing it in all the right places. If you have cash you don’t want to risk losing, you may throw it in a savings account, but CDs may provide more earnings. Finding the best CD rates in Ohio can help you maximize your wealth.
Best CD Rates in Ohio
We’ve compiled a list of the best CD rates in Ohio to help you determine the best bank to put your money in. Our list includes banks and credit unions with low barriers to entry.
- 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 has three CD terms to consider: two fixed-rate and one variable-rate CD. The fixed-rate CDs pay the same rate for the entire term. The variable rate term adjusts to remain 0.1% higher than the Federal Funds Target Rate Upper Limit to keep pace with inflation.
Valley Direct CDs are FDIC-insured up to $250,000 per depositor and require only a $500 deposit to start earning their high APYs. The terms are available as 1, 2, or 3-year terms, so choose your term wisely as they charge early withdrawal fees if you take your funds early.
Pros:
- Offers a variable rate option
- Good for long-term savings
- High APY
Cons:
- Only terms available are by year
- 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 two CD terms, 10 and 14 months, to consider when looking for the best CD rates in Ohio. However, unlike many other banks, they offer them as traditional or no-penalty CDs.
If you choose the no-penalty option, you can withdraw your funds without worrying about a penalty. You can access your funds as soon as 30 days after depositing them.
The no-penalty CDs pay a slightly lower APY, but it’s still competitive compared to most brick-and-mortar banks. Since the options are short-term for traditional CDs, you can choose that option without the risk of tying up your funds long-term.
Pros:
- Option for traditional or no-penalty CDs
- Interest compounds daily
- Low barrier to entry
Cons:
- No long-term option
- APY decrease for no-penalty CD
3. Blue Federal Credit Union 
- Minimum Deposit: $1
- APY: 5.00% – 5.25%
- Terms: 9 to 15 months
Joining a credit union is often a great way to get the best APYs, and Blue Federal Credit Union is open to anyone who donates to the Blue Foundation. Credit unions offer share certificates, which are the same as CDs but are insured by the NCUA instead of FDIC-insured.
Blue Federal Credit Union offers short and mid-term CDs with the best CD rates in Ohio, helping you grow your wealth.
Like some of the banks on our list, they offer a no-penalty option on their 9-month CD. This allows you to earn a high APY but have access to your funds after 30 days if needed.
Pros:
- No-penalty option
- High APYs
- NCUA-insured
Cons:
- Limited selection
- You must be a Blue Federal Credit Union member
Open a CD with Blue Federal Credit Union
4. Quontic 
- Minimum Deposit: $500
- APY: 4.30% – 5.30%
- Terms: 6 months to 5 years
Quontic offers CDs for short and long-term goals, all with great APYs. Quontic offers the most liberal grace period when the CDs renew, allowing you ten days after maturity to decide whether to leave the funds in the CD or withdraw them. After ten days, you will incur an early withdrawal penalty.
Quontic is a digital bank, but they offer robust services, high APYs, and opportunities for human support if necessary. All accounts are FDIC-insured, and interest compounds daily to help your funds grow.
Pros:
- Great APYs
- Exceptional grace period
- Daily compounded interest
Cons:
- Only available online
- Early withdrawal penalties after the 10-day grace period
5. Discover® Bank 
- Minimum Deposit: $2,500
- APY: 2.00% – 4.70% APY
- Terms: 3 months to 10 years
If you’re looking for the best CD rates in Ohio, Discover® Bank offers a great variety for short and long-term goals. They don’t charge fees, and the interest compounds daily to help your money grow fast.
Discover® Bank is a digital bank making it easy for Ohio savers to start earning interest, but choose your term carefully. While Disocver pays great APYs, they charge high penalties for early withdrawal, so don’t commit to a term you can’t leave your money untouched.
Pros:
- Great selection of terms
- Daily compounded interest
- Easy to open
Cons:
- High minimum opening balance requirement
- High early withdrawal penalties
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
When looking for the best CD rates in Ohio, CIT Bank should be high on your list. They offer the most extensive options, including term, no-penalty, and jumbo CDs. Current customers can also access RampUp CDs that allow you to increase the rate earned when market rates increase.
CIT Bank offers its best rates on CDs from six to 18 months, but they have other options if you want to lock your money up longer. CIT Bank is FDIC-insured and offers jumbo CD options for anyone looking to invest $100,000 or more in a conservative investment.
Pros:
- Large selection of CD options, including no-penalty CDs
- High APYs
- FDIC-insured
Cons:
- Some terms have low APYs
- High deposit requirement
7. First Tech 
- Minimum Deposit: $500
- APY: 2.25% – 5.35%
- Terms: 6 to 60 months
First Tech is a credit union that offers attractive share certificates with a low minimum balance requirement. Something unusual they offer is a Bump Up CD that allows you to increase your rate if market rates increase.
First Tech offers CDs for six months to five years, allowing you to plan for short and long-term goals. All First Tech CDs are NCUA-insured and require a $500 minimum deposit.
Pros:
- Opportunities or Bump-Up CDs
- NCUA-insured
- Short-and long-term options
Cons:
- You must join the credit union
- Early withdrawal penalties
Summary of the Best CD Rates in Ohio
| Company | APY | Minimum Deposit 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 | 5.05% 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 Ohio
Before choosing the best CD rates in Ohio, it’s important to understand the different options you have to choose the one that’s right for your financial goals.
Short-Term CDs in Ohio
Short-term CDs are usually for terms of one year or less. They allow you to invest your money, usually at high APYs, but without the long-term commitment.
Many banks and credit unions automatically renew the CDs, so you can keep earning the high APY, with the opportunity to access your funds if necessary at maturity without a penalty.
Long-Term CDs in Ohio
Long-term CDs are usually for two to five years or sometimes even ten years. The longer you lock in your money, the higher the early withdrawal penalty becomes, so don’t over-promise your money and then need it, or it will cost you money.
Long-term CDs are good for long-term goals, like saving for a down payment on a house or paying for college. They are a great way to diversify an aggressive portfolio, keeping some of your funds safe and liquid.
Liquid CDs in Ohio
Liquid CDs in Ohio allow the option to cash CDs in before maturity without penalty. These CDs often pay lower APYs but offer the convenience of accessing your funds sooner than maturity.
Liquid CDs work well when you don’t know if you’ll need your funds early, but still allow you the chance to let your earnings grow. Not every bank offers this option, so you may need to shop for one.
Step Up/Bump Up CDs in Ohio
Bump-up or step-up CDs allow you to bump your rate if market rates increase. This is great for longer-term CDs because you aren’t stuck with the same rate for the entire term.
This option isn’t common at most banks, so you may need to shop around to find one. When choosing your term, look at shorter-term options with automatic renewal to ensure the rate isn’t better than the step-up options offered at some banks.
Add-on CDs in Ohio
If you don’t have a lot of money to invest now but want to contribute to your CD regularly, you
can look for an add-on CD. Again, these are rare, as most banks allow a one-time contribution, and the CD is locked up until maturity.
However, some banks offer them, allowing you to earn more money by regularly increasing your balance.
Our Methodology
The BankBonus team has reviewed dozens of brick-and-mortar banks, online banks, credit unions, and fintech companies offering CD accounts in Ohio.
To provide you with accurate recommendations for the best CD rates in Ohio, 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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