Online Certificates of Deposit CD Rates as high as 5.60%
Take advantage of today's high savings rates with our online-only CDs. Choose the rate and term that meets your goals and open an account online in minutes.
Open an account
5.60% APY
36-Month Variable CD
- Looking for more flexibility? Our variable rate stays above market interest rates
- Your interest rate stays 0.1% above the Federal Funds Target Rate Upper Limit
- Any changes in rate will take place on the 1st business day of the month
- Only $500 minimum deposit
- Fund your account with up to $500,000
5.25% APY
12-Month CD
- Lock in at 5.25% APY for 12 months
- Only $500 minimum deposit
- Fund your account with up to $500,000
4.60% APY
24-Month CD
- Grow your savings at 4.60% APY over 24 months
- Only $500 minimum deposit
- Fund your account with up to $500,000
Disclosure: Annual percentage yields (APYs) are accurate as of 11/28/2023. We may change the information on this website at any time without notice. As examples, we may add, delete or change Annual APYs and CD terms. For all CDs, a $500 minimum daily balance is required to obtain the advertised APY. Early withdrawal penalties may be imposed and fees could reduce earnings and/or principal. For the 36-month Variable Rate CD, the rate is subject to change after the account is opened. The variable rate is determined by adding 0.1% to the Federal Funds Target Rate Upper Limit and will change on the first business day of the month following a change in the Federal Funds Target Rate.
See how much you could earn
How will the value of the certificate of deposit (CD) change over time?
Use this calculator to estimate what it could be worth.
Start saving in minutes
Open an account online in less than 5 minutes.
Transfer money easily and securely from any other bank account.
Lock in your savings and watch your money grow for the full term!
Important CD information
- All of our accounts are FDIC insured up to $250,000 per depositor, per account ownership category
- You must be 18 or older and a resident of the US to open one of our CDs
- You'll need your Social Security Number and Government Issued ID to apply
- Savings in your CD are put away for a fixed term — early withdrawal will likely incur a penalty – see disclosures
- These CDs are only available to open online and to consumers
Which account is right for me?
Looking for a savings option with more flexibility? Here's some key information about our High Yield Savings Account:
High Yield Savings Account
- Competitive interest rate that can change over time
- Add or remove money whenever you need to, subject to certain terms and conditions
- A flexible option that gives you easy access to your money without missing out on interest
- Great for an emergency fund, your rainy day fund, saving for a vacation, saving for an upcoming purchase
Most frequently asked questions
It should only take about 5 minutes to open an account, as long as you have all your information and identification available and ready.
To open a high yield savings or CD account, you must be at least 18 years old and be a resident of the U.S.
All primary and joint applicants will need the following:
- Social Security Number
- Valid ID (driver’s license, state ID, passport)
- A valid U.S. bank account with an online account username and password.
If you’re adding a beneficiary, you’ll need the beneficiary’s name, date of birth, and social security number.
A certificate of deposit, also known as a CD, is a savings account that holds a fixed amount of money and earns interest over a set period of time.
Fixed rate CDs have a fixed interest rate that will not change during the term of the CD and are best for customers who want to know their rate will not fluctuate during the term of the CD. At renewal, your interest rate is subject to change.
Variable rate CDs are a great option for you if you’re comfortable with a rate that may change during the term of the CD. The interest rate on the Valley Direct 36-Month Variable Rate CD changes on the first business day of the month following a change in the Federal Funds Target Rate .
You need just $500 to open your new CD but can open with a deposit up to $500,000. You will need a valid U.S. bank account with an online account username and password to fund the new account.
Good question! This is actually something people ask us a lot.
APY stands for "annual percentage yield" and is how banks show you how much interest you would earn over one year, and that includes compounding interest. What does compounding interest mean? Simply put, it's when your interest earns more interest. For example, if you put $100 in a savings account, and after one month you earned $1 in interest, the next month you will be earning interest on $101—your original balance, plus $1 interest. This continues every month and is considered compounding. APY is the final percentage of interest you see at the end of the year after compounding has been accounted for and means your interest rate will look slightly lower than the advertised APY. For more information on this topic, check out this article where we break it all down.
Once you open a CD, you can’t make additional deposits or withdraw funds until the maturity date.
A penalty will also be charged for early withdrawals, which may result in a reduction of principal.
Account closures or withdrawals made prior to the maturity date are subject to a penalty amount equal to:
- Term less than 1 year, 90 days interest on the amount withdrawn
- Term of 1 year or more, but less than 2 ½ years, 180 days interest on the amount withdrawn
- Term of 2 ½ years or more, but less than 5 years, 365 days of interest on the amount withdrawn
- Term of 5 years or more, 540 days of interest on the amount withdrawn
There is a 10-calendar day grace period after each renewal date where you’re able to make a withdrawal or close your CD without a penalty.
Yes, Valley is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC protects your deposits at Valley up to $250,000 per depositor for each qualifying account ownership category. For more information about FDIC insurance, visit the FDIC website at fdic.gov. For reference, our FDIC certificate is 9396.
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When you open an account, we must ask for your name, address, date of birth and other information that will allow us to identify you. We may also request your driver's license or other identifying documents, even if you currently maintain a banking relationship with us. Strict adherence to these regulations helps to protect Valley and its customers from criminal activity. Your cooperation is greatly appreciated.