Best No-Penalty CDs 2023 | Top CD Rates December

What are the benefits of getting a no Penalty Cd, well you can lock in a certain interest rate without having to worry about your savings account rates going down and you also have the flexibility to switch to something else or use the money without worrying about losing the capital or the interest you have made

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1. Here are some basic things I say in all my videos about CDs including this one
– CDs are not investments, they can be used to park money for a short period of time
– And when interest rates are high, usually you will be able to make a bigger return from stocks also
– But I personally consider them a good way to park your money, I would compare CDs with Treasury bills and short-term notes

2. Let’s talk about the top ones out there (at least 5 )

Marcus by Goldman offer:
– 4.60% for a 13 month no penalty CD
– With a minimum deposit of $500

Synchrony Bank offers:
– 4.5% with a no penalty CD with no minimum balance
– Term of 11 months

Ally Bank:
– 4.55% for 11 month
– And no mimum depsoit

Other banks I have never dealt with: But have high rates and are members of the FDIC

CIT Bank offers 4.90 percent with a minimum deposit of 4.90%
– 11 months no penalty CD

And they’re a lot more, that I can’t recommend, because I just don’t know those banks but you can check them out

3. Let’s talk penalties
– After 6-8 days you can literally withdraw your money without a penalty, that’s cool

4. Would I consider getting one of these
– Sure I would
– If I have money that I will need in 1 year or so
– And I can lock in an interest rate and not lock in the money, it’s not a bad option

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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