How to get a high CD promotional rate (2024)

Most people want to earn as much as possible on their savings. And, certificates of deposit (CDs) are one way to earn a meaningful return. But, CDs aren't all equal. Some offer larger returns than others. After all, banks must compete if they want to earn business, and APYs on CDs are one way they do so.

And, with some financial institutions, the best APYs are only available on a promotional basis. In fact, some banks will advertise higher than average promotional CD rates as a way to attract new customers to their products. And, those promotional CD rates can produce stronger returns for those who take advantage of them.

You'll typically have to be a new customer, deposit a significant amount of money or both to tap into these promotions, but comparing them could be worthwhile if you're looking for a new and effective place to store your savings. So, how can you get a high CD promotional rate right now? Below, we'll break down the steps to take.

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How to get a high CD promotional rate

Opening a new CD just because it offers a promotional interest rate may not be a good idea. Instead, it's important to try and get the highest return possible. Here are a couple of tips to help you do just that:

Compare your options

Financial institutions are free to offer whatever promotional returns they'd like on their CDs. Promotional rates are a tool that banks often use to compete with one another. So, some will be better than others. As such, it's important to compare your options.

But don't just look at the highest promotional rate available. Be sure to compare the promotion that benefit you specifically. For example, financial institutions will typically have different promotions for CDs with different terms. So, pay attention to the promotions tied to the terms you're interested in.

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Make a large deposit

In some cases, promotional CD rates are only available if you make a sizable deposit to open the account. You may be required to open the CD with a $10,000, $25,000 or even higher opening deposit to access the promotional rate on some CDs. So, be prepared to make a large deposit when you open your account.

Where to find CD promotional rates right now

Some examples of current promotional CD rates are as follows.

Nexbank Promotional Online Jumbo CDs

Nexbank offers promotional rates on its online jumbo CDs. The promotional rates are based on the term of the account you open. For example, if you open a three-month CD, you may qualify for a 4.75% promotional APY while a 12-month CD may open the door to a 5.40% APY. However, you'll need to open the account with a $25,000, or larger, deposit to qualify for this promotion.

US Bank Special CDs

US Bank offers special CD rates ranging from 3.55% APY for those who open a 15-month special CD to 4.55% APY for those who open a seven-month special CD. The minimum deposit for a US Bank special CD is $1,000.

There may be better rates available

It's important to shop around because some financial institutions offer high CD rates on a regular basis. In fact, some can be higher than the promotional rates provided by the financial institutions above and others that advertise "promotional" or "special" rates. For example, some of the best CDs for Junecome with APYs as high as 5.30%. So, be sure to compare all of your options, not just those marketed as promotional.

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The bottom line

When you're shopping for the CD with the strongest return, you should consider promotional CD offers. But, don't just open a CD because it has the word "bonus," "promotional," or "special" in its name. Banks are always competing for your business, and there are plenty of CDs out there that offer compelling returns on a normal basis. And, with many of them, you won't need to make a significant deposit to earn a large return. Compare leading CDs now to earn more on your money.