Best Certificate of Deposit (CD) Rates in Delaware for 2025
- Del-One Federal Credit Union offers CDs with a wide range of terms and no monthly fees.
- Online bank CIT offers traditional term CDs, no-penalty CDs, jumbo CDs, and RampUp CDs, all with competitive interest rates.
- Bread Financial CDs range from 3 months to 5 years and offer mobile access.
Delaware residents who want guaranteed returns might find certificates of deposits (CDs) worthwhile. Fortunately, several CD products are available to help you meet various short- and long-term financial goals. Below, we’ll dive deeper into the best CD rates from banks and credit unions in the First State.
Top CD Rates in Delaware
Popular Banks and Credit Unions in Delaware
- County Bank: Locally owned, County Bank serves Southern Delaware with flexible CD options and various other personal and business products.
- Citizens Bank: With 17 branches in Delaware, Citizens Bank offers competitive CD rates, personalized banking services, and 24/7 online and mobile banking.
- Del-One Federal Credit Union: Headquartered in Dover and known as the largest credit union in Delaware, Del-One Federal Credit Union advertises CDs with a wide range of terms and no monthly fees.
- Online Banks: Due to their overhead costs, many online banks offer Delawareans competitive rates and minimal fees.
Online Banks Offering CDs
Delaware residents can reap several benefits with online CDs. Here’s a closer look at several of them:
- More Competitive Interest Rates: Online banks have less overhead than traditional banks and offer higher CD rates as a result.
- Accessibility: No matter where you live in Delaware, you may open a CD from an online bank whenever you’d like, from any device with internet access.
- Low Minimum Deposits: Many online banks offer CD accounts you can open with as little as $500 or $1,000.
- FDIC Insurance: Online banks are usually insured by the FDIC, which means your money will be safe if the institution fails.
Below are four reputable banks online banks with great rates for Delawareans:
CIT Bank: CIT Bank’s lineup of no-fee CDs includes traditional term CDs, no-penalty CDs, jumbo CDs, and RampUp CDs.
Marcus by Goldman Sachs: Marcus by Goldman Sachs CDs require a $500 minimum deposit and come with a ten-day rate guarantee and 24/7 customer service.
Bread Financial: Bread Financial CDs range from 3 months to 5 years and offer mobile access and no monthly maintenance fees.
Explore your online options to find the best CD for your unique situation.
Factors to Consider When Choosing a CD in Delaware
As you search for CDs in the First State, be sure to consider these factors.
Interest Rates
A higher rate leads to higher yields. In most cases, you’ll find better interest rates through online banks with lower operating costs than brick-and-mortar banks and credit unions in Delaware.
Minimum Deposit Requirements
Fortunately, you may be able to open a CD account, even with a small amount of money. Many financial institutions will allow you to invest with only $500 or $1,000.
Term Length
Your particular financial goal will help determine the ideal term for your CD. For example, a short-term CD might make sense if you hope to travel in three months, whereas a long-term CD of two years or longer could be a better fit if you want to save for a house down payment.
Early Withdrawal Penalties
Most CDs impose a penalty if you pull funds out of your account before the term is up. The good news is that no-penalty CDs at some institutions are an option if you prefer more flexibility.
FDIC or NCUA Insurance
Insurance can give you the peace of mind of knowing that the money you put into a CD will be safe if the institution fails. Reputable banks and credit unions typically insure CDs for up to $250,000.
Local vs. Online Options
If you prioritize personal customer service, County Bank, Citizens Bank, and Del-One Federal Credit Union might meet your needs. However, online banks are smart options for online banks with better rates and lower fees.
Promotional Offers
Some banks and credit unions offer promotional CDs with impressive rates. Since these promo CDs are usually only available for a set period of time, it’s a good idea to check them out regularly.
By focusing on these factors, you’ll be able to find the best CD for your needs.
Pros and Cons of Certificates of Deposit
Pros
- Fixed rates and guaranteed returns.
- Higher interest rates than other products like checking and saving accounts.
- Easy terms for all types of investors to understand, including beginners.
Cons
- Low liquidity, as you’ll likely owe a penalty for early withdrawals.
- Risk of inflation, especially with longer-term CDs.
- May earn higher returns with stocks and bonds.
Get Ready to Grow Your Savings with a CD
CDs can give you the opportunity to build your savings in Delaware without the risk. Since there are many options at your disposal, don’t forget to shop around and explore all your options. This can help you zero in on the best CD for your budget and goals.
Frequently Asked Questions About CDs in Delaware
Yes, CDs in Delaware are subject to state and federal taxes.
Consider the 3-month CD at Del-One Federal Credit Union or CIT Bank for short-term CDs in Delaware.
Credit unions may be a better option for CDs in Delaware if you prefer personalized customer service but are willing to accept lower rates and higher fees.
