Best Certificates of Deposit (CDs) in North Dakota for 2025
- Gate City Bank offers higher interest rates to customers who also open checking accounts.
- At Bell Bank, you can withdraw up to half of your CD’s balance without being penalized.
- With interest rates of up to 4.19%, CDs from VISIONBank have some of the highest rates in the state.
- Vio Bank has CD terms of up to 120 months.
Have you been thinking about different ways to make your money work as hard as you do but are reluctant to start risky investments? The best CDs in North Dakota may be worth taking a look at.
Certificates of deposit (CDs) are a type of savings account that allows consumers to earn significantly higher interest rates than usual. In return, they agree to keep their money in the account for a specific time. Depending on the bank, the CD terms can be as short as one month to as long as ten years.
In this guide, you’ll find information about the best CDs in North Dakota. We take a look at the rates you may be able to receive, as well as factors you should think about when choosing a CD. Also, we discuss CDs offered by online banks and what you can expect when you do business with these companies.
Top CD Rates in North Dakota
Popular Banks and Credit Unions in North Dakota
Now that you’ve seen some of the CD rates offered by banks around the state, you may want to learn more. The following is a look at some banks with the best CDs in North Dakota.
Bell Bank: Bell Bank has CDs that add interest at maturity, semiannually, and annually. Consumers are allowed to make one withdrawal of up to half the balance without being charged a penalty. However, this cannot be done within six days of opening the account.
Gate City Bank: This bank offers higher rates on CDs when you have an interest checking account. Also, you may be able to take advantage of CD offers that provide more competitive interest rates.
Railway Credit Union: In addition to CDs with terms from nine to 60 months, Railway Credit Union has IRA savings accounts that allow you to earn interest when your balance is over $100.
Online Banks: Whether you’re interested in a short-term investment, such as a three-month CD, or a longer-term investment, including 18-month CDs, online banks allow you to conveniently open accounts that will meet your needs.
Online Banks Offering CDs
Maybe you’re accustomed to local banks in North Dakota, so you haven’t given online banking any real thought. Perhaps you have thought about opening an account with an online bank, but you aren’t sure if they’re right for you. Either way, you need more information, so we outline some factors that make online banks a solid choice below.
Accessibility
If you think accessibility is limited to banks with a physical presence in your community, think again. Online banks provide access to accounts through their websites and mobile apps, so you can easily find the information you want. Furthermore, customer service representatives are available daily to address questions or concerns. In fact, in some cases, you can reach customer service 24 hours a day, seven days a week.
FDIC insurance
If you’re unsure about online banks because you wonder if your money will be safe, rest assured that these companies are every bit as secure as traditional banks. Online banks are insured by the Federal Deposit Insurance Corporation (FDIC), so your accounts are covered up to $250,000 if the worst happens.
Fees. If you’re concerned about high fees eating into your balance, remember that you could save a significant amount of money by opening an account at an online bank. Online banks often charge lower fees than local ones, and in some cases, you may not be charged any fees.
Bill payment automation
Another way that online banks help customers keep abreast of their finances is by offering automatic bill payments. This allows you to seamlessly pay your monthly expenses so you don’t have to worry about manually making payments. Also, you’ll save money on late fees that you may incur if you happen to forget when a payment is due.
Minimum deposits
Minimum deposits for opening CDs can wildly vary. Sometimes they can be much more than you want to spend and run several hundred or even thousands of dollars. At an online bank, the minimum deposits are usually much lower, so you don’t have to have a lot of money to open a CD.
Want to learn more about online banks? Here are some examples of the companies that sell CDs.
Ally Bank: With its range of CD rates and terms, Ally Bank provides flexibility and allows you to withdraw money from your account without incurring a penalty.
American Express: American Express has CD products with healthy interest rates, including one-year CD terms.
Bank5 Connect: This bank offers no maintenance fees on CDs. You can open a special two-year CD that allows you to add funds to your account throughout the term.
Bread Savings: Bread Savings allows consumers to easily manage their accounts through the company’s website and mobile app. You can choose from several CD terms when you open an account.
As you can see, online banks have a lot to offer. If you’re ready to leap into this type of banking, you now have a good starting point for your search.
Factors to Consider When Choosing a CD in North Dakota
If you are already doing your banking in the state, such as by having one of the best checking accounts in North Dakota, chances are you had the specific characteristics that you were looking for in mind. The same is true when people open CDs. Here are some common factors people think about when choosing a CD in North Dakota.
Deals. Banks may offer special deals to encourage current and prospective customers to open CDs. This means CD rates may be higher than usual for a limited time. It’s a good idea to periodically check with different banks to see if they have any promotions.
Rollover accounts. If you choose a specific term for a CD but decide to keep your money in the account longer, some financial institutions allow you to roll over the account automatically. For example, the 60-month CD offered by Railway Credit Union can be rolled over simultaneously.
Opening deposits. The amount required to open a CD depends on which bank you choose. In some cases, you may be required to deposit $100 to $500, while in other cases, the amount can be over $1,000.
Pros and Cons of CDs
CDs have many benefits, but they are not without drawbacks. Let’s examine some of the pros and cons of these investments so you have a clear picture of their realities.
Pros
- Some terms can be as short as three months, while others may be up to 10 years. This allows you to choose the right length of time for your needs.
- The interest rates of CDs are locked in, so you always know how much your investment earns.
- You can easily open a CD account.
- CDs are much less risky than other types of investments.
- Many banks will allow consumers to take funds out of their CDs early if needed.
Cons
- You will earn lower returns with CDs than with more risky investments.
- Taking money out of a CD early may result in a penalty.
- Since interest rates are fixed, inflation can eat into your earnings.
Explore CDs in North Dakota
CDs are an excellent way to maximize your savings while minimizing the risk of many investments. North Dakota residents can find several options for CDs, so be sure to compare rates to find one that makes sense for your finances.
Frequently Asked Questions
The state taxes interest on savings accounts in North Dakota, including CDs.
Yes. For instance, VISIONBank has a CD with a three-month term. Railway Credit Union offers a six-month CD if you want something a little longer.
It depends on what you want. If banking locally is essential to you, then an online bank won’t work because there is no neighborhood presence. However, if face-to-face banking isn’t a priority, an online financial institution may work for you, allowing you to enjoy higher interest rates and lower fees.
