Best Certificates of Deposit (CDs) in Wyoming for 2025
- FirsTier Bank and Blue Federal Credit Union offer the highest CD rates in Wyoming, allowing you to earn upwards of 4.50% on your savings.
- Other local credit unions, including Advantage Plus, State Point, and UniWyo federal credit unions, all have competitive rates.
- Bread Savings has the best rate for online banks, with its six-month CD offering a competitive 4.45%.
- Ally Bank offers high-yield CDs, raise-your-rate CDs, and no-penalty CDs, offering you the flexibility to choose what you need.
A certificate of deposit, or CD, is a type of bank account that offers a fixed interest rate in return for locking up your savings for a specific amount of time. CDs usually offer considerably higher rates than traditional savings accounts, and may also offer higher rates than many high-yield savings accounts.
If you live in Wyoming, you have plenty of banks and credit unions to choose from to find the best CD for your financial goals.
Best CD Rates in Wyoming
Popular Banks and Credit Unions in Wyoming
As you’re shopping for a CD in Wyoming, you’ll find plenty of great options. Here are some of the best high-yield CDs at banks and credit unions across Wyoming.
FirsTier Bank: This bank is headquartered in Nebraska and does business in Nebraska, Wyoming, and Colorado. It has a high yield on its 7-month and 16-month CD specials.
Blue Federal Credit Union: As the largest financial institution in Wyoming, Blue Federal Credit Union offers rate perks for certain banking customers.
Advantage Plus Federal Credit Union: Advantage Plus offers among the highest rates of any CD available in Wyoming, especially on its 19-month CD.
Stage Point Federal Credit Union: With 90 years in business, this Laramie-based credit union offers competitive rates on its short-term CDs.
UniWyo Federal Credit Union: As the second-largest credit union in Wyoming, UniWyo offers competitive rates, especially on its six-month CDs.
Online Banks: Many online banks offer nationwide CDs with rates that often exceed local banks, making them a great alternative for Wyoming residents.
Online Banks Offering CDs
There are plenty of local banks and credit unions offering high-yield CDs in Wyoming. However, you might also want to consider an online financial institution, especially if accessibility is a priority for you.
- Higher Interest Rates: While it’s not a hard-and-fast rule, online banks often offer higher yields on their CDs than brick-and-mortar banks and credit unions.
- Low Minimum Deposits: Many online banks have low minimum deposit requirements, and some have no minimum deposits (Ally Bank, for example).
- 24/7 Accessibility: With online banks, you don’t have to wait for the branch to open — you can open or manage your account at any time of day.
- Low or No Fees: Online banks often have lower fees. For example, some online banks offer no-penalty CDs with no early withdrawal fees.
- Quick Account Setup: You don’t have to visit a branch to set up a CD with an online bank. You can do it online, often in just a few minutes.
- Mobile App Convenience: When you have a CD through an online bank, you can manage your account entirely from your mobile device.
Bread Savings: Bread Savings has one of the highest APYs you can earn on a CD in Wyoming on its six-month CD. It’s a great option for your short-term goals.
Ally Bank: Ally Bank offers high-yield CDs, raise-your-rate CDs (these include a rate increase every two years), and a no-penalty CD, which offers penalty-free withdrawals.
These are just two examples of online banks that offer high-yield CDs. There are plenty of other options to choose from, so make sure to shop around for the best online CD rates.
Factors to Consider When Choosing a CD in Wyoming
Choosing the right CD in Wyoming doesn’t have to feel overwhelming. Here are a few factors to consider when narrowing down your options.
Interest Rates and Terms
One of the most important factors for choosing the right CD is the interest rate and terms available. Ideally, find the bank or credit union that offers the highest rate on your desired CD term. For example, if you’re saving money you’ll need in a year, find the 12-month CD with the best return. Note that different banks may have higher yields for different term lengths.
Local Bank vs. Credit Union vs. Online Bank
You can choose between a local brick-and-mortar bank, a credit union, and an online bank when choosing a CD. Each option has its benefits — it just depends on your specific needs.
Taxes on Interest Earned
Wyoming is one of a handful of states that don’t charge income taxes. That means the interest you earn on your CD will be tax-free for state taxes. However, federal income taxes will still apply.
Pros and Cons of CDs
CDs can be an excellent savings tool, but they also have some downsides. Here are some pros and cons to consider before opening a CD:
Pros
- High returns: CDs have higher interest rates than many savings accounts, allowing you to earn a bit more on your cash.
- Fixed interest rates: CDs have fixed interest rates, so your earnings won’t change during your CD term.
- Flexible term lengths: You can find CD terms ranging from as short as a few months to as long as five or more years.
- FDIC-insured: CDs, like checking and savings accounts, are FDIC-insured. You don’t have to worry about losing your money.
Cons
- Locked-up funds: When you put your money into a CD, you can’t access it (at least not without fees) until the term ends.
- Early withdrawal penalties: Most CDs impose fees when you take money out of your CD before it reaches maturity, which could wipe out your interest earned.
- Modest returns: CD returns usually don’t keep pace with higher-risk investments like stocks, and may not even keep up with inflation.
Compare CD Rates in Wyoming Now
Consider a CD to help you supercharge your savings and earn a bit more interest than you could in your bank account. Make sure to shop around and compare rates across multiple banks and credit unions before choosing the best CD for your situation.
Frequently Asked Questions
No, Wyoming doesn’t impose state taxes on your CD interest (or any other income, for that matter). However, you’ll still have to pay federal income taxes on the interest you earn.
FirsTier Bank and Blue Federal Credit Union have the best short-term CDs in Wyoming, each offering up to 4.50% on their seven-month and six-month CDs, respectively. As for online banks, Bread Savings has the best short-term rates at 4.45%.
A handful of Wyoming credit unions have even better CD rates than you can earn from an online bank. For example, Blue Federal Credit Union and Advantage Plus Federal Credit Union have some of the best rates available.
