Best No-Penalty CD Rates April 2024

Here are some of the best no-penalty CD rates available now, with some offering APYs of over 4%.

A pink piggy bank with cash sticking out of the top against a blue background.
(Image credit: Getty Images)

A certificate of deposit, or CD, is a type of savings account that holds a fixed amount of money for a fixed period of time. For most CDs, your cash isn’t accessible until your term length is over, whether it’s a 1-year CD or a 5-year CD. If you do decide to withdraw funds from your CD before the term expires, you’ll usually be penalized. This, and the fact they earn a higher APY on deposits, is how they differ from traditional savings accounts. 

A no-penalty CD is a type of certificate of deposit that allows individuals to withdraw funds early without a fee, although there are pros and cons to opening one. 

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Header Cell - Column 0 No-Penalty CDSavings Account
Interest RatesFixedVariable
Access to fundsYou will need to wait seven days after opening the account to access funds. You also need to give your bank advance notice before withdrawing cash. Cash can be accessed at any time.
TermTypically under 13 monthsNone
Minimum DepositMinimum deposit requirements vary from bank to bank.Often require a low minimum deposit or none at all.
Withdrawals/DepositsPartial withdrawals and additional deposits after the opening of the account are not allowed.Funds can be withdrawn or deposited anytime.
Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.