The 8 Best Four-Year CD Rates of 2019
Safely earn money over the course of 48 months
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For emergencies, we have savings accounts. For retirement and long-term savings goals, we have stocks and bonds. But what about saving for expenses that are not just around the corner, but are not too far off in the horizon, either? For short to medium-term investments, a four-year CD is a great option to consider.
A CD, short for Certificate of Deposit, is a safe and straightforward investment great for diversifying your portfolio or saving towards a short-term goal. Just like checking and savings accounts, they are insured by the FDIC, so you will get much more peace of mind than you do when your money is tied up in the stock market. They generally offer a much higher savings rate than a traditional savings account (or even a high-interest savings account) would because they keep your money for a fixed period and impose penalties for early withdrawal.
To help you out, we rounded up our favorite four-year cd rates to check out, so you can be on your way to saving money over the next 48 months.
Best from an Industry Giant: Marcus By Goldman Sachs
Goldman Sachs is synonymous with wealth creation, and Marcus is no different. The goal of the division of the company, as stated on their website, is simple: “Marcus... help[s] people find ways to be smarter with their money.” As opposed to catering to just the multi-millionaires, Marcus brings the wisdom of a centuries-old company to work for you. They offer many different ways to save and build wealth no matter your current financial position.
A high-interest CD is a great place to start. Their four-year offering is super generous at 2.55 percent APY, well above the rates of almost all of their competitors. With a minimum deposit of $500 and a maximum of $1,000,000, they have a CD available for almost everyone. If you are not great at keeping your fingers out of the proverbial savings jar, a four-year CD could also help: there are strict penalties imposed for withdrawing early, so you’ll have much less temptation to do so the next time you see something new and shiny that’s calling your name.
Want to learn more? Check out our full review of Marcus by Goldman Sachs.
Best in the Midwest: KS StateBank
This bank has everything you would expect from a company founded in Manhattan Kansas. There is both plenty of Midwestern charm and friendliness alongside a big helping of Manhattan money smarts. They offer a wide array of CDs, all of which offer incredibly competitive rates including a four-year CD at an APY of 2.35 percent. They also make signing up a breeze, something you can tackle quickly on your lunch hour.
The company puts relationships first, but that doesn’t mean you have to travel to Kansas to get excellent customer service – it’s easily accessible online, 24/7. A four-year CD is a great idea if you are saving for a short to medium-term goal. When you are saving for something that is close on the horizon, you want to keep your money close at hand, too.
A 4-year CD would be a great place to set aside down payment money for your dream home or vehicle, save money for a freshman college student to use come senior year, or just a way to diversify your portfolio while maintaining a relatively high ability to generate income from your money. KS StateBank requires a minimum deposit of $500, and you may be charged a substantial penalty for early withdrawals.
Best Community Bank: Georgia State Banking Company
If you are looking for a side of Southern hospitality along with your financial services, this is the place for you to find it. The Georgia State Banking Company’s website is cute and folksy, as evidenced by the dog in a pair of glasses on the homepage exclaiming, “GBC has raised their doggone rates again!” But they are not just messing around: their rates are seriously good. They offer an APY of 2.70 percent of four-year CDs with a minimum deposit of $500.
They also provide all sorts of other financial products, from insurance and investment vehicles to plain and simple, easy-to-use checking accounts. Currently, Georgia State Banking Company is at the top of the ranks for highest APY alongside KS State Bank for four year CDs. Their CDs are offered nationwide however they only have two physical locations in the state of Georgia. CDs over a year are charged six months interest as a penalty for early withdraw.
Best for the West Coast: Mountain America Credit Union
If you live in Mountain America, you are going to want to consider joining this amazing credit union. In addition to incredibly generous CD rates, including a four-year cd at 2.65 percent APY, they also offer a ton of financial products for their members. They provide home and auto loans and auto, savings accounts, credit cards, and even help with planning your retirement or reach your other financial goals. They have been around since 1930 and have been beloved by the community ever since.
They have over 90 in-person branches in Arizona, Idaho, Nevada, New Mexico, and Utah, but they also have an easy and convenient online banking system, complete with beautiful views of the seasonal foliage to uplift your spirits as well as your net worth.
If you are looking for a CD at a credit union instead of a bank, you will want to ask for a share certificate, which is the credit union version of a CD. It’s also insured and typically comes with very similar terms and conditions. If your term deposit is four years, the penalty may equal to 180 days dividends on the full amount of the term deposit. Mountain America Credit Union requires a minimum deposit of $500.
Best for Corporate Workers: USALLIANCE Financial
USALLIANCE Financial serves the employees of many huge companies, like IBM, American Express, and PepsiCo. If you are lucky enough to qualify, you will have access to the services of a top-tier credit union that has been serving the needs of busy professionals since 1966. They have a four-year CD available for 2.60 percent and a minimum deposit of $500. If you would like to invest in more than just a four-year CD, they also offer the ability to invest in a 12- or 24-month CD that will automatically raise its rates if a better one becomes available. USALLIANCE Financial offers a full range of financial products and has over 100,000 members worldwide. Four-year CDs have a penalty equal to 360 days of dividends if you require early withdraw with USALLIANCE.
Best for a Small Deposit: Capital One
You do not need a lot of money to invest in Capital One’s CD, and the benefits are fantastic. Because Capital One is a huge financial institution, they offer unparalleled customer service, access, and financial tools to help you build your wealth. Even if you have only invested a few hundred dollars in one of their CDs, you will have access to all of it. They offer a four-year CD at a 2.45 percent APY with no minimum deposit. As one happy customer put it, “[With Capital One], I was able to save for a house, tucked away where I didn't see it but could watch it grow. It's helped me make my house a home.” Capital One is one of the most financially sound banks and the majority of reviewers give them a four-star rating. For a CD with a term of four years, the penalty is six months of interest regardless of when you redeem the account before maturity.
Best for Old Fashioned Folks: Main Street Bank
Main Street Bank is known for building personal relationships with their clients. If the era of online banking feels too cold and impersonal, Main Street Bank will feel like a breath of fresh air. Their CD terms range from as few as 91 days up to five years, and they automatically reinvest if you would like to continue earning interest. Their APY on a four-year CD is 3.15 percent and comes with a minimum deposit of $500 and a maximum of $100,000.
You can also set up your interest payments to transfer into a Main Street Bank savings or checking account so that you can start spending it as it is earned. Main Street Bank is located in Bingham Farms, Mich. It currently has two locations and has strong financial backing. Early withdrawals may result in a penalty equivalent to 180 days of interest for CDs with a four-year term.
Most Trusted New York Name: M.Y. Safra Bank
M.Y Safra Bank offers incredible CD rates and has a centuries-long legacy of customer service and quality. They are known for their work with high-end clients, but with a $1,000 minimum deposit, just about anyone can benefit from them. Their current APR on a four-year CD is 2.61 percent. They treat their clients as partners and professionals, and everything you need to do with your account is easily accessible online. They are used to helping stressed-out clients solve financial challenges quickly, and they can certainly help you build your wealth over the next four years and beyond.
M.Y. Safra Bank is located in New York, NY and has a healthy financial rating. They offer CDs from seven days to five years and provide custom terms for "Jumbo" large deposit CDs. Their website is updated weekly because as with all CDs rates are continuously changing. So if you see a rate you like, do not waste time locking it in.