Can you leave the money alone?
Only lock cash you will not need for the whole term. Keep what pays your bills and payroll in checking.
Business CDs
Compare business CD rates from the banks themselves.
A business CD locks your cash for a set time at a fixed rate. Here is what each bank pays, how much you need to open one, and what it costs to take your money out early.
Business CD rates
Every figure is read from the bank's own page and, where the bank allows it, checked against it again on a schedule. Banks that block automated reading are marked “Browser check”. If a bank does not publish something, we say “Not published”. A rate is only shown while our check is recent. Rates change without notice, so confirm the rate with the bank before you open.
We are re-checking these rates and will show them again shortly.
Before you open one
What does early withdrawal cost?
The penalty is often months of interest. On a short CD, a penalty can wipe out most of what you earned.
What happens at the end?
Many CDs renew on their own. Write down the date and the number of days you have to take the money out.
Questions about business CDs
What is a business CD?
A business CD is a deposit account that holds your business money for a set time, called the term, at a fixed rate. You agree not to take the money out until the term ends. In return the bank pays a rate that is usually higher than a regular business savings account.
What happens if I take money out early?
Most banks charge a penalty. It is usually a number of days of interest, and it grows with the length of the term. Some banks do not publish the amount, and we say so when that is the case.
Does a business CD renew on its own?
Many do. If you do nothing, the bank rolls the money into a new CD at that day's rate. Banks give a short window after the term ends, often 7 to 10 days, to take the money out without a penalty. Put the date on your calendar.
Can any business open one?
Rules differ. Some banks list the business types they accept, such as LLCs, corporations and sole proprietors. Others do not say. If the page does not say, ask the bank before you apply.
Is the money insured?
Banks on this list say their deposits are insured by the FDIC. The usual limit is $250,000 per depositor, for each account ownership category, at each bank. Check how that limit applies to your business with the bank.
How we check
We copy each rate and rule word for word from the bank's own rate page or account disclosure, and keep the link. On a schedule, we open those pages again and confirm the words are still there and the rate is the same. If a page changes or cannot be read, that rate comes off this list until we have checked it again. A few banks block automated reading. For those, a regular browser session reads the page, the rate is marked “Browser check”, and it stays up for a shorter time. We are not paid to list a bank higher. See our methodology and disclosure, or report a correction.