The Best CD Rates In Ohio June 2024 (2024)

If you’re looking for a safe, low-risk way to save money in the Buckeye State, certificates of deposit or CDs may be worth exploring. A CD can make it easier for you to fund a home improvement project, pay for a vacation, cover the cost of college or anything in between.

Fortunately, there are a number of banks and other financial institutions that offer CDs to Ohio residents seeking predictable returns. To help you get started with a CD, we’ve done the research for you and uncovered the best CD rates in Ohio.

Best CDs In Ohio 2024

Certificate of deposit options vary by state. That’s why we chose three CDs that are ideal for Ohioans with different financial goals.

Fifth Third Bank

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Vault Verified

APY

0.01% to 4.50%

Term Length

7 days to 12 years

Min. Deposit Requirement

$500 or $5,000

Early Withdrawal Penalty

1% to 3% of the principal withdrawn

Why We Chose It

Fifth Third Bank serves Ohio residents with promotional CDs, short-term standard CDs, long-term standard CDs and 529 CDs to help with college savings. Terms range from seven days to 12 years so you can pick the CD that best aligns with your short and long-term goals. There are no opening or monthly maintenance fees, and you may open your CD via phone or in person at a local Ohio branch. Read our Fifth Third Bank review.

Pros

• Four types of CDs available
• Flexible terms ranging from 7 days to 12 years
• Unique 529 CD for college savings

Cons

• Low APYs on standard CDs
• High minimum deposit requirements
• Must open in person at a local branch or via phone

Ally Bank

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Vault Verified

APY

3.00% to 4.50%

Term Length

3 months to 5 years

Min. Deposit Requirement

$0

Early Withdrawal Penalty

60 to 150 days of interest

See Also

11 best CD rates of June 2024 (up to 5.30% APY)

Why We Chose It

Ally Bank is an online bank that offers CDs to customers in every state, including Ohio. You can choose from several CD options, such as high-yield CDs, raise-your-rate CDs, no-penalty CDs and select CDs with promotional terms. Once you decide on a CD, you may open it online and won’t have to worry about any minimum deposit requirements. Also, Ally offers a 10-day best-rate guarantee, which guarantees you’ll lock in the best rate available. Read our Ally Bank review.

Pros

• Can open online
• No minimum deposit
• 10-day best-rate guarantee

Cons

• Lower rates for longer-term CDs
• No physical branches
• Only one term available (11 months) with no-penalty CD

Capital One

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Vault Verified

APY

3.90% to 5.00%

Term Length

6 months to 5 years

Min. Deposit Requirement

$0

Early Withdrawal Penalty

3 to 6 months of interest

Why We Chose It

Capital One offers a number of CDs with terms ranging from six months to five years. There’s no minimum deposit requirement, and you can open one online or in person at a local Ohio branch or Capital One Cafe, even if you only have a small amount of money. You’ll also be able to choose whether you’d like your interest paid out monthly, annually or at the end of the term. Read our Capital One Bank review.

Pros

• No minimum deposit
• Can open online or in person
• Interest flexibility

Cons

• No speciality CDs, such as no-penalty CDs
• Below-average APYs on some CDs
• Automatically renews to current rates

Vault’s Viewpoint: Overview of the Best Ohio CDs

Whether you’re looking for a long-term CD to save for college or a shorter-term CD to help you with a down payment for your upcoming house purchase, you’re sure to find what you need in the Buckeye State. The best Ohio certificates of deposit are available in varying terms ranging from a week to 12 years. While some of them require a minimum deposit of $500 or $5,000, others are more flexible and allow you to deposit any amount.

When it comes to APYs, you can expect anywhere from 0.01% to 5.00%. To secure the best CD rates in Ohio, you’ll likely need to commit to a longer-term CD and keep your money in the account for at least a few years. You may also choose a promotional CD with a higher-than-average APY for a set term length, such as 11 months.

Short-Term CD Rates in Ohio

If you’d like to save money for an expense you’ll have in the near future, a short-term CD might make sense. While you’ll be able to access the funds sooner than you would with a longer-term CD, you’ll likely need to settle for a lower APY. Short-term CDs typically have a maturity date of less than a year.

Long-Term CD Rates in Ohio

Long-term CDs should be on your radar if you have financial goals you’d like to achieve in the distant future. Compared to short-term CDs, long-term CDs usually offer higher APYs, making it easier to maximize your savings. Long-term CDs may have terms of longer than a year.

Jumbo CD Rates in Ohio

In most cases, jumbo CDs require at least $100,000. If you have the funds to invest in a jumbo CD, a bank may reward you with higher APYs than you’d find with standard short-term and long-term CDs. However, if you need to access some or all of the money before your term is up, you may face early withdrawal penalties.

How Much Can You Earn With the Best CD Rates In Ohio?

As you shop around, you’ll find that CD rates in Ohio vary by financial institution. A higher APY can increase your earnings, so it’s worth it to do your research and compare your options. Below, we’ve outlined how much you’ll earn with a six-month CD and a $25,000 deposit.

In this scenario, Fifth Third Bank gives you the best bang for your buck. The caveat, however, is that you’ll have to call Fifth Third or visit a local branch to open a CD.

The other options, Ally Bank and Capital One make it easy to complete the process online from the comfort of your own home. While APR is important, so are other factors such as account opening method, fees and early withdrawal penalties.

How to Open a CD In Ohio

Follow these steps to open a CD in the Buckeye State.

1. Understand Your Financial Goals: Consider what you hope to accomplish financially with a CD. You may want to supplement your emergency fund or boost your retirement savings. Other common uses for CDs include home improvement projects, new vehicles and vacations.
2. Determine the Type of CD You Want: There are a number of CDs at your disposal, and the one you choose will be based on your financial goals. Maybe you’d like a short-term CD. Or perhaps you’d be better off with a longer CD with a five-year term. You might also consider a jumbo CD, bump-up CD, no-penalty CD, IRA CD or another specialty CD.
3. Shop Around: Next, do your research and find the right bank, credit union or other financial institution that offers the type of CD you’re searching for. Compare APYs, minimum deposit requirements, early withdrawal fees and deposit insurance. Don’t forget to read customer reviews to get an idea of customer service and ensure you choose a reputable institution.
4. Apply for a CD: You may be able to apply for a CD online, but sometimes you have to apply via phone or in person. Regardless, be prepared to submit a photo ID, an opening deposit and personal information, such as your date of birth and Social Security number. Note that most financial institutions will allow you to apply for a CD on your own or with someone else, like your spouse or child.
5. State How You’d Like the Interest Dispersed: In most cases, you can receive all the interest you’ll earn at the end of your CD’s term or opt for regular interest payments on a monthly or annual basis. If you choose to collect all the interest at the end, you’ll reap the benefits of compounding interest.
6. Fund Your CD: Depending on the financial institution, you might have to meet a minimum deposit. You may be able to transfer funds from your bank account. Some banks, however, will ask for your routing and account number so they can conduct an ACH transfer. If you’re opening a CD at a branch, you might be able to make a deposit with cash or a check.

Alternatives to a CD In Ohio

High-Yield Savings Accounts

CDs require you to hold your money in an account for a set amount of time. If you decide to withdraw funds early, you’ll be on the hook for an early withdrawal penalty, which can be very expensive. If you’re looking for a more liquid alternative to a CD, a high-yield savings account might be a better fit. While you may have to agree to a lower APY, you’ll be able to pull money out at any time, without any penalties.

Money Market Accounts

CDs tend to offer higher APYs than money market accounts. However, unlike CDs, money market accounts allow you to withdraw funds whenever you’d like without a penalty. Also, money market accounts usually come with checking account perks, such as debit cards, ATM access and the ability to write checks. Keep in mind that if you go with a money market account, you’ll likely have to settle for a lower APY than you might find with a traditional savings account.

Dividend Stocks

Dividend stocks are companies that pay investors a portion of their profits on a regular basis. Payouts are usually made on a monthly, quarterly or annual basis. While you may earn more money with dividend stocks than CDs, there’s no guarantee. CDs are less risky, but if you have a higher risk tolerance, dividend stocks might be a better choice.