Summary of Best 1-year CD rates for February 2021. Quontic Bank CD: 0.65% APY. For CD rates available without these accounts, please call or stop by a banking center. CD Early Withdrawal Penalty: If you withdraw a portion of the principal balance of your CD prior to the maturity date, you will incur an early withdrawal penalty. If the term of your CD is one year or less, the penalty is 1% of the amount withdrawn plus $25. The best time to start saving is now. A certificate of deposit is a type of savings account that guarantees a certain rate of interest. Compare CD rates and select from a variety of available terms and amounts to match your short-term or long-term goals. A KeyBank Certificate. CD and Retirement CD interest is compounded daily. Depending on the term, you may choose to have your CD interest paid monthly, quarterly or at maturity. The Annual Percentage Yield (APY) assumes that the funds deposited remain in the account for the full term of the CD.

• Key Bank Cd Rates Today
• Keybank Cd Rates Pennsylvania
• Key Bank Cd Rates

• Competitive short-term rates
• Wide range of CD options

• Less competitive long-term rates

• Customers in the New York City metro area
• Customers looking for CD terms of 13 months or less

Valley National Bank offers about two dozen CD options, but you need to live in New Jersey, New York or Florida to open an account. Terms range from 3 months to 60 months and the account minimum is just $500. Customers who can afford to deposit at least $100,000 also have access to options that are shorter than 3 months.

The interest rates on short-term CDs compare well with some of the best CD rates available. However, long-term options aren’t always as competitive. You should also make sure to ask about special options, like step-up and new money CDs, because they might offer better rates. Below we go over those options and the other details you need to know if you’re considering an account with Valley National Bank.

Multiple Maturity & Passbook CDs

Jumbo CDs

Valley National Bank 3-Month CD Rates Interest Rate Comparison

Overview of Valley National Bank CDs

Valley National Bank has branch locations in New Jersey (where it is headquartered), New York City and Florida. You need to live in one of those areas in order to open a CD account. You can open some accounts online, but you will need to verify your address.

The standard CDs have a minimum deposit of $500 with term lengths ranging from 3 months to 60 months (five years). Interest compounds according to your specific CD agreement. Accounts could compound monthly, quarterly or at maturity. The bank will pay out interest as you earn it. Interest that you earn must stay in your CD account. You do not have the option to transfer it to another account.

If you open an account with at least a $100,000 deposit, you have access to Valley National Bank’s jumbo CDs. Jumbo CDs operate the same way as regular CDs except that they have a higher minimum.

Step-Up CDs allow you to start your CD term with one interest rate and then increase your rate once during the term of your CD. So if you open an account with a rate of 1.00% and then partway through your term the available rate goes up to 1.10%, you can elect to change your CD to the higher rate. Though if the rate goes up again, you cannot change again.

You may also receive higher rates with a CD that requires new money. This is money that is not already on deposit at Valley National Bank.

If you need to withdraw money from your CD account, you need to wait until the end of your term. Valley National Bank will send you a notice prior to your CDs maturity date so that you can decide on your next moves. Once a CD reaches maturity, Valley National Bank will give you a grace period of 10 days. You can make any changes, additions and withdrawals to your account during that time without paying fees or penalties. Any funds that remain in your account at the end of the grace period will automatically renew into a new CD. It will have the same term length as the previous CD with the current available interest rate.

If you need to withdraw funds early, Valley National Bank may allow you to do so. However, you will pay an early withdrawal penalty. The penalty is equal to 180 days’ interest on the amount of the principal that you withdraw. That means an account with a higher interest rate will have a higher penalty.

The penalty applies first to the interest that your account has earned. If you haven’t earned enough interest to cover the penalty, it will come out of the remaining balance of your CD. In the event that isn’t sufficient either, it will come out of the amount you withdrew.

If you foresee the need to use the money before the end of the term, you should consider opening a high-interest savings account instead of a CD. It will give you flexibility with your money and you may earn higher rates than some of Valley National Bank’s CDs.

Compare Valley National Bank to Other Competitive Offers

How Much You Earn With Valley National Bank CDs Over Time

The amount of interest that you earn will depend on a few factors. Your interest rate and CD term are important but so is the frequency that your interest compounds. Not all CDs compound interest at the same frequency. This matters because a CD that compounds interest monthly will earn more than a CD compounding quarterly over the same term length.

In general, CDs from Valley National Bank have competitive rates that will earn you decent interest. Longer CDs often have higher interest rates, but sometimes the offers on shorter CDs are better.

The table below shows what your approximate total balance will depend on your initial deposit and your term length. For this table, we assumed interest that compounds monthly.

How Valley National Bank’s CD Rates Compare to Other Banks’

The interest rates from Valley National Bank are generally competitive. This is particularly true for CD terms that are about 13 months or shorter in length. There are some banks, such as Ally Bank, that offer higher rates for short-term CDs. However, the rates are still comparable. It’s also good to note that Ally is an online bank. That means you cannot visit a branch in person, but it also means you can open an account from anywhere in the country.

Should You Get a Valley National Bank CD Account?

Key Bank Cd Rates Today

First of all, you should only consider an account with Valley National Bank if you live in New Jersey, New York City or Florida. You cannot open an account otherwise. After that, whether you should open a CD account depends on your specific goals. The short-term rates from Valley National Bank are competitive. So if you want a CD that is 13 months or shorter, you are likely to get a good interest rate. You can find higher rates (so always make sure to compare CD rate offers), but it may not be worth the trouble for you if you live near a branch of Valley National Bank. If your primary interest is a longer CD, you should consider an account elsewhere. There are banks offering higher rates and more flexibility with how you handle the interest you earn.

KeyBank is a mid-sized, regional bank that operates both online and offline. They can take consumer deposits from residents in all 50 states, however, their branch and ATM network are only in 25 states plus Washington D.C.

KeyBank has 1,197 branches and 1,572 ATMs in the following states:

• Alaska
• Colorado
• Connecticut
• Delaware
• Florida
• Idaho
• Illinois
• Indiana
• Iowa
• Maine
• Maryland
• Massachusetts
• Michigan
• Minnesota
• New Jersey
• New York
• Ohio
• Oregon
• Pennsylvania
• Rhode Island
• Texas
• Utah
• Vermont
• Virginia
• Washington, D.C.
• Washington

KeyBank has a full suite of FDIC-insured deposit accounts complete with checking, money market, certificates of deposit and savings accounts. For the purpose of this review, we will focus on KeyBank’s fixed and variable rate, interest-bearing deposit products.

There are three types of CDs offered at KeyBank as well as the two money market accounts and three savings account options.

KeyBank’s Fixed Rate Deposit Accounts – The three types of CDs sold at KeyBank are:

1. Key Short Term CDs,
2. Key Tiered CDs and
3. Key Jumbo CDs

KeyBank’s Variable Rate Deposit Accounts – The five types of variable rate savings accounts offered at KeyBank are:

1. Key Active Saver
2. Key Silver Money Market Savings Account
3. Key Gold Money Market Savings Account
4. Health Savings Account
5. KEY4KIDS Savings Account

To see if these accounts are right for you, continue reading our review below.

As mentioned KeyBank has three different types of CDs to choose from. They have short term CDs with terms ranging from 7 days to less than 6 months. They have tiered CDs with terms ranging from 6 months to 10 years and jumbo CDs with terms ranging from 7 days to 10 years but requiring a minimum deposit of $100,000.

KeyBank’s short term CDs and tiered CDs come with a minimum deposit requirement of $2,500. In normal interest rate environments, higher deposit ‘tiers’ or amounts earn higher rates and APYs. Today, however, all tiers provide the same yield. For future reference, the tiers are broken down as follows:

• $2,500 – $9,999
• $10k – $24,999
• $25k – $49,999
• $50k – $99,999
• 100k or more = Jumbo CDs

We should also note that in more favorable savings rate environments, KeyBank provides better yields for those with “Relationship Rewards.” Or in other words, those who also hold a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking account with them. Today, however, as with their tiers, all accounts earn the same APY regardless of relationship status.

Key Bank’s Short Term CD Rates

To put the yield above in perspective, the current national average for a savings account and a 12 month CD sit at just 0.07% APY and 0.22% APY, respectively.

Keybank Cd Rates Pennsylvania

KeyBank’s tiered CDs come with a minimum deposit requirement of $2,500.

Key Bank’s Tiered CD Rates

As noted, in more favorable savings rate environments each CD term above would be broken down into deposit tiers with higher dollar amounts earning higher yields. Refer to the tiers listed above for a full breakdown.

If you have $100k or more, you may open a Jumbo CD with KeyBank. Currently all terms pay the same low APY as with all of KeyBank’s CDs.

KeyBank Jumbo CD Rates

KeyBank CD Interest, Early Withdrawal Fees and Grace Period

All of KeyBank’s certificate of deposit accounts feature daily compounding interest for the entire term.

These CDs also automatically renew for the same term at the going APY if nothing is done during the grace period.

For all CDs with terms of 32 days or greater, KeyBank provides a standard grace period of 10 days. During this time you may add or withdraw funds penalty free. KeyBank will send you a maturity notice, but be sure to set your own reminders as well if you plan on moving funds around at the end of your CD term.

If you need access to your fund prior to maturity, KeyBank will charge you a portion of your simple interest as a penalty. The current fees are as follows:

Key Bank Early Withdrawal Penalties Short Term CDs

Key Bank Early Withdrawal Penalties Tiered CDs

Key Bank Early Withdrawal Penalties Jumbo CDs

KeyBank has three savings accounts and two money market accounts to choose from. For savings accounts, they offer a health savings account, a child savings account and a traditional savings account which they call the “Key Active Saver” account.

For money market accounts, they have a Key Silver Money Market account and a Key Gold Money Market account. The main difference between these two is the minimum daily balance you must maintain.

KeyBank Savings Accounts

* The $4 monthly service fee can be waived when you open any checking account with KeyBank.

As with their CDs, KeyBank’s savings accounts are tiered with higher balances earning more attractive rates. That said, all tiers are currently providing the same APY.

KeyBank Money Market Accounts

Key Bank Cd Rates

*KeyBank will waive the $12 monthly fee if ONE of the following requirements are met:

• Currently have or open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking
• Maintain a minimum daily balance of $5000 or more during the statement cycle
• A monthly direct deposit of at least $25.00 is credited to your Key Silver Money Market Savings Account during the monthly statement cycle
• A recurring monthly online banking transfer of $25.00 or more from another KeyBank deposit account is transferred to the Key Silver Money Market Savings Account during the monthly statement cycle

**KeyBank will waive the $5 monthly fee if BOTH of the following requirements are met:

• Currently have or open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking AND
• maintain a daily average balance of a $25,000 in the account