The best CD rates for Wisconsin in January 2024

Not sure where to start? We’ve got you covered. In partnership with Curinos, a leading provider of banking data and analytics, we analyzed more than 20,000 data points to find the best CD rates in Wisconsin and the U.S. as a whole.

Best CD rates in Wisconsin overall

Compare rates from our partners

Wisconsin is home to some of the best CD rates around. However, you don’t have to stop your search within the state. We’ve compiled a selection of top CD accounts from our partners that are accessible across the country.

Best CD rates in Wisconsin by term

Alongside Curinos, we identified the best CD rates in Wisconsin by term—specifically, 6-month, 1-year, and 5-year CDs. 

The “Notes” column will indicate whether there are any special requirements that must be met in order to open an account. However, this field may be blank. We recommend reaching out to the financial institution directly to verify account details and requirements before opening a CD.

Best 6-month CD rates in Wisconsin

A short-term 6-month CD is perfect for those who don’t want to tie up their money for an extended period. You can still get a competitive interest rate on your deposit, with the ability to access your funds penalty-free after just a few months.

Best 1-year CD rates in Wisconsin

If you’re willing to commit your funds for a slightly extended period, you may be able to secure a higher interest rate. Opting for a 1-year CD strikes an ideal balance, allowing you to earn more while avoiding a lengthy term.

Best 5-year CD rates in Wisconsin

For those who prefer a hands-off savings approach, a 5-year CD might be the right choice. This longer-term option ensures that your interest rate remains fixed for the next few years, offering stability and protection from market volatility for your savings.

What is a certificate of deposit?

A certificate of deposit is a type of account offered by most banks and credit unions. CDs often provide higher interest rates than traditional savings accounts in exchange for keeping your money on deposit for a certain period of time (known as the term). CD terms can vary, ranging from a few months to several years. During this term, you can’t access your funds without facing a penalty. However, once the CD matures, you can withdraw your money, including interest.

What does APY mean on a CD?

APY is short for annual percentage yield. It indicates the amount of interest your CD can earn in a year, factoring in the effects of compounding interest. The higher a CD’s APY, the more you stand to earn.

What are the most common types of CDs?

There are several different types of CDs, which offer various terms and features to cater to different investment needs and preferences. Here are some of the most common types:

• Traditional CD: This is the standard CD where you deposit a fixed amount of money for a specified term at a fixed interest rate. Early withdrawal typically results in a penalty.
• Bump-up CD: This type allows you to increase (or “bump up”) your interest rate once or twice during the term if interest rates rise. It’s beneficial in a rising rate environment but usually starts with a lower rate than traditional CDs.
• No-Penalty CD: Also known as a liquid CD, this allows you to withdraw your deposit before the maturity date without facing a penalty. The flexibility often comes with a slightly lower interest rate than traditional CDs.
• Jumbo CD: This type requires a significantly larger minimum deposit (often $100,000 or more) and typically offers a higher interest rate in return for the larger investment.
• Brokered CD: These are sold through brokerage firms and can offer higher rates. However, they come with their own risks and fees, and the process for buying and selling can be more complex than traditional bank CDs.
• Callable CD: This type of CD allows the bank to “call” or terminate the CD after a set period, known as the call protection period. This is typically done when interest rates fall, allowing the bank to refinance the debt at a lower rate.

How to choose the best CD in Wisconsin

There are over 160 FDIC-regulated banks in Wisconsin and 120 NCUA-regulated credit unions. Here’s how to choose the right one for your needs:

• Term length: A CD’s term refers to the length of time you need to keep your money on deposit. Terms can range from a few months to 10 years, so it’s important to choose a length that works with your savings goals. 
• APY: The annual percentage yield that your CD earns will impact how quickly your money grows. The higher the APY, the more interest your CD will generate. 
• Minimum deposit: Many financial institutions have minimum deposit requirements to open a CD, ranging from a few dollars to several thousand. Make sure you have enough cash to meet the minimum opening deposit requirement on the CD you’re eyeing.
• Penalties: If you take money out of your CD before the maturity date, you’ll likely have to pay a penalty. That means losing out on some or all of the interest earned. That’s why it’s good to know the penalty a certain CD imposes, just in case you need to acces your money early. 
• Deposit insurance: FDIC and NCUA insurance provides depositors with insurance coverage if their bank or credit union fails. Insurance covers up to $250,000 per depositor or share owner, per institution. Double-check that your account is insured to protect your money if there’s a bank failure.