The typical savings account at most banks pays around 0.4% annually in interest. But there’s a better option: opening a certificate of deposit with special promotional rates. Banks and credit unions are currently pushing special-term CDs that offer significantly better returns than their standard offerings.
Understanding Promotional Certificates of Deposit
Financial institutions regularly roll out limited-time certificate offers to attract new depositors. These special certificates typically come with interest rates that beat standard CD options, though availability is usually restricted to a set time frame.
When you open one of these accounts, your interest rate gets locked in for your entire investment period. This fixed-rate feature means your earnings are guaranteed from day one. This protection becomes especially valuable when financial experts predict that interest rates may drop in coming months.
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Current Top-Performing Promotional CD Options
Below are some of the strongest promotional CD offers currently available:
Dort Financial Credit Union (Michigan)
- 7-month term: 4.75% APY
This Michigan-based credit union is promoting a 7-month certificate with a starting rate of 4.25% APY and a $5,000 opening requirement. Members who establish a Boost Checking account and enroll in automatic payroll deposits during their first 90 days receive an extra 0.25% boost. An additional 0.25% can be earned by obtaining their Visa card, bringing the total potential yield to 4.75% APY.
Membership eligibility includes people living, working, studying, or participating in faith communities within Michigan, or in select Florida counties including Palm Beach, Martin, Hendry, and Broward. Immediate family of members and certain business entities may also qualify, as well as surviving spouses of previous members.
Flagler Credit Union (Florida)
- 7-month term: 4.4% APY
Operating as a subsidiary of Dort Financial, this Florida-based credit union features a comparable 7-month promotional certificate paying 4.4% APY. The $5,000 minimum deposit requirement is consistent with its parent organization.
Eligibility extends to individuals residing, employed, studying, or worshiping in Michigan or the designated Florida counties mentioned above.
OMB Bank (National)
- 3-month term: 4.36% APY
This online-focused financial institution provides a short-term promotional CD option yielding 4.36% APY over three months, with just $1,000 needed to open. Headquartered in Missouri and Kansas, OMB Bank welcomes applications from customers throughout the entire nation. You can complete your application online or visit a physical branch location.
Global Innovations Bank (Minnesota)
- 6-month term: 4.30% APY
Established over a century ago and based in Minnesota, this bank presents a 6-month CD earning 4.30% APY. Opening an account requires a $5,000 initial deposit.
Compass Financial Federal Credit Union (Florida)
- 12-month term: 4.25% APY
During this promotional window, this Florida credit union is paying 4.25% APY for a full year, though you’ll need $10,000 to begin.
Membership is available to people living, working, studying, volunteering, or worshiping in certain Miami-Dade County neighborhoods, plus immediate relatives of existing members.
Data sourced from CD marketplace platforms. Please note that these rates were current as of publication and may change without notice. Always verify current rates and specific conditions directly with your chosen financial institution before committing funds.
Three Key Points to Review Before Choosing a Promotional CD
Before you commit your savings to a promotional certificate, consider these important factors:
Higher Initial Investment Often Required
Promotional certificates frequently demand larger opening deposits and minimum balance requirements compared to everyday CDs. Before committing, thoroughly examine all the fine print regarding eligibility requirements and ensure your emergency savings can cover the minimum amount without stretching your budget too thin.
Non-Standard Time Frames Are Common
While regular certificates typically come in three-, six-, nine-, or twelve-month periods, promotional versions frequently feature unusual lengths like seven or fourteen months. If you’re saving toward a specific goal with a particular timeline, verify that your chosen certificate’s maturity date aligns with when you’ll actually need the funds.
Superior Rates Disappear After Maturity
These special-rate offerings exist only temporarily. When your certificate reaches its end date, rolling the money into another account with the same institution probably won’t come with the same competitive rate you just enjoyed. These promotions work best for savers who want to maximize earnings over the short term. Just remember: once your certificate expires, the elevated returns typically vanish as well.
