3 Great CDs to Check Out in November 2024

Going, going, gone -- that's the sound of the minutes ticking down on CD rates over 4%. Why? The Federal Reserve has begun cutting its benchmark interest rate, and another cut is heavily predicted for this week. This rate doesn't directly inform consumer bank account APYs, but they tend to move in concert.

If you're itching to open a CD this month, the time is now. Here's a closer look at a few great CDs you should consider in November.

1. Discover® Bank 12-month CD

You might better know Discover for its stellar credit card offerings, but it's a full-service online bank too. In addition to checking and savings accounts, Discover also offers CDs in a variety of terms from three months all the way to 10 years. Its best APY is on its 12-month CD -- as of this writing, you can lock in a rate of 4.00%.

There's also no minimum required opening deposit for a Discover® Bank CD, so you can start with as little as you want. Or if you're building a CD ladder and don't have a ton of money to spread between multiple CDs, you could conceivably make that 12-month CD one of your rungs.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

2. Quontic 12-month CD

Quontic CDs are another standout among online banks, with great digital tools for managing your finances. It's offering CDs with terms from three months to five years. The Quontic 12-month CD has an APY of 4.00% right now, and you only need $500 to lock in that rate for the next year.

Be sure you can keep your money in the account for the duration of that 12-month term, though. Quontic doesn't play around with its early withdrawal penalties. For terms of 12 months or fewer, you'll forfeit all the interest you've earned on your cash if you pull it out before the term is up.

3. Prime Alliance Bank 6-month CD

Want a shorter CD term with a stellar rate? Consider Prime Alliance Bank CDs. This CD issuer only requires $500 to open a CD, and you can earn 4.65% APY on a 6-month CD.

All of its terms of two years or fewer are over 4.00% APY right now, too, so if you're considering a short-term CD ladder, it's worth a look. You'll need to look elsewhere if you need a 3-month CD rung for your ladder, though -- that 6-month CD is its shortest term.

Are CDs right for you?

A valid question! CDs have been popular with savers in the higher-interest-rate environment we've been living with these last couple of years, but they're not right for everyone. Your saved cash should go in different accounts depending on what you need it for.

Your emergency fund never belongs in a CD, because you could need that money anytime -- its literal purpose is to be your port in a storm of unplanned expenses and financial emergencies. Don't risk locking it up in a CD, as you could owe penalties that even eat into your principal balance if you need to withdraw early. If you need a new home for your emergency fund, click here for our favorite high-yield savings accounts.

Similarly, money you're saving for the long term, such as retirement or college for a child who is currently a baby, doesn't belong in a CD either. You're likely to earn much greater returns on this money if you open a brokerage account and invest it instead. The S&P 500 has given returns averaging 10% annually (not accounting for inflation) over the last several decades, so if you can invest for the long term, you're more likely to come out ahead.

CD rates of 4% or higher are unusual -- you will probably not be able to sustain that kind of return from CDs for much longer, and who knows what the future holds?

Where CDs really shine is when you have a set goal with a set timeline. Buying a house in a year and want to earn a fixed rate on your down payment? A 12-month CD could be just right for you.

What are you waiting for? Explore your options today!