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Generations Bank CD Rates for 2024

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Nathan Alderman
Fact Checked: Nathan Alderman
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Generations Bank has partnered with Raisin to provide highly competitive CD rates for two specific term lengths. These CDs are mainly best for savers looking for high-paying shorter-term CDs. Read our full expert review to find out if Generations Bank CDs from Raisin are right for you.

Generations Bank High-Yield CD from Raisin rates

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Generations Bank High-Yield CD from Raisin
Generations Bank High-Yield CD from Raisin
MINIMUM DEPOSIT $1
Read Review
6 Mo. APY 10 Mo. APY
5.21% 5.31%

Is a high-yield savings account a better option for you?

A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. 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
N/A

Compare Generations Bank CD rates

Generations Bank is a smaller financial institution that has a physical presence in Arkansas and Missouri, but also offers deposit accounts like CDs online through the Raisin platform. Generations Bank only offers its high-yield CDs from Raisin in two term lengths, but the yields on these products are highly competitive.

Take a look at what other banks are offering now to compare your options.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

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Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

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Generations Bank CD review

As mentioned above, Generations Bank offers CDs with high APYs to customers across the country through the Raisin online platform. If you aren't familiar with Raisin, it is a technology platform that offers FDIC-insured deposit accounts through 45 partner banks and credit unions in a single platform.

Here's a look at the pros and cons you should know about before deciding if it's right for you.

Generations Bank High-Yield CD from Raisin

Pros

  • High APY
  • Low minimum deposit

Cons

  • Only two maturity terms
  • No long-term CDs
  • Cannot withdraw interest until term expires
  • Automatic renewal

Generations Bank CDs are only available in two term lengths through the Raisin online platform -- 6 months and 10 months. So, if you're looking for any longer maturity term, even a 1-year CD, Generations Bank isn't likely to be the best fit for you.

Having said that, Generations Bank CDs are quite competitive with similar terms offered by competitor banks. Its APYs are well above average, and are competitive with some of the top APYs offered on 1-year and similar term CDs on our top picks list. In addition, unlike some of the other high-yield CDs on the market, there's no high minimum deposit required to open an account -- you can literally open a Generations Bank High-Yield CD from Raisin with $1.00.

One potential downside is that although interest is credited to the account monthly, it cannot be withdrawn until the end of the term. This makes Generations Bank CDs from Raisin not ideal for people who rely on their CDs and other fixed-income investments to cover day-to-day expenses. Only a one-time withdrawal of the entire balance of the CD is allowed.

Finally, like most high-yield CDs, Generations Bank CDs from Raisin renew automatically unless you act to stop it. You can log on to your account and close out the CD, and you'll have a seven-day grace period after the CD renews to cancel it and withdraw the money without penalty.

Bottom line: Generations Bank rates

Generations Bank High-Yield CD from Raisin
  • 6 APY: 5.21%
  • 10 APY: 5.31%
Show All Rates [+] Hide All Rates [-]
Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Term
Generations Bank High-Yield CD from Raisin
6 Mo.
10 Mo.
5.21%
5.31%

Keep reading about Generations Bank

Our CDs methodology

At Motley Fool Money, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Yes, Generations Bank is a subsidiary of Harrell Bancshares, which is based in Arkansas. The bank traces its roots back to 1907 and has operated under the Generations Bank brand name since 2016. Its deposit products are FDIC insured and the bank has about a dozen branch locations throughout Arkansas and Missouri, although it offers online deposit accounts through the Raisin platform.

  • Yes, Generations Bank CDs are FDIC insured to a maximum of $250,000 per person, per financial institution.

  • If you withdraw from a Generations Bank CD from Raisin prior to its maturity date, you'll be charged an early withdrawal penalty equal to 90 days of simple interest. This means that if you change your mind and withdraw your money a month or two after opening your account, you could actually end up with less than you put in.