Celebrate your Financial Growth with a Certificate of Deposit

We explain how CDs work—from the basic rules of CD accounts, to fixed rates, to guaranteed returns, and offering some of the highest CD interest rates around.

What’s the best way to celebrate Independence Day? By finding your financial independence and creating wealth, of course! And one of the best ways to create wealth for yourself is by opening a certificate of deposit account, or CD account. It’s a safe and reliable way to earn money on your money, and the returns are guaranteed.

So, how do CDs work?
When you open a certificate of deposit, you lock your funds away for a specific duration until the CD “matures” or reaches its designated period of time. In exchange for storing your money in a CD account, a bank will pay you a fixed interest rate. When the certificate of deposit matures, you get back your principal PLUS the interest that has accrued.

A CD account is a more secure way to invest your money than, for example, investing in volatile stocks. Furthermore, in uncertain times of financial stability, a CD account offers returns that are guaranteed. Opening a certificate of deposit is one of the best routes for keeping your money safe. If you’re looking for financial sustainability and wealth accumulation, opening a CD account account is a great way to achieve it.

But before opening a certificate of deposit, there’s one crucial question you have to ask yourself: Do you have extra cash you can afford to stow away? You can read up on the benefits of opening a savings vs checking accounts on our blog if you’re still in the process of accumulating savings. But if you already have an emergency fund and STILL have extra cash that you know you won’t need to touch right away, this is the perfect opportunity to invest in something that earns you steady interest.

If you already have a certificate of deposit, maybe you’re thinking this article isn’t for you. Like every other bank, we do require a balance minimum (of $500) to open a CD, and withdrawals before the maturity date are subject to penalties. But, at Quontic, we do CD’s a little differently—from compounded interest to offering some of the highest cd interest rates today. So, read on.

How does CD interest work at Quontic?
Certificates of deposit earn compounded interest—much like your savings account does (or, much like your savings account should). At Quontic, interest is compounded daily and credited to your CD account monthly. Essentially, this means that Quontic customers earn a little more each day. And then each new daily total amount earns interest of its own, and so on. Talk about financial growth!

Quontic also offers some of the best certificate of deposit interest rates in the country—and we’re not the only ones who think so.

GoBankingRates awarded us for Best CD Accounts 2022 and Newsweek awarded us Best Certificates of Deposit 2022. Our rates are incredibly competitive at 0.95% APY in just 6 months, climbing all the way up to a full 2.30% APY in 5 years. Not only are the high certificate of deposit interest rates there, but so is the convenience. Because we’re a digital bank, you’re able to open a CD account 24/7.

Opening an account is easy and you can do it in under 3 minutes. Take a look on our website to learn more about our CD’s. And when you’re ready to jump in, set aside 3 minutes and open an account today.

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