The Best CD Rates In Wisconsin July 2024 (2024)

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The Best CD Rates In Wisconsin July 2024 (1)

By

Jackie Lam

The Best CD Rates In Wisconsin July 2024 (2)

Jackie Lam

Contributor

Jackie is a freelance contributor to Newsweek’s personal finance team. She is an Accredited Financial Coach (AFC®ª) and loves helping freelancers and artists manage their money and overcome mental blocks. Jackie is based in Los Angeles, and loves to bike, swim and play with stickers.

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The Best CD Rates In Wisconsin July 2024 (3)

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Kristy Snyder

The Best CD Rates In Wisconsin July 2024 (4)

Kristy Snyder

Banking Expert

Kristy is a freelance contributor to Newsweek’s personal finance team. As an editor, Kristy has worked with sites like Bankrate, JPMorgan Chase and NextAdvisor to craft and hone content on banking, credit cards and loans. She’s also written for publications such as Forbes Advisor and U.S. News and World. In her spare time, Kristy loves traveling, hitting up rail trails and reading.

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With interest-bearing accounts featuring attractive rates, certificates of deposits (CDs) can make for a solid option to grow your money in the short term. Where you park your funds determines how much interest you’ll earn.

To help you figure out which bank or credit union to open a CD account with, we did the research to find the best CD rates in Wisconsin.

The Best CD Rates In Wisconsin July 2024 (5) Our Methodology

Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.

We assessed the following five key factors to help you choose the best account for your personal finance needs.

  • Associated fees
  • ATM access
  • Balance requirements
  • Customer service
  • Interest-earning potential

Best And Highest CDs In Wisconsin 2024

In rounding up the the highest Wisconsin CD rates, we looked at key factors such as the APY, minimum deposit and early withdrawal penalties. Here are our top three picks for the Badger State.

The Best CD Rates In Wisconsin July 2024 (7)

CIBC

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Vault Verified

APY

5.36%

Term Length

30 days to 5 years

Min. Deposit Requirement

$1,000

Early Withdrawal Penalty

30 days of interest

Why We Chose It

While headquartered in Chicago, CIBC serves the Midwest and has a banking center in Milwaukee. Currently, it’s offering a limited-time promotion for its 13-month CD. Beyond that, you can find competitive rates on its other short-term CDs.

Pros

  • No monthly account fees
  • Multiple CD lengths, which makes CD laddering easy
  • 10-day grace period after CD matures

Cons

  • Interest is compounded monthly
  • While there’s a banking center in Milwaukee, mainly a digital bank
  • No step-up or no-penalty CDs
The Best CD Rates In Wisconsin July 2024 (8)

Byline Bank

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Vault Verified

Term Length

6 months to 5 years

Min. Deposit Requirement

$500 to $5,000

Early Withdrawal Penalty

90 to 180 days depending on term

Why We Chose It

Headquartered in Chicago, Byline Bank is currently offering a 6-month CD for 5.30% APY. However, you’ll need to fund it with new money, which means it’s not money sitting in an existing Byline deposit account.

Pros

  • Competitive rate for a 6-month CD
  • Can open an account online
  • Competitive rates are offered for other CD terms

Cons

  • Up to $5,000 minimum is required to open an account
  • Hefty early withdrawal penalty
  • Branches are only available in Illinois
The Best CD Rates In Wisconsin July 2024 (9)

Great Midwest Bank, SSB

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Vault Verified

APY

5.15%

Term Length

91 days to 6 years

Min. Deposit Requirement

$1,000 to $5,000

Early Withdrawal Penalty

180 days interest on the amount withdrawn

Why We Chose It

Serving the greater Madison and Milwaukee areas, Great Midwest Bank features a highly competitive APY of 5.15% for its six-month CD. Typically, these higher rates are reserved for longer-term CDs, so they could be a good fit if you’re looking for a place to stash your cash for a few months.

Pros

  • Competitive interest rate for shorter CD term
  • Community bank that gives back locally
  • Around-the-clock phone banking

Cons

  • Only a handful of branch locations
  • Up to $5,000 minimum deposit
  • Hefty withdrawal penalty could eat up the entirety of any earnings

Vault’s Viewpoint: Overview of the Best Wisconsin CDs

The best Wisconsin certificate of deposit rates tend to come from online banks. The rates can be far higher than those of traditional banks, and you won’t have to open an account by visiting a branch.

The highest rates come from shorter terms, such as 6-month and 12-month CDs. It’s a good idea to check the rates for all the CDs a bank or credit union offers. That way, when it comes time to renew, you have a good idea whether another CD has a competitive rate. Plus, if you prefer to ladder your CDs, choosing a financial institution with high rates across the board can help you earn more on the interest.

While online banks in Wisconsin tend to have the highest rates, you might prefer to work with a community or regional bank focused on serving your community. They might offer greater attention, develop customized solutions and give back locally.

Bank (or Credit Union) in WisconsinCD TermAPYMinimum Deposit
CIBC13-month5.36%$1,000
Byline Bank6-month5.30%$5,000
Great Midwest Bank6-month5.15%$2,500

Short-Term CD Rates in Wisconsin

A short-term CD has a term length that’s 12 months or shorter. The CD rates depend on the bank or credit union with which you’ve opened a CD. Sometimes a bank or credit union will feature a high term on a short-term CD as a limited-time promotion.

Long-Term CD Rates in Wisconsin

A long-term CD is any CD with a term longer than 12 months—think two years, three years or five years. With a long-term CD, you might be able to scoop up a higher interest rate, but currently, the highest average rates are 6- and 12-month CDs. That, combined with a longer term, could mean greater earnings. Before you commit, make sure you are comfortable locking in your funds for longer.

Jumbo CD Rates in Wisconsin

Jumbo CDs typically require larger minimums, usually $100,000 or more. These can be a good option if you have a sizable chunk of cash and are looking for a safe, low-risk place to earn interest on your money. Not all banks in Wisconsin offer this, but if you are interested, you can check the website or contact a bank rep.

How Much Can You Earn With The Best CD Rates In Wisconsin

Making the most of CDs and growing your money requires two things: locking your funds into a CD with a high interest rate and parking them into a longer-term CD—12 months and beyond.

Besides a longer-term CD and high interest rate, it’s important to feel confident that you can stash your money in a CD for that time. Otherwise, you will get hit with an early withdrawal penalty, which can offset your earnings.

You might also want to consider laddering your CDs, which offers greater flexibility and can help you earn more. Let’s take a look at how much you can earn on the featured CDs based on their APY, CD term and a $25,000 deposit.

Bank (or Credit Union) in WisconsinCD TermAPYEstimated Earnings
CIBC13-month5.36%$1,455
Byline Bank6-month5.30%$654
Great Midwest Bank6-month5.15%$636

How to Open a CD In Wisconsin

  1. Research CD options. First, do your homework and see which banks and credit unions offer the best rates and terms. Depending on your needs and preferences, you’ll want to open an account with a digital bank or brick-and-mortar locations.
  2. Choose your CD. Once you’ve combed your options and whittled them down to the top contenders, pick the best CD for you. Before pulling the trigger, look carefully at the terms to see the early withdrawal penalties. You’ll also want to see if the CD automatically renews when it matures, and if there’s a grace period after the maturity date. This information will help you make the most of your CD—and avoid expensive fees.
  3. Open your CD. To open a CD account, you typically need to provide basic personal information, such as your name, address, date of birth and Social Security number. Financial institutions already require that you provide a form of government-issued identification, such as a driver’s license, passport or military ID.
  4. Fund your account. Once your CD has been opened, it’s time to fund it. If there’s an account minimum, you’ll need to move cash to your new CD to get the ball rolling. Depending on the bank or credit union, you can fund your account in several ways: by stepping foot into a physical location and depositing cash, transferring internally from a linked account of the same bank or writing a check.
  5. Renew or withdraw when the CD matures. Once the CD matures, you have the option to renew it, withdraw your funds or move the funds into another CD. If the CD auto-renews, you usually have a grace period where you still can pull out the money without penalty. The grace period depends on the bank.

Alternatives to a CD In Wisconsin

While a CD can be a great option to keep your funds in a safe place, you might feel like you’re missing out on higher rates or prefer an option with greater flexibility.

High-Yield Savings Account

A high-yield savings account can offer a higher-than-average interest rate without committing to locking in your funds for a set period. The national average for a standard checking account is 0.83%, but a high-yield savings account can offer up to 5.55% APY.

Similar to CDs, online banks tend to offer better rates than standard banks for a high-yield savings account. But unlike CDs, the rates are variable and can change at any time. Interest rates may go up or down depending on the Federal Reserve’s decisions and greater economic conditions.

Money Market Account

Like a CD, a money market account can grow your savings at a faster rate than a standard savings account. The main benefit of a money market account is that you have greater ease and flexibility in accessing your funds. Plus, you might be able to write checks.

However, money market accounts tend to have higher required minimums, and there might be monthly account fees. Look to see what the fees and minimum opening amounts and balances are. That can help you determine whether opening a money market account is a good fit for you. Savings Bonds

Short-term bonds are issued by the government and are guaranteed. Essentially, you are giving a loan to the government in exchange for a return. The U.S. Department of Treasury sells two types of savings bonds: Series EE and Series I bonds.

Series EE bonds and Series I bonds mature after 30 years, but you can cash in on your bond after 12 months. However, if you cash in before the five-year mark, you’ll lose three months of interest.

Frequently Asked Questions

Who Has the Best Current CD Rate in Wisconsin?

Currently, CIBC has a 5.36% APY on its 13-month CD. It’s available for a limited time, and you’ll need to put in a minimum of $1,000 to get started. The CD must also be renewed by stepping foot inside a branch.

What Is the Best CD Rate for $100,000 in Wisconsin?

While CD rates are prone to change, CIBC is currently offering a 5.25% APY on its jumbo CD, which requires a $100,000 minimum deposit.

Should I Close a CD Early to Get a Better Rate?

If you close a CD early to get a better rate on a different CD, you’ll be subject to an early withdrawal penalty. The amount you get dinged with depends on the bank and CD term length but is typically a portion of the interest earned. You’ll want to weigh the trade-offs and see if it makes financial sense to close a CD early to snag a higher rate on a different CD.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

The Best CD Rates In Wisconsin July 2024 (10)

Jackie Lam

Contributor

Jackie is a freelance contributor to Newsweek’s personal finance team. She is an Accredited Financial Coach (AFC®ª) and loves helping freelancers and artists manage their money and overcome mental blocks. Jackie is based in Los Angeles, and loves to bike, swim and play with stickers.

Read more articles by Jackie Lam

The Best CD Rates In Wisconsin July 2024 (2024)
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