There are many reasons you may want to deposit your money for the long term. Maybe you are working toward a long-term savings goal, like a down payment on a house<\/a> or your child\u2019s education. Or perhaps you don\u2019t have the risk tolerance to stomach stock market volatility.<\/p>\n See the List:\u00a0GOBankingRates\u2019 Best Banks of 2023<\/a> Reasons for stashing money away will vary, but the objective is the same: you need a bank that incentivizes long-term deposits. In reality, most banks encourage long-term deposits because those provide them with financial stability. However, some banks like to sweeten the deal for customers a little more than others.<\/p>\n Those banks will be our focus. They tend to provide higher rates on savings, especially on longer-term savings products like certificates of deposit (CDs). Here are the five best banks for long-term deposits<\/a>.<\/p>\n CIT Bank<\/a> is a division of First Citizens BancShares, Inc. As an online-only bank, CIT is known for having some of the highest rates in the industry. Currently, its 18-month CD has a rate of 4.75%. That\u2019s an excellent rate for a CD, especially for one with a term of only 18 months.<\/p>\n That may sound like a long time, but CDs typically have terms lasting up to 60 months. If you want a shorter term, the APY on its 13-month CD is only slightly lower at 4.65%.<\/p>\n Alternatively, if you are looking for very short-term savings, CIT has a high-yield savings account with an APY of 4.05%. However, you do need a minimum deposit of $100 to open a high-yield savings account with CIT.<\/p>\n BMO Harris Bank<\/a>, N.A., also known as just BMO, mainly serves the Midwest. However, it also has branches in Arizona, California and Florida. BMO is a solid choice for long-term deposits thanks to its stellar rates on CDs. It currently offers a 4.50% APY when you open a 59-month CD. Its 13-month CD currently has a 4.00% APY. BMO also has a high-yield savings account with the same 4.00% APY.<\/p>\n However, an important caveat to BMO\u2019s great rates is that they are only available in states where the bank doesn\u2019t have physical branches. If you have a BMO branch down the street, your rates will be unimpressive: 0.25% for a 60-month CD and 1.00% for high-yield savings.<\/p>\n Live Richer Podcast: How To Leverage Your Investments<\/a><\/em><\/strong><\/p>\n Sallie Mae<\/a> was established in the 1970s as a student loan servicer, and you might still think of it as a student loan company. However, Sallie Mae has significantly expanded its portfolio since the 1970s to include a variety of products, including savings accounts, CDs and money market accounts. Currently, all three of these products from Sallie Mae have competitive interest rates.<\/p>\n Like the other banks on this list, the highest APY from Sallie Mae is on its CDs, with a 4.40% APY on 24-month and 36-month terms. The APYs on its 6-month and 12-month CDs aren\u2019t bad either, at 3.50% and 4.25%, respectively. Meanwhile, its high-yield savings account has a 3.20% APY, and its money market account has a 3.40% APY.<\/p>\n Capital One<\/a> is a well-known bank with a variety of products, including checking accounts, credit cards, savings accounts and CDs. While the best rates on savings products are often limited to lesser-known banks, Capital One is one of the exceptions. In fact, its CDs and savings accounts have rates among the best you\u2019ll find anywhere.<\/p>\n Currently, Capital One has APYs of up to 4.40% on its CDs, but to claim that rate you\u2019ll have to lock in a 60-month term. However, even Capital One\u2019s 12-month CD has a 4.15% APY. For 6-month and 9-month CDs, the APY is 3.30%. That rate of 3.30% matches the APY you get on Capital One\u2019s high-yield savings accounts.<\/p>\n Bask Bank<\/a> is a relatively new name in the banking world, as it was established as a division of Texas Capital Bank in January 2020. Although Bask isn\u2019t a household name at this point, the bank is a member FDIC, so you know your money is safe.<\/p>\n Currently, it doesn\u2019t offer a checking account but has high-yield savings accounts and CDs. It also has a savings account that earns two American Airlines AAdvantage miles for every $1 in your account annually.<\/p>\n Bask is a great place to keep your money for the long term, thanks to its great CD rates. It offers a 4.45% 12-month CD and a 4.30% 6-month CD \u2014 these are the bank\u2019s highest rates for CDs. If you prefer to keep your money in a high-yield savings account, Bask currently has an APY of 4.15%.<\/p>\n More From GOBankingRates<\/em><\/strong><\/p>\n This article originally appeared on GOBankingRates.com<\/a>: 5 Best Banks for Long-Term Deposits<\/a><\/p>\n<\/div>\n\n kate_sept2004 \/ Getty Images There are many reasons you may want to deposit your money for the long term. Maybe you are working toward a long-term savings goal, like a down payment on a house or your child\u2019s education. Or perhaps you don\u2019t have the risk tolerance to stomach stock market volatility. See the List:\u00a0GOBankingRates\u2019 …<\/p>\n","protected":false},"author":1,"featured_media":47025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/47024"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=47024"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/47024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/47025"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=47024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=47024"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=47024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
More:\u00a0GOBankingRates\u2019 Best Neobanks of 2023<\/a>
Find:\u00a0GOBankingRates\u2019 Best Online Banks of 2023<\/a><\/em><\/strong><\/p>\nCIT Bank<\/h2>\n
BMO<\/h2>\n
Sallie Mae<\/h2>\n
Capital One<\/h2>\n
Bask Bank<\/h2>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"