Beal Bank CD Rates for October 2024
Written by
Taylor Milam-Samuel
Edited by
Melanie Grafil
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Beal Bank offers CD accounts that allow you to lock in an interest rate for the term length. The APY rate varies based on the term length–shorter terms usually have higher rates. The rates from Beal Bank are competitive, but you might be able to find comparable rates with a high-yield savings account.
Here’s everything you need to know about Beal Bank CD rates.
Beal Bank CD Rates
Beal Bank’s CD rates vary depending on the term length. Here’s what Beal Bank currently offers.
| Term Length | APY |
|---|---|
| 1-month CD | |
| 2-month CD | |
| 3-month CD | |
| 6-month CD | |
| 9-month CD | |
| 12-month CD | |
| 18-month CD | |
| 24-month CD | |
| 30-month CD | |
| 36-month CD | |
| 48-month CD | |
| 60-month CD |
CDs are an excellent option for savers who don’t need to access their cash right away. But you must ensure you won’t touch the money during the term. If you do, the early withdrawal penalty charges can offset your earnings. Banks usually offer higher rates for CDs than other savings options to compensate for the additional restriction.
Like most financial institutions, Beal Bank charges early withdrawal penalties of up to 1%. You also need to meet the minimum deposit of $1,000 to open an account, which might make Beal Bank CDs inaccessible for some savers.
How Beal Bank CD Rates Compare
Beal Bank is one of the best banks for high CD rates, especially for three- and six-month terms. CDs with longer terms still have competitive rates. For example, Beal Bank’s 12-month CDs have an APY that is more than twice the national average of 1.88%.
Not every term length is as generous, though. If you want a longer term beyond 24 months, you might be better off storing your money in a high-yield savings account. You can always reconsider opening a CD if rates change.
Another Option: Beal Bank Statement Savings
Beal Bank offers a high-yield savings account that earns 3.75% APY. The Statement Savings account is an excellent option if you want to access your money without penalty. However, savings account rates can decrease at any point, so monitoring the account throughout the months is essential.
If you want to proceed with Statement Savings, you must open a bank account with Beal Bank and deposit at least $500 in it.
Are Beal Bank CDs Right For You?
You have options for where you store your money, including a checking account, savings account, money market account, or CD. The Beal Bank CD is a great option for savers with at least $1,000 to deposit and want a three-, six-, nine-, or 12-month term. You can likely find better rates at a different bank if you want a longer or shorter term.
Thanks!
Here’s what to consider when deciding whether a Beal Bank CD is the right fit.
Pros
- Variety of CD term lengths
- Competitive APY on a handful of terms
- Easy to open an account
Cons
- High minimum deposit of $1,000
- Limited branch locations
- Most term lengths offer low rates
Final Take
Beal Bank isn’t the right fit for everyone, but it can be an outstanding option if you have enough money to deposit and choose one of the terms with the highest APY. You can earn the most with three-, six-, nine-, or 12-month terms. Even though the other terms are competitive, you might be able to earn more at a different bank.
It’s also important to note that Beal Bank’s branch locations are limited, so it’s best for savers who are comfortable with online banking or live in a major city. You also need a decent amount of money to save since the minimum deposit is $1,000.
FAQ
It's important to choose the best bank with a competitive rate for your CD account. Here are answers to common questions about Beal Bank CD rates.- Is Beal Bank CD safe?
- Beal Bank is a legitimate financial institution. Its accounts, including CDs, are insured through the Federal Deposit Insurance Corporation. If the bank fails or closes, the federal government will refund your savings up to $250,000.
- Can you get 6% on a CD?
- It's unusual to get 6% on a CD. Only a handful of banks have 6% APY, and the terms are limited. For example, Financial Partners Credit Union offers an eight-month CD with 6.00% APY for new members. But if you want a different term, the offer doesn't apply.
- What bank is offering the highest CD rate?
- TotalDirect Bank, Security State Bank and Amboy Direct offer some of the highest CD rates. The best CD rates depend on your deposit amount, preferred term length, and location. Once you determine what you want, it's easier to find the best fit.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 11, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
