The fastest way to open a CD is usually your current bank or credit union

If you already have a checking or savings account somewhere, that institution can open a CD for you in person, by phone, or online — often the same day. You walk in with your ID and the money you want to deposit, or you call and fund it from an existing account. No application process, no waiting for mail. The rates they offer may not be the highest available, but the speed and convenience often make up for it.

Start by calling the branch you use or logging into your online banking portal. Look for a link labeled "CDs" or "Certificates of Deposit" in the savings products section. If you don't see it, ask a teller or call customer service — many banks and credit unions offer CDs but don't advertise them heavily.

Key Takeaways

  • Your current bank or credit union can open a CD for you in one visit or phone call, using money you already have on deposit or bringing cash in person.
  • Online banks and credit unions often offer higher CD rates than brick-and-mortar branches, but require you to fund the account by transfer or check deposit.
  • Credit unions sometimes offer better rates than banks and may have lower minimum deposit requirements, but you must be a member to open a CD.
  • Brokerage firms like Fidelity and Charles Schwab let you buy CDs from multiple banks through one account, useful if you want to compare rates without opening separate accounts.
  • CD rates change weekly, so comparing three to five institutions before you deposit will usually save you money over the CD's term.

Online banks often have the highest rates but require a transfer to fund

Banks that operate only online — such as Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings — typically offer CD rates 0.5% to 1.5% higher than traditional banks. The trade-off is that you cannot walk in with cash or sit across from a person. You fund the account by transferring money from another bank account or by mailing a check.

The process takes a few days because the transfer has to clear. Most online banks let you open the account and see your rate immediately, but the CD does not start earning until the money arrives. If you are comfortable with a few days of waiting and moving money electronically, online banks are worth checking — the rate difference adds up, especially on larger deposits or longer terms.

Credit unions may offer better rates and lower minimums

Credit unions are member-owned financial institutions that sometimes offer CD rates higher than banks, particularly on longer terms. They also frequently have lower minimum deposit amounts — some accept CDs as small as $500 or even $100, while banks often require $1,000 or more.

The catch is that you must be a member to open a CD. Membership requirements vary: some credit unions are open to anyone in a geographic area, others require you to work for a specific employer or belong to a certain organization, and still others let you join by making a small donation to a nonprofit. Search for credit unions in your area using the CO-OP Network locator or the Alliant Credit Union locator online. Call and ask about membership requirements and current CD rates before you visit.

Brokerage firms let you compare multiple bank CDs in one place

If you want to see rates from many banks without opening separate accounts, you can buy CDs through a brokerage firm. Fidelity, Charles Schwab, and E*TRADE all offer CDs from multiple FDIC-insured banks through a single brokerage account. You fund your brokerage account once, then use that money to buy CDs from whichever bank offers the rate you want.

This approach works well if you are already a brokerage customer or if you plan to buy several CDs and want to compare rates side by side. The downside is that you need to open a brokerage account first, which takes a few days. Also, the rates available through brokerages are sometimes slightly lower than what you would get by going directly to the bank, because the broker takes a small cut.

How to compare rates across institutions

CD rates change weekly and vary by term length — a 6-month CD will pay a different rate than a 1-year or 5-year CD at the same bank. Before you deposit, check rates at three to five places: your current bank, one online bank, one credit union, and optionally a brokerage firm or a rate-comparison site like Bankrate or DepositAccounts.

Write down the rate, the term length, and the minimum deposit for each one. Then multiply the rate by your deposit amount and the number of years to get a rough sense of how much interest you will earn. A 0.5% difference on a $10,000 CD over five years is about $250 — worth a few minutes of comparison shopping. Once you have chosen, you can open the account online, by phone, or in person the same day at most institutions.

In-person branches still exist if you prefer to handle it face-to-face

If you want to sit down with someone and discuss your options, any bank or credit union branch can open a CD for you in person. Bring your ID, your Social Security number, and the money you want to deposit (or be ready to transfer it from another account). The teller will show you the available terms and rates, answer questions about early withdrawal penalties, and open the account on the spot.

This approach takes longer than online or phone, but it removes any doubt about how the process works. It is also useful if you have questions about how a CD fits into your overall savings plan or if you want to understand the terms before you commit.

Frequently Asked Questions

Can I buy a CD with cash at a bank branch?

Yes. Bring your ID, Social Security number, and the cash to any branch of a bank or credit union where you have an account. They will count it, open the CD, and you will start earning the stated rate immediately. If you do not have an account there yet, you may need to open one first, which takes about 15 minutes.

What if I want to buy a CD but do not have a bank account?

You will need to open a checking or savings account first. Bring your ID and Social Security number to any branch, or open one online. Once the account is open, you can fund it with a transfer, a check deposit, or cash, then open a CD using that money.

Do online banks require a minimum deposit?

Most online banks require a minimum deposit of $500 to $2,500 to open a CD, though some have no minimum. Check the specific bank's website or call before you transfer money. Credit unions often have lower minimums than online banks.

Can I buy a CD if I am not a U.S. citizen?

Most banks and credit unions require a Social Security number or Individual Taxpayer Identification Number (ITIN) to open a CD. Bring your ID and whichever number you have. Some institutions have additional requirements; call ahead to confirm.

What happens if I need the money before the CD matures?

You can withdraw it, but you will pay an early withdrawal penalty — usually three to six months of interest. The penalty amount is set when you open the CD and is stated in the disclosure document. Read that document before you deposit so you know what it will cost if you need the money early.