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Best Certificate of Deposit (CD) Rates in Ohio for 2025

​Discover the top certificate of deposit (CD) rates in Ohio for 2025 and maximize your savings with the best interest rates available.​
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Written by Anna Baluch
Financial Expert
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Managing Editor
Why MoneyRates is your trusted source
Key Takeaways
  • KeyBank, headquartered in Cleveland, offers a variety of CDs you can get online or in person at one of the many branches throughout the state.
  • Based in Columbus, Huntington Bank is known for its competitive rates on promotional CDs
  • Ally Bank’s lineup includes high-yield, raise-your-rate, and no-penalty CDs.
  • For Ohio residents who prefer great rates and flexibility, short-term CDs, such as a 3-month CD for Fifth Third Bank, are a smart choice.

Ohio residents searching for a low-risk way to save money may want to explore certificates of deposit (CDs). Whether you hope to save for a house, go on a dream vacation, renovate your home, or anything in between, this guide can help you zero in on the best CD rates from banks and credit unions in the Buckeye State. Keep reading to learn about CD options for Ohioans.

Best CD Interest Rates In Ohio

Rates shown are examples of availability at time of publication. Rates change frequently, often on a weekly basis. For the most up-to-date rates, check directly with the financial institution.

  1. Fifth Third Bank: Known for a vast selection of promotional, short-term, long-term, and 529 CDs with no monthly maintenance fees.
  2. KeyBank: Headquartered in Cleveland, KeyBank offers a variety of CDs that can be bought online or in person at one of the many branches throughout the state.
  3. Huntington Bank: Based in Columbus, Huntington Bank is known for its competitive rates on promotional CDs and a strong focus on customer service.
  4. Online Banks: Many online banks offer CDs at higher rates than traditional local banks, making them a smart option for Ohio residents.

Online Banks Offering CDs

Ohioans who prioritize flexibility and higher rates might find what they’re looking for at online banks. Below are several benefits of choosing online banks for your CD:

Higher Interest Rates

Due to their lower operating costs, online banks usually offer more competitive CD interest rates than traditional banks with brick-and-mortar locations.

Accessibility

You can open and monitor your CD account from the comfort of your own home or just about anywhere, using a smartphone, tablet, or any other device with an internet connection.

Low Minimum Deposits

It’s not uncommon for online banks to advertise low or no minimum deposit requirements, making them a feasible option for all types of investors.

FDIC Insurance

Reputable online banks are FDIC-insured, providing you with the same peace of mind you can expect with traditional banks. 

Here are some popular online banks with great CD rates for Ohioans: 

  • Ally Bank: Ally Bank’s lineup includes high-yield, raise-your-rate, and no-penalty CDs. Investors get 24/7 customer service and a 10-day best-rate guarantee as an added bonus.
  • Synchrony Bank: In addition to offering three types of CDs, Synchrony Bank doesn’t impose any minimum deposit requirements.
  • Discover® Bank: Discover Bank frequently advertises promotional CDs with impressive rates. All CD products are free of fees.
  • Popular Direct: Popular Direct’s CD offerings have very competitive rates and might make sense for those with at least $10,000 to invest.

It’s a good idea to research these options to find CDs that are right for your unique situation. 

Factors to Consider When Choosing a CD in Ohio

Consider these factors as you search for the ideal CDs in the Buckeye State.

Interest Rates 

Fortunately, you can find high rates at local Ohio banks and online banks. However, as you shop around, you’ll notice that online banks typically offer better rates as a result of lower overhead costs. 

Minimum Deposit Requirements

Minimum deposit requirements vary, but it is possible to find many banks and credit unions that will allow you to open a CD with any amount of money, including $500 or $1,000. Opt for a CD product that aligns with your budget.

Term Length

Since you park your funds in them for an extended period of time, longer-term CDs typically reward you with higher rates. Think about when you might need to withdraw your money to help you determine the best term.

Early Withdrawal Penalties

While CDs tend to offer higher rates than traditional savings accounts, you may face a penalty if you pull money out of your account before it reaches its maturity date. Read the fine print and make sure you’re aware of early withdrawal penalties and other potential fees.

FDIC or NCUA Insurance

Only open a CD with a bank or credit union that the FDIC or NCUA insures. Otherwise, you risk losing your investment if the institution fails. This type of insurance will usually protect your deposits of up to $250,000.

Local vs. Online Options 

Local banks and credit unions like Fifth Third and KeyBank are known for individualized service and provide the option of in-person banking in Ohio. However, online banks such as Ally Bank and Discover Bank offer lower fees and higher rates.

Promotional Offers

Many institutions reward investors with special rates or bonuses if they open a CD. These promotional offers change often, so it’s important to look for them regularly.

Focusing on these factors allows you to zero in on the best CD for your budget and goals.

Pros and Cons of Certificates of Deposit

Pros

  • Higher returns than traditional savings accounts.
  • Various options to accommodate different investing goals.
  • FDIC or NCUA insurance for deposits up to $250,000.

Cons

  • Less liquid than other investment options, which can be an issue if an emergency expense pops up.
  • Longer-term CDs might not keep up with inflation and higher cost of living.
  • May earn higher returns with other financial products.

Ready to Grow Your Savings?

For a low-risk investment vehicle with a predictable income stream, a certificate of deposit is a solid choice. Whether you choose a local financial institution in Ohio or an online bank, you’re bound to find a CD that checks off all your boxes. However, before you move forward with a CD account, don’t forget to shop around and compare all your options.

FAQs

Do I have to pay taxes on CD interest in Ohio?

Yes, CD interest is subject to taxes at the federal and state levels in Ohio.

What are the best short-term CDs in Ohio?

Short-term CDs, such as a 3-month CD for Fifth Third Bank, are ideal for Ohio residents who prefer great rates and flexibility.

Are local credit unions better than online banks for CDs in Ohio?

Local credit unions are a solid choice for personalized service and in-person banking, whereas online banks typically offer higher rates and lower fees.

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Contributor Writer
Anna Baluch is a personal finance writer and expert who writes about financial topics ranging from personal and student loans to mortgages, debt relief, auto financing, and budgeting. As a contributor to MoneyRates, Anna’s insights are backed by her hands-on experience, exemplified by her achievement of paying off her mortgage in just 16 months, a journey she shared on the “Burn Your Mortgage” podcast in 2019. Her knowledge and expertise have appeared on personal finance platforms such as LendingTree, Business Insider, Credit Karma, Experian, American Express, Rocket Mortgage, U.S. News & World Report, and Policygenius. Anna is dedicated to guiding consumers toward making informed financial choices.