The interest rates for Barclays CDs are competitive for most terms. For terms longer than 12-months, the rates are competitive with other online CDs. The interest rates for all CD accounts are much higher than typical bank rates. Barclays CDs interest rates are not tiered. Any balance in the CD earns the competitive interest rate.

Barclays offers a good variety of CD terms. The shortest term offered is a three-month term. The longest term is a 60-month term. Barclays offers a total of nine different CD terms. All the terms are entirely online CDs. Each CD term is available to open online.

There is not a set amount required to open Barclays CDs. Open any of the nine CD terms with any amount. There is not a set amount required to earn the most competitive interest rates. The only balance requirement is that you have enough money in your CD to earn $0.01 in interest.

Barclays encourages CD laddering. This means customers can earn the most competitive interest rates but with more flexibility. CD laddering is investing money in CDs varying in term length. Customers invest in multiple long term CDs. By doing this, one CD will mature each year. This gives customers more access to their money while earning competitive rates. The Barclays website offers a CD ladder calculator. This allows customers to see how to build a successful CD ladder.

The Barclays short term CDs do not offer competitive interest rates. The three, six, and nine-month CDs offer interest rates that are lower than other online banks. These rates are higher than typical bank CD rates of the same term. They are not competitive with other online CDs of the same term length.

Barclays only offers two ways to fund their CDs. Customers can fund the account through an electronic transfer or mailing in a check. If you plan to transfer the money electronically, you must link the CD with an external bank account. Barclays does not accept cash or money orders to deposit into CDs.

The easiest way to make electronic transfers into a Barclays CD is to link it to an external account. You can link up to three external accounts to your Barclays CDs. The linked accounts must be with another bank that is chartered in the United States. You can link accounts when you initially fund your CD or at a later date.

Barclays does not offer an interest rate guarantee. The interest rate you earn on your Barclays CD is the rate on the day you open your account. The interest rates on CDs are competitive with other online accounts. But, if the rates increase shortly after you open your account, Barclays does not increase the interest rate for your CD.

Read the full Barclays review.

The opening required amount for PenFed CDs is low. Each standard and IRA CD terms only require $1,000 to open. The education CDs only require $500 to open. You can open the CDs online or in a branch location.

There are a good variety of CDs available through PenFed. They offer nine standard CD terms from six months to seven years. Their IRA CDs and educational savings certificates terms range from one to seven years.

Each CD term with PenFed offers competitive interest rates. The rates are competitive with other online CDs. The standard, IRA, and education CDs interest rates are competitive. They are higher than the typical bank interest rates.

There is more than one way to choose how to receive interest payments earned from your PenFed CDs. You can have the money added to the CD or another account. You can choose to have the money sent to you in a check. You can receive the interest earned monthly or when the CD matures.

To open a CD with PenFed, you must first become a member of the credit union. If you have or are currently serving in the military, you can become a member. Living in certain areas or being a member of set organizations qualifies you. If you work for the U.S. government or other organizations, you are eligible as well. If you do not meet any of these requirements, you can pay a $5 fee. Once you are a member, you can apply for accounts.

PenFed offers standard CDs, IRA CDs, and educational CDs. Members can only open standard CDs online. To open the other types of CDs, you must visit a branch location or contact customer service. All the standard CD terms are available to open online.

The standard PenFed CDs do not offer an interest rate guarantee. If you open a CD and the interest rates increase shortly after, your interest rates will not increase. The PenFed standard CDs offer competitive interest rates.

The early withdrawal fees for PenFed CDs are high. If you withdraw money early from a six-month CD, you will lose all your interest. For CD terms longer than six-month the fee is all interest earned if withdrawn in the first year. After the first year, the fee is 30 percent of what would have been earned if the CD had reached maturity.

Read the full PenFed Credit Union review.