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 For CD terms longer than six-month the fee is all interest earned if withdrawn in the first year.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.

Each of the ableBanking CDs has low opening required amounts. All the terms only require $1,000 to open. The CD terms available range from six months to four years.

The ableBanking CDs offer competitive interest rates. The rates are competitive with other online CDs. They are higher than the typical bank rates.

ableBanking CDs require $1,000 to open, but only $500 to earn competitive interest rates. The CD rates are not tiered. Any balance over $500 earns the competitive rates.

You can open ableBanking CDs online. ableBanking is an online division of Northeast Bank. Because of this, you open your accounts and access your accounts entirely online. You do not need to visit a branch location to open an account.

There are five CD terms offered through ableBanking. They offer six-month, one, two, three, and four-year CDs. These are the only CD terms available through ableBanking.

The ableBanking CDs do not offer an interest rate guarantee. If CD rates increase shortly after you open your account, your rates will not increase. The interest rates for each CD term are competitive.

ableBanking is an online bank. To transfer money into your account, you must link another account. This account can be the ableBanking money market account or an external account. Once you link the accounts, you can transfer money. Only one external account can be linked to an ableBanking account at a time.

The only time you can add money to ableBanking CDs is when you open the CD and once the CD reaches maturity. They do not offer CDs that you can add money to at any time. ableBanking does not accept cash deposits. Only electronic, wire, or check deposits are accepted.

Read the full ableBanking review.