The set amount required to open State Farm Bank CDs is low. Each regular CD term only requires $500 to open. You must keep $500 in the CD to earn interest. State Farm Bank offers personal deposit CDs and business CDs. The required amount is the same for business and personal CDs. To open a jumbo CD requires $100,000 to open.

State Farm Bank offers a good variety of CD terms. They offer CDs specific to personal deposit and business CDs. There are six different CD term lengths for personal deposits as well as business CDs. The terms range from 12-months to 60-months. State Farm Bank also offer jumbo CDs in the same terms as regular CDs.

The interest rates for State Farm Bank CDs are competitive. They are competitive with other online CDs. All the CD terms offer rates competitive with other online CDs of the same term length. The rates of State Farm Bank CDs are much higher than typical bank interest rates. You must keep $500 in the regular CDs and $100,000 in the jumbo CDs to earn interest.

State Farm Bank CDs can be opened online. You can fund your account by linking an external account to your State Farm CDs. Once you are approved for an account, your account is completely online. You can view everything for your State Farm accounts online or on their mobile app.

State Farm Bank does not offer CD terms shorter than 12-months. They do not offer a three, six, or nine-month CD terms. The shortest terms available is the 12-month term. This term is available as a personal deposit CD as well as a business CD term.

State Farm Bank does not offer an interest rate guarantee. If you open a CD with State Farm and the interest rates increase soon after, your rate does not increase. The interest rate on the day you open your CD is the rate you receive for the entire CD term.

All State Farm Bank CDs have a fee if you withdraw money before the CD reaches maturity. The penalty for early withdrawals is high. If you withdraw money from a CD term between 12 and 23 months, the fee is 180 days of interest. For terms from 24 to 47 months, the fee is 365 days of interest. The fee is 545 days of interest if you withdraw money early from CD terms for longer than 48 months. There is also a minimum withdrawal penalty of $25 if your fee does not total more than that.

State Farm Bank offers jumbo CDs. To open a jumbo CD requires an opening balance of $100,000. The interest rates for the jumbo CDs are the same as the regular CD rates. These CDs do not offer interest rates any higher than the other CD rates. Jumbo CDs are available in personal deposit accounts and business accounts.

Read the full State Farm Bank review.

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.