This 2-Year CD Earns 4.35% APY and Has No Minimum Deposit. Should You Open One Now?
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Willing to lock up some cash in exchange for a guaranteed return? A certificate of deposit (CD) is for you -- and right now, Barclays is offering some of the best CDs out there.
Case in point: Barclays has a 2 Yr. CD with a strong 4.35% APY, with no minimum deposit required. If you're willing to lock up your money for a full two years, you can't do much better than that.
Here's what to know about Barclays Online CDs lineup, plus a few better options if you want to keep your money accessible.
Earn almost three times the national CD average with Barclays
Right now, the national average 2-year CD rate is 1.57% APY, according to the FDIC. Barclays' 2-year CD is offering nearly three times that.
Plus, with no minimum deposit, you can earn the same great APY no matter how much you deposit. That's great for people who don't want to lock up tens of thousands of dollars, but still want to land a great return.
Just know that early withdrawal penalties apply if you take out your money early. If you're thinking about CDs, make sure you won't need the cash you're locking up anytime soon.
Barclays Online CD
On Barclays' Secure Website.
Should you open a high-yield savings account instead?
A CD is the way to go if you're willing to give up access to your cash in exchange for a guaranteed return. If you want to keep your money accessible, on the other hand, I recommend a high-yield savings account.
Consider that the average savings account interest rate is a paltry 0.37% APY, according to the FDIC. The best high-yield savings accounts are offering 10 times that, along with total access to your cash and FDIC insurance up to $250,000 -- just like your traditional bank account.
The downside is that high-yield savings rates can change at any time -- they aren't fixed like CD rates are. But if you ask me, everyone should have some kind of high-yield savings account to earn more on the money they want instant access to.
Two of my favorite high-yield savings accounts
1. SoFi Checking and Savings (Member FDIC): My bank account of choice
I opened a SoFi Checking and Savings (Member FDIC) account a year and a half ago, and I haven't looked back. I especially love perks like:
- Annual percentage yield (APY) of up to 4.20% on savings with +0.90% APY boost for up to 6 months on new accounts with qualifying direct deposits
- Limited-time offer: Earn $50 or $400 and +0.90% Boost on Savings APY with direct deposit. Terms apply.
- Up to $50 in no-fee overdraft coverage
- Access to paychecks up to two days early with direct deposit
- Terms apply
Since SoFi® comes with a checking account -- and investment accounts, and loans, and more -- you can manage all your finances in one place. That sort of versatility is hard to find. A great APY is just the cherry on top.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $400 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of $50 or $400 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. CIT Platinum Savings: Best for big balances
If you've got tens of thousands in the bank, I'd steer you to the CIT Platinum Savings account. It earns a standard rate of 3.75% APY on balances of $5,000 or more -- and right now for a limited time, new customers can earn up to 4.25%* APY with promo code at sign-up.
That's still below the Barclays Online CD rate we saw above -- but just barely. And again, high-yield savings accounts offer flexibility that CDs just can't match.
Keep in mind that if your CIT Platinum Savings balance falls below $5,000, your APY falls to just 0.25%. You'll definitely want to stay above that threshold to keep earning.
If that's not a problem for you, though, CIT is a great option.
On SoFi's Secure Website.
Member FDIC.
CIT Platinum Savings
On CIT's Secure Website.
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With the 6 month Boost limited-time offer, you earn 4.25%* APY on balances over $5,000 (balances less than $5,000 earn 0.75%* APY). After the boost is complete you will continue to earn standard rates -- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees.
- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 21, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
CIT General Disclosure
For complete list of account details and fees, see our Personal Account disclosures.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.
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