Updated
Fact Checked
Nathan Alderman
Generations Bank has partnered with Raisin to provide highly competitive CD rates for two specific term lengths. These CDs are mainly best for savers looking for high-paying shorter-term CDs. Read our full expert review to find out if Generations Bank CDs from Raisin are right for you.
Generations Bank High-Yield CD from Raisin rates
Generations Bank High-Yield CD from Raisin
- 6 APY: 5.21%
- 10 APY: 5.31%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Generations Bank High-Yield CD from Raisin
6 Mo.
10 Mo.
5.21%
5.31%
Compare Generations Bank CD rates
Generations Bank is a smaller financial institution that has a physical presence in Arkansas and Missouri, but also offers deposit accounts like CDs online through the Raisin platform. Generations Bank only offers its high-yield CDs from Raisin in two term lengths, but the yields on these products are highly competitive.
Take a look at what other banks are offering now to compare your options.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Generations Bank CD review
As mentioned above, Generations Bank offers CDs with high APYs to customers across the country through the Raisin online platform. If you aren't familiar with Raisin, it is a technology platform that offers FDIC-insured deposit accounts through 45 partner banks and credit unions in a single platform.
Here's a look at the pros and cons you should know about before deciding if it's right for you.
Generations Bank High-Yield CD from Raisin
Pros
- High APY
- Low minimum deposit
Cons
- Only two maturity terms
- No long-term CDs
- Cannot withdraw interest until term expires
- Automatic renewal
Generations Bank CDs are only available in two term lengths through the Raisin online platform -- 6 months and 10 months. So, if you're looking for any longer maturity term, even a 1-year CD, Generations Bank isn't likely to be the best fit for you.
Having said that, Generations Bank CDs are quite competitive with similar terms offered by competitor banks. Its APYs are well above average, and are competitive with some of the top APYs offered on 1-year and similar term CDs on our top picks list. In addition, unlike some of the other high-yield CDs on the market, there's no high minimum deposit required to open an account -- you can literally open a Generations Bank High-Yield CD from Raisin with $1.00.
One potential downside is that although interest is credited to the account monthly, it cannot be withdrawn until the end of the term. This makes Generations Bank CDs from Raisin not ideal for people who rely on their CDs and other fixed-income investments to cover day-to-day expenses. Only a one-time withdrawal of the entire balance of the CD is allowed.
Finally, like most high-yield CDs, Generations Bank CDs from Raisin renew automatically unless you act to stop it. You can log on to your account and close out the CD, and you'll have a seven-day grace period after the CD renews to cancel it and withdraw the money without penalty.
Rates as of May 14, 2024
APY = Annual Percentage Yield
Generations Bank High-Yield CD from Raisin
MINIMUM DEPOSIT $1
| 6 Mo. APY | 10 Mo. APY |
|---|---|
| 5.21% | 5.31% |
Keep reading about Generations Bank
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Yes, Generations Bank is a subsidiary of Harrell Bancshares, which is based in Arkansas. The bank traces its roots back to 1907 and has operated under the Generations Bank brand name since 2016. Its deposit products are FDIC insured and the bank has about a dozen branch locations throughout Arkansas and Missouri, although it offers online deposit accounts through the Raisin platform.
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Yes, Generations Bank CDs are FDIC insured to a maximum of $250,000 per person, per financial institution.
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If you withdraw from a Generations Bank CD from Raisin prior to its maturity date, you'll be charged an early withdrawal penalty equal to 90 days of simple interest. This means that if you change your mind and withdraw your money a month or two after opening your account, you could actually end up with less than you put in.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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