Daily-as opposed to monthly or quarterly-compounding interest schedules boosted rankings. Higher APYs led to better rankings, while minimum deposit requirements of $10,000 or more brought scores down. We used these factors to rank the different accounts. We assigned the following weighting to each category: We also analyzed and ranked each institution by individual terms. We gave each institution a star rating based on 11 data points within the categories of APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. Forbes Advisor analyzed 356 CD accounts at a mix of 134 brick-and-mortar banks, online banks and credit unions to determine the best CD rates in Connecticut.
