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Lower APYs, minimum deposit requirements above $10,000 and less frequent compounding schedules resulted in lower scores. Accounts with higher APYs, low minimum deposit requirements and daily compounding schedules performed best. We ranked each CD account based on scores for these categories. We weighed the different categories as follows: We also ranked these institutions by individual account terms. The data points we assessed fall into the following categories: APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability.

We evaluated these financial institutions on 11 data points, assigning star ratings accordingly. To find the best CD rates in Ohio, Forbes Advisor analyzed 356 CD accounts at 134 traditional banks, online banks and credit unions.

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