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While 83% of the traditional banks we analyzed offer lower fees, higher rates, or other perks if you have money in multiple accounts, you may also profit by moving some cash elsewhere—particularly if you’re already above the minimum balance or your bank doesn’t offer such benefits. —Megan Leonhardt and Alicia Adamczyk

Synchrony Certificate of Deposit

WHY IT WINS: Synchrony’s 1.25% interest rate is best in class while requiring a modest $2,000 deposit.

CAVEAT: Synchrony edged past some close contenders. Sallie Mae Bank, for instance, pays 1.24% on one-year CDs, and Goldman Sachs pays 1.19%.

• Minimum to open: $2,000
• Interest: 1.25%
• Early withdrawal penalty: It's the industry standard—90 days of simple interest on the amount drawn.