Due to the overall weak economy, the federal government has kept their key interest rates low to encourage people to borrower money and buy products and services. While this is great for people looking to purchase a home or car, those looking to save money in risk free accounts have trouble finding high yielding accounts. Luckily, banks such as SunTrust banks still offer high interest accounts to their customers.

The best yielding savings accounts and SunTrust Bank are their certificate of deposit (CD) accounts. The interest rate that is offered on a CD at SunTrust varies based on the length of term, but the rates offered are very competitive compared to other financial institutions. All CD products at SunTrust Bank require a minimum deposit of $2,000.

For those looking for a short term CD, SunTrust Bank offers a 10-month penalty free CD with an interest rate of 0.50%. They also offer a traditional 10-month CD that has an interest rate of 0.80%, but, like all other SunTrust Bank CDs, the CD will come with an early withdrawal penalty. For those willing to deposit their money for a longer period of time, customers could receive a 25-month CD with an interest rate of 1.60% APY or a 39-month CD with an interest rate of 2.30% APY. The longer CD product available to customers of SunTrust is a 59-month CD, which has an interest rate of 3.00% APY. All of the CD products at SunTrust, excluding the 10-month CDs, can be opened as either at traditional CD or an IRA CD. The IRA CD will allow a customer to gain interest tax free.

For those looking for higher interest, but do not want to commit their funds for such a long period of time, SunTrust presently has a special CD offer. This CD product, which is available as either a traditional CD or an IRA CD, is 26-month CD that has an interest rate of 3.00% APY.