Unlocking Top CD Rates for Maximizing Returns
Are you searching for the best CD rates to maximize your returns? Let’s explore the top nationwide rates to help you make informed decisions on where to invest your money for optimal growth.
Key Takeaways
- The highest nationwide CD rate stands at 5.65% APY offered by MutualOne Bank but on a short 3-month term.
- Newtek Bank offers a 6-month CD with a competitive 5.55% APY, providing a longer rate lock than MutualOne Bank.
- For extended rate locks, consider 1-year CDs at up to 5.40% APY, 2-year CDs at up to 5.30% APY, or CDs with terms of 3 to 5 years offering 4.70% to 5.00% APY.
- Current CD rates are slightly below their peak from last fall, signaling potential Fed rate cuts; however, recent inflation trends indicate rate adjustments may be delayed.
Lock In 5.30% or More—For as Long as 23 Months
Eager to secure a high yield for an extended period? MutualOne Bank offers a leading 5.65% APY on a 3-month CD, promising returns until August. Newtek Bank’s 6-month CD at 5.55% APY is another lucrative option, securing your rate guarantee well into 2025.
Additionally, you can explore six more CDs offering 5.50% or higher on terms up to 9 months or opt for Credit Human’s 5.30% rate on an 18-23 month term, ensuring returns until fall 2025 or spring 2026.
Long CD Terms Secure Your Rate to 2027—Or Beyond
Considering a longer-term strategy? Lock in a top 3-year CD at 5.00% APY, safeguarding your returns until 2027. Alternatively, explore mid-to-high 4% rates for 4 to 5-year CDs to secure long-term financial stability.
CD Rates Are Still Near 20-Year Highs
Although CD rates have dipped from their peak of 6.50% in October, current rates of 5.50% or more illustrate a favorable earning opportunity compared to the past two decades. Despite potential rate decreases in 2024 and 2025, securing a long-term rate today can be a wise move.
Jumbo CDs Offer a Rate Bump in Some Terms
Unlock higher earnings with jumbo CDs at State Bank of Texas offering 5.50% APY on a 12-month term and State Department Federal Credit Union providing 5.41% APY for 15 months. While jumbo CD rates can exceed standard rates, it’s essential to compare offerings to maximize returns.
Where Are CD Rates Headed the Rest of This Year?
Amidst heightened inflation, the Federal Reserve’s actions significantly impact CD rates. While recent rate stability prevails, potential future rate cuts may influence CD rate trajectories. Monitoring Federal Reserve decisions and economic indicators can help navigate CD investment strategies.
How We Find the Best CD Rates
Enhance your financial planning with our extensive daily tracking of over 200 banks and credit unions to identify top-paying CDs in various terms. Trust Investopedia’s rigorous methodology to guide your CD investment choices, ensuring federally insured, high-yield options for optimal returns.