Best CD Rates: Lock in High APYs from 3 to 23 Months
When it comes to earning the best CD rates, Northern Bank Direct remains a top choice, offering a competitive rate of 5.60% APY for a 12-month term. If you prefer a shorter duration, consider Newtek Bank’s 6-month certificate with a 5.55% APY. For those looking for longer rate locks, rates can go as high as 5.40% for 15 months, 5.30% for 2 years, or between 4.70% and 5.00% for 3 to 5 years.
Secure Your Rate with Longer Terms to 2027 or Beyond
Choosing a CD term longer than two years can be a wise decision, especially in anticipation of potential declines in U.S. interest rates. Opt for a top 3-year CD at 5.00% to secure your rate till 2027, or lock in mid-to-high 4% rates for 4 to 5 years ahead.
CD Rates Are Still Near Record Highs
While CD rates have slightly decreased from a historic high of 6.50% in October, they remain favorable compared to the past two decades. Earning a yield in the 4% to 5% range for a year or more continues to present a great earning opportunity.
Jumbo Deposits Offer Additional CD Options
Consider jumbo CDs to earn higher rates than standard CDs. State Bank of Texas and My eBanc currently offer competitive rates of 5.50% APY for 12 months and 5.49% APY for 6 months, respectively.
Where Are CD Rates Headed in 2024?
With the Federal Reserve closely monitoring inflation, there is speculation about potential rate cuts in the future. Despite recent stagnation in rate changes, fluctuations may occur based on inflation data results, impacting CD rates accordingly.
How We Find the Best CD Rates
Investopedia tracks and ranks over 200 banks and credit unions daily to identify the top-paying CDs in various terms. Institutions must be federally insured, and CD deposits should not exceed $25,000 to qualify for our lists. Our methodology ensures the selection of the most competitive rates available in the market.
- Northern Bank Direct offers a leading CD rate of 5.60% for a 12-month term.
- Newtek Bank provides a 6-month certificate with a competitive 5.55% APY.
- Consider Credit Human for rates up to 5.30% on terms ranging from 18 to 23 months.
- To secure rates till 2027, opt for a top 3-year CD at 5.00%.
- Jumbo deposits at State Bank of Texas and My eBanc offer rates above standard CDs.