High-Yield CD Rates Guide: Best Offers and Trends
Key Takeaways:
- The nation-leading CD rate at 5.60% is currently maintained by Northern Bank Direct for a 12-month term.
- For a shorter term, consider Newtek Bank’s 6-month certificate offering 5.55% APY.
- Lock in rates ranging from 5.40% for 15 months to 5.00% for 3-5 years for longer terms.
- CD rates are near record highs, outperforming inflation rates.
Below you’ll discover featured rates available from our partners, along with insights from our ranking of the top nationwide CDs.
Lock In 5.30% to 5.60% APY for 3 to 23 Months
The top national CD rate has reached 5.60% APY and remains steady this week, provided by Northern Bank Direct for a 12-month term. Newtek Bank offers a 5.55% rate for 6 months. Explore various terms offering rates of 5.30% to 5.40% for periods between 3 to 23 months.
Longer Terms Will Secure Your Rate to 2027—Or Beyond
Opting for a CD term longer than 2 years can safeguard against potential rate declines, with top 3-year CDs paying 5.00% APY. Secure rates in the 4-5% range for 4-5 year terms as well.
Where Are CD Rates Headed in 2024?
The Federal Reserve’s rate hikes have impacted CD rates, providing favorable conditions for savers. Despite recent inflation challenges, speculation about future Fed rate cuts continues. Stay informed on potential rate fluctuations in the coming years.
Jumbo Deposits Can Provide More CD Options
Consider jumbo CDs for higher earnings; State Bank of Texas and My eBanc are offering competitive rates. Analyze the various CD term lengths to maximize your returns.
Note that the top-paying rates discussed here are significantly higher than national averages due to focused research. Stay updated on the best CD rates by regularly checking our lists.
How We Find the Best CD Rates
Each business day, we monitor over 200 banks and credit unions to compile daily rankings of the highest CD rates. Institutions must be federally insured, and a full methodology guide is available for a comprehensive understanding of our selection process.