High APY CD Rates in the Current Market
In the competitive landscape of Certificate of Deposit (CD) rates, it’s crucial to stay informed about the latest offerings. Here’s a summary of the top rates available right now:
- Top national CD rate of 5.60% APY is available from Northern Bank Direct for a 12-month term.
- Runner-up Newtek Bank offers 5.55% APY for a 6-month term.
- Lock in rates of 5.30% or higher for up to 2 years, or 4.70% to 5.00% for 3 to 5 years.
Lock In 5.30% to 5.60% APY for 3 to 23 Months
The leading CD rate of 5.60% APY is available from Northern Bank Direct for a 12-month term. Those looking for slightly longer durations can earn up to 5.40% on 18-month CDs and 5.30% on 18-23 month terms like Credit Human’s offer. In total, 13 CDs are currently paying 5.40% APY or better.
Longer Terms Will Lock Your Rate to 2027—Or Beyond
Choosing a CD term longer than two years can shield you from potential interest rate declines over the next few years. Opting for a 3-year CD at 5.00% ensures that rate until 2027, while 4 to 5-year CDs offer rates in the mid-to-high 4% range.
CD Rates Are Still Near Record Highs
Though CD rates have slightly decreased from their peak of 6.50%, they remain historically high. Locking in rates between 4% to 5% for a year or longer presents a compelling earning opportunity.
Jumbo Deposits Can Provide More CD Options
For those considering jumbo CDs, State Bank of Texas and My eBanc offer competitive rates of 5.50% and 5.49% APY, respectively.
Where Are CD Rates Headed in 2024?
With the Federal Reserve holding rates steady amid cooling inflation, the outlook for CD rates in 2024 remains uncertain. While rate reductions are anticipated later in the year, the timing and extent are contingent on future economic data.
How We Find the Best CD Rates
Our daily rate tracking includes more than 200 banks and credit unions, ensuring we capture the top-paying certificates in each major term. To qualify, institutions must be federally insured, with a maximum initial deposit of $25,000 and wide availability across states.