Current Top CD Rates
- The leading national CD rate has increased from 5.55% to 5.60%, offered by Northern Bank Direct for a 12-month term.
- Newtek Bank offers a competitive rate of 5.55% APY for a 6-month term.
- You can secure rates of 5.30% or higher for terms up to 2 years, or 4.70% to 5.00% for certificates lasting 3 to 5 years.
- While CD rates have been gradually declining in anticipation of future Fed rate cuts, recent inflation data suggests rate cuts may be delayed.
Below are the featured rates from our partners and details of the best CDs available nationwide.
Lock In 5.30% to 5.60% APY for 3 to 23 Months
The top national CD rate has reached 5.60% APY, now available for a 12-month term with Northern Bank Direct.
Newtek Bank is offering 5.55% APY for a 6-month term, and several other CDs offer competitive rates for various durations.
For longer terms, you can earn up to 5.40% APY on 18-month CDs, with options for terms ranging from 3 to 15 months. Credit Human offers a rate of 5.30% for 18-23 month terms.
Longer Terms Will Lock Your Rate to 2027—Or Beyond
Opting for a CD longer than two years can secure rates up to 5.00% for 3 years, guaranteeing the return until 2027. Longer terms of 4 to 5 years offer rates in the mid-to-high 4% range.
CD Rates Are Still Near Record Highs
While CD rates have slightly decreased from their peak of 6.50% in October, there are still several options paying at least 5.50% APY.
Locking in a yield in the 4% to 5% range for a year or more remains a favorable earning opportunity compared to rates over the past 20 years.
Jumbo Deposits Can Provide More CD Options
State Bank of Texas and My eBanc offer higher rates on jumbo CDs compared to standard certificates, though standard CDs may provide comparable earnings.
Where Are CD Rates Headed in 2024?
Following a period of rising rates, recent Fed decisions have kept rates stable, with expectations of potential future rate cuts. CD rates surged in late 2023 to a two-decade high.
The Fed’s pause in rate hikes is due to cooling inflation, yet uncertainties remain regarding future rate cuts.
Although a rate reduction by the Fed in 2024 is plausible, the exact timing remains uncertain.
CD rates may sustain their current stability until more clarity on the Fed’s rate-cutting intentions emerges.
How We Find the Best CD Rates
Each business day, we analyze over 200 banks and credit unions to identify the top-paying CDs in various terms. Institutions must be federally insured, and the CD’s initial deposit shouldn’t exceed $25,000 to qualify for our lists.
Banks must operate in at least 40 states, and specific criteria are considered for credit unions. Our methodology ensures transparency and accuracy in determining the best CD rates available.