Key Takeaways
- The top CD rates across all terms remain strong, with MutualOne Bank offering the best rate of 5.65% for a 3-month term.
- Newtek Bank follows closely with a rate of 5.55% APY for a 6-month term.
- CDs offering 5.20% or more extend up to 2 years, allowing rate locks above 5% until as late as 2026.
- CD rates have been gradually decreasing in anticipation of future Fed rate cuts, although recent inflation data may delay rate decreases.
Here, you’ll find highlighted rates from our partners along with insights from our ranking of the best available nationwide CDs.
Lock In 5.20% to 5.65% APY for 3 to 23 Months
The highest CD yields continue to be on short-term certificates. MutualOne Bank leads with a 5.65% APY on a 3-month term, followed by Newtek Bank at 5.55% APY for a 6-month certificate. Additionally, 10 more CDs pay 5.40% APY or better for terms of 3 to 12 months.
Longer Terms Will Lock Your Rate to 2027—Or Beyond
To secure high CD rates for an extended period, consider long-term options. Opt for a top 3-year CD at 5.00% APY to guarantee the rate until 2027 or select rates in the 4% range for 4 or 5 years ahead.
CD Rates Are Still Near Record Highs
Although CD rates have slightly declined from their peak, they are still higher than in the past 20 years, offering a favorable earning opportunity for savers. By locking in rates now, you can benefit from these historically high returns.
Jumbo Deposits Can Provide More CD Options
Jumbo CDs can offer higher yields, with options like State Bank of Texas offering 5.50% APY for a 12-month certificate. However, it’s essential to compare jumbo and standard CDs as standard certificates may offer similar or better rates in some cases.
Where Are CD Rates Headed in 2024?
Despite inflation concerns, CD rates have remained high due to aggressive rate hikes by the Federal Reserve. While a rate cut may be on the horizon, the timing remains uncertain, with the Fed closely monitoring inflation trends before making any decisions.
For more insights on the best CD rates and how we determine them, continue reading below.
How We Find the Best CD Rates
Investopedia tracks data from over 200 banks and credit unions daily to rank the top-paying CD rates. We include only federally insured institutions with a maximum initial deposit of $25,000 and available in at least 40 states. To ensure transparency, we disclose our full methodology for selecting the best rates.