Key Takeaways
- The top CD rate in the country has increased to 5.65% at MutualOne Bank for a 3-month term.
- Newtek Bank, the former leader, now offers 5.55% on a 6-month certificate.
- Currently, 16 CDs pay 5.40% or higher, with terms up to 12 months.
- CD rates range from 4.70% to 5.35% APY for terms between 18 months and 5 years.
- Expect CD rates to decline further as the Federal Reserve prepares for a rate cut later this year.
Below, you will find featured rates from our partners, along with details on the best CDs nationally available.
Lock In 5.40% to 5.65% APY for 3 to 12 Months
MutualOne Bank now leads with a 5.65% APY on a 3-month CD, surpassing Newtek Bank’s 5.55% rate on a 6-month term.
Additionally, 14 other CDs with terms of 3 to 12 months offer 5.40% APY or higher, including 5-7 month CDs with 5.50% rates.
For longer durations, top 18-month CDs feature rates ranging from 5.20% to 5.35% APY.
Longer Terms Secure Your Rate to 2026 and Beyond
Explore 2-year CDs paying 5.20% or even lock in a 5.00% rate until 2027. Opt for high-4% rates for 4 to 5 years if desired.
CD Rates Are Still Near Historic Highs
Despite a slight decline, CD rates remain notably high, making it a great time to secure rates in the 4% to 5% range.
Consider the favorable conditions for long-term rate locks before potential declines in the coming years.
Prepare for potential rate decreases in 2024 and 2025 by securing long-term rates now.
Jumbo Deposits Can Provide More CD Options
Leverage jumbo CDs for higher yields, with State Bank of Texas and My eBanc offering competitive rates.
Compare jumbo CD rates with standard CD rates to maximize potential earnings.
Note that the rates mentioned are nationally available rates and can offer substantially higher returns than average rates found at many banks.
Where Are CD Rates Headed in 2024?
Anticipate further declines in CD rates this year, dependent on Federal Reserve actions.
Keep an eye on potential Fed rate cuts and their impact on CD rates moving forward.
Stay informed about market predictions and Fed decisions regarding possible rate reductions.
Based on current expectations, CD rates are likely to gradually decline throughout the year, with accelerated drops upon official rate cut announcements.
Monitor upcoming Fed meetings for potential rate-setting decisions that could impact CD rates.
How We Find the Best CD Rates
Investopedia tracks data from over 200 institutions daily to determine and rank top-paying CDs across various terms.
Institutions must be federally insured, and minimum deposit requirements are considered when compiling the best CD rates.