High-Yield CD Rates: Locking in Your Best Returns
- The top CD rate nationwide: MutualOne Bank offers a competitive 5.65% APY for a 3-month term.
- Runner-up rates: Newtek Bank provides 5.55% APY for a 6-month term.
- Long-term options: Explore rates of 5.50% or higher for terms extending into 2025.
- Planning ahead: Secure rates up to 5.30% for 2 years, or between 4.70% and 5.00% for 3 to 5 years.
If you’re considering a Certificate of Deposit (CD) as part of your investment strategy, it’s crucial to stay informed about current offerings to maximize your returns. Today’s high CD rates provide an excellent opportunity to outpace inflation and grow your savings consistently.
Lock In 5.30% to 5.65% APY for 3 to 23 Months
Currently, the highest CD rate nationwide stands at 5.65% APY, available from MutualOne Bank for a short 3-month term. Looking for a longer guarantee? Newtek Bank offers a competitive 5.55% APY for a 6-month term, ensuring steady returns heading into 2025. Additionally, several other institutions provide rates of 5.50% or more for terms ranging up to 9 months.
Longer Terms Will Secure Your Rate to 2027—Or Beyond
For those seeking extended rate certainty, consider locking in a top 3-year CD rate at 5.00% APY, securing your return until 2027. Alternatively, opt for rates in the mid-to-high 4% range for 4 or 5-year terms, safeguarding your investment for years to come.
CD Rates Are Still Near Record Highs
While CD rates have slightly declined from their peak earlier this year, they remain historically favorable. Locking in yields between 4% to 5% for longer durations presents a lucrative earning opportunity, especially considering current inflation rates.
Jumbo Deposits Can Provide More CD Options
Jumbo CDs offer enhanced earning potential, with institutions like State Bank of Texas and My eBanc offering competitive rates up to 5.50% APY for various term lengths. However, the best jumbo CD rates may not always outdo standard CD offerings, so comparing both options is essential before making a decision.
Where Are CD Rates Headed in 2024?
Given recent Federal Reserve actions and inflation trends, CD rates are expected to remain stable in the near term. While the possibility of rate cuts looms in the future, the current economic landscape suggests a continued plateau in CD rates.
Note: The rates mentioned are among the highest nationally available rates, providing a substantial increase compared to national averages across banks and credit unions.
How We Find the Best CD Rates
Investopedia meticulously tracks daily rate data from over 200 banks and credit unions nationwide to curate lists of the top-paying CDs. Our methodology ensures that featured institutions are federally insured and offer competitive rates for a minimum initial deposit. We prioritize accessibility and transparency in selecting the best rates for our readers.