Best CD Rates in 2024: Lock in High APYs Now
- The top national CD rate is an impressive 5.55% APY offered by Newtek Bank for a 6-month certificate.
- Several other CDs also boast competitive rates, with four options at 5.50% APY for 6 months and 15 more offering at least 5.35%.
- For those with significant deposits, consider Hughes Federal Credit Union’s 17-month offer of 5.65% APY, a jumbo CD rate.
Current CD Landscape
Newtek Bank’s 6-month CD stands out with a 5.55% APY, requiring a minimum deposit of $2,500, making it a top choice since March 18.
Other CDs with rates of at least 5.50% have terms ranging from 5 to 7 months, typically requiring a minimum deposit of $2,500, except for a few credit unions with lower minimums.
Looking ahead, you can secure rates up to 5.40% APY into 2025 for a 1-year term, or even lock in 5.20% or 5.00% rates into 2026 and 2027 with longer-term CDs.
Where Are CD Rates Heading?
CD rates have gradually declined since hitting a record high of 6.50% in October. Despite this, current rates remain lucrative compared to historical averages, offering a great opportunity for long-term savings.
While the highest APY is desirable, consider securing a slightly lower rate now for future certainty, especially with expectations of potential rate drops in the coming years.
Today’s Top CD Rates
Hughes Federal Credit Union continues to offer the best jumbo CD rate at 5.65% APY for a 17-month term, requiring a minimum deposit of $99,000.
Remember to compare both standard and jumbo CD rates as standard certificates can sometimes offer better returns in the current market.
Anticipating Rate Cuts
Analysts predict further declines in CD rates this year, influenced by Federal Reserve decisions on interest rates. While a rate cut isn’t immediate, expectations suggest multiple cuts throughout the year.
Market forecasts align with potential Fed actions, indicating a downward trend in CD rates. Keep an eye on the central bank’s upcoming rate-setting meetings for more insights.
Best High-Yield Savings Accounts for June 2024—Up to 5.55%
Best CD Rates for June 2024: Up to 5.51%
Best Money Market Account Rates for June 2024—Up to 5.35%
How We Identify Top CD Rates
We analyze over 200 banks and credit unions daily to identify the best CD rates, ensuring they are federally insured and have reasonable minimum deposit requirements. Stay informed on the latest rates to make the most of your savings.