Unlocking the Best CD Rates: Your Comprehensive Guide
If you’re in the market for a certificate of deposit (CD), staying informed about the latest rates and trends is essential. Today, we explore the top national CD rates, helping you make informed decisions to maximize your savings. Let’s dive in!
Key Takeaways
- Following a brief hiatus, MutualOne Bank has reclaimed its position as the leader in national CD rates, offering a lucrative 5.65% APY on a 3-month certificate.
- Northern Bank Direct trails closely behind with a competitive 5.60% rate for a 12-month term.
- Diversify your rate lock duration with options like 5.40% for 15 months, up to 5.30% for 2 years, or a range between 4.70% and 5.00% for 3 to 5 years.
- While CD rates have seen a gradual decline in recent months, current inflation indicators suggest a potential delay in imminent Fed rate cuts.
Lock In 5.30% to 5.60% APY for 3 to 23 Months
The nationally available top CD rate has surged to 5.65% APY with MutualOne Bank reintroducing its offer after a temporary withdrawal, albeit for a brief 3-month period.
For a longer commitment, Northern Bank Direct presents a commendable 5.60% APY over a 12-month span. Additionally, explore higher rates reaching 5.40% for durations extending up to 18 months, ensuring several enticing options.
Longer Terms Will Secure Your Rate to 2027—Or Beyond
Consider the long-term financial strategy by opting for CDs surpassing the two-year mark to protect against potential downward interest rate trends. Secure a promising 3-year CD at 5.00%, guaranteeing a stable return until 2027. Alternatively, explore rates in the 4% to 5% range for extended terms of 4 or 5 years.
CD Rates Are Still Near Record Highs
While CD rates have slightly tapered since reaching a historic peak of 6.50% in October, current rates remain significantly higher compared to the past two decades. Seize the opportunity to lock in favorable yields ranging between 4% to 5% for extended durations.
Jumbo Deposits Can Provide More CD Options
Discover exclusive benefits with jumbo CDs that offer enhanced earning potential. State Bank of Texas and My eBanc feature top-tier rates – 5.50% APY for a 12-month certificate and 5.49% APY for a 6-month term, respectively.
Where Are CD Rates Headed in 2024?
Amidst ongoing economic shifts, anticipating future CD rate movements is crucial. Stay updated on the Federal Reserve’s actions and industry projections to make informed decisions regarding your CD investments for the coming years.
How We Find the Best CD Rates
At Investopedia, we meticulously track rate data from over 200 banks and credit unions nationwide on a daily basis to curate up-to-date rankings of the most rewarding CDs. Our methodology ensures that the highlighted rates meet specific criteria, offering you a reliable source for identifying optimal savings opportunities.