Key Takeaways
- The best nationally available CD rate currently stands at 5.55% APY, offered by Newtek Bank for a 6-month certificate.
- While there are still five CDs offering at least 5.50% APY, this number has significantly decreased from 30 at the beginning of February.
- CD rates have been gradually decreasing over the past few months and are anticipated to drop faster following potential rate cuts by the Federal Reserve.
- Top rates also include 5.42% for a 3-month CD from TotalDirectBank and 5.40% APY for a 1-year term from various institutions.
Discover the featured rates available from our partners below, along with insights from our ranking of the best nationwide CDs.
Lock In 5.55% APY for 6 Months
Newtek Bank’s 6-month CD boasts a competitive 5.55% APY with a minimum deposit of $2,500, holding its position as the leading nationally available certificate.
Most of the CDs offering 5.50% or more have short 5- or 6-month terms, with varying minimum deposit requirements from different institutions.
Explore the yields of 5.40% APY for a 1-year term, ensuring a fixed rate into 2025, provided by five financial institutions with accessible minimum deposits.
Today’s Top Bank, Credit Union, and Jumbo CD Rates
Hughes Federal Credit Union leads with a jumbo CD rate of 5.65% APY for a 17-month term, requiring a minimum deposit of $99,000.
While jumbo CD rates stand out, standard CDs often offer comparable or better rates. Consider both options across various terms before finalizing your decision.
Where Are CD Rates Headed in 2024?
Following the Federal Reserve’s decision to maintain rates at current levels, CD shoppers may see a gradual decline in rates as the Fed contemplates future rate cuts.
The Fed plans to potentially reduce its benchmark rate multiple times this year, indicating an anticipated decrease in CD rates moving forward.
How We Find the Best CD Rates
Investopedia evaluates over 200 banks and credit unions daily to compile rankings of top-paying CDs with minimum initial deposits under $25,000 and federal insurance.
To ensure comprehensive coverage, banks must operate in at least 40 states, while credit unions with donation requirements over $40 are excluded from our analysis.