High-Yield CD Rates Report: Lock In Your Savings with the Best Certificates of Deposit Rates
- The top national CD rates have remained stable across all terms today.
- MutualOne Bank revealed the best overall CD rate in the country at 5.65% on a 3-month term.
- Newtek Bank offers a competitive 6-month CD rate of 5.55% APY.
- CD rates for terms up to 3 years are offering 5.00% or higher, allowing you to secure your rate until 2027.
- While the best CD rates have been gradually decreasing over time, a potential Fed rate cut could accelerate this decline.
Lock In 5.40% to 5.65% APY for 3 to 12 Months
Looking for the highest CD returns on short-term certificates? MutualOne Bank now leads with a 5.65% APY on a 3-month term, surpassing the previous 6-month offer from Newtek Bank at 5.55% APY. Additionally, 13 other CDs are offering 5.40% APY or better for terms ranging from 3 to 12 months, including attractive options for 5-7 month CDs at 5.50% APY.
If you prefer a longer rate lock, consider the best 18-month CD rates ranging from 5.15% to 5.25% APY, ensuring a competitive return until late 2025.
Longer Terms Will Secure Your Rate to 2026—Or Beyond
Extend your rate lock even further with top 2-year CD rates at 5.20%, securing your savings until 2026. You can also opt for a 5.00% rate locked until 2027. For those seeking high rates beyond 2 years, consider guaranteeing a rate in the high-4% range for up to 4 or 5 years.
CD Rates Are Still Near Historic Highs
Despite a slight decrease from the peak of 6.50% in October, today’s CD rates remain significantly higher compared to the past two decades. Locking in rates between 4% to 5% for a year or more continues to offer excellent earning potential.
Considering potential rate cuts in 2024 and 2025, securing a long-term rate now may be advantageous before rates decline further.
Jumbo Deposits Can Provide More CD Options
Jumbo CDs can offer higher earning potential, with State Bank of Texas and My eBanc providing competitive rates such as 5.50% APY for a 12-month certificate and 5.49% APY for a 6-month term. However, it’s essential to compare jumbo CD rates with standard certificates, as standard CDs may offer comparable or better rates in certain terms.
Where Are CD Rates Headed in 2024?
The Federal Reserve’s rate hikes in recent years have led to historically high CD rates, benefiting savers. However, with the Fed currently maintaining its benchmark rate, the future direction of CD rates remains uncertain. While a rate cut may be on the horizon, the exact timing and extent of potential cuts are unpredictable.
As the Fed continues to monitor economic indicators, CD rates may remain stable in the near term. Keep an eye on future Fed decisions, as any rate cut could impact CD rates moving forward.
How We Find the Best CD Rates
At Investopedia, we analyze rate data from over 200 banks and credit unions nationwide daily to identify and rank the top-paying CDs. Our methodology ensures that listed institutions are federally insured and have reasonable minimum deposit requirements. By evaluating rates available in various terms, we aim to provide savers with the most competitive options for their savings.