Key Takeaways
- Newtek Bank remains the national leader in standard CD rates, offering a competitive 5.55% APY for a 6-month term.
- Several other institutions also provide attractive yields above 5.00%, including TotalDirectBank at 5.42% for a 3-month term, Apple Federal Credit Union at 5.40% for a 12-month term, and Fortera Credit Union at 5.35% for an 18-month term.
- For jumbo CDs, Hughes Federal Credit Union offers the best rate at 5.65% APY for a 17-month term with a minimum deposit of $99,000.
- The Federal Reserve recently maintained its interest rates for the fifth consecutive time, awaiting further stabilization of inflation.
- While CD rates have gradually decreased in recent months, a significant decline is expected once the Fed signals a rate cut.
Here are the featured rates from our partners and a breakdown of the best nationwide CDs available.
Leading CD Rates Haven’t Budged for Several Days
The top rates for standard 3-month to 5-year CDs have remained steady, with Newtek Bank offering the highest APY at 5.55% for a 6-month term requiring a minimum deposit of $2,500.
Short-term CDs currently outperform long-term CDs. You can secure a 3-year CD at 5.00% APY from DollarSavingsDirect or Transportation Federal Credit Union, while Pelican State Credit Union offers the best 4-year CD at 4.80% with a minimum deposit of just $500.
These top banks are included in our daily ranking of the best nationwide CDs.
Where Are CD Rates Headed in 2024?
The Federal Reserve has held interest rates steady amidst high inflation levels. This stability led to record-high CD rates, offering lucrative opportunities for investors.
While inflation has started to ease, the Fed is cautious about lowering rates and is closely monitoring economic indicators before making a decision.
Forecasts suggest multiple rate cuts in 2024, potentially leading to a decline in CD rates. Traders anticipate at least three rate reductions this year, with the first expected in June.
How We Find the Best CD Rates
Investopedia tracks rate data from over 200 banks and credit unions nationwide to identify the top-paying CDs each day. Institutions must be federally insured and meet specific criteria to be included in our rankings.
Our methodology ensures transparency and fairness in selecting the best CD rates available, helping consumers make informed financial decisions.