Key Takeaways
- The current top CD rates remain stable, offering attractive APYs up to 5.55%.
- The Federal Reserve has maintained its interest rates for the fifth time consecutively, awaiting more controlled inflation.
- Newtek Bank leads nationally with a 5.55% yield for a 6-month term.
- Hughes Federal Credit Union offers a competitive 5.65% APY on a 17-month jumbo deposit.
- While CD rates have been gradually decreasing recently, they are expected to drop faster upon a potential Fed rate cut.
The Overall Rate Leader Pays 5.55%
Newtek Bank currently offers the top APY of 5.55% for all CD terms nationwide, specifically for a 6-month duration. This rate, previously at 5.75% APY, showcases an attractive option for investors.
Explore other competitive rates for various CD terms:
| CD Term | Yesterday’s Top Rate | Today’s Top Rate | Day’s Change (percentage points) | Top Rate Provider |
|---|---|---|---|---|
| 3 months | 5.42% APY | 5.42% APY | No change | TotalDirectBank |
Where Are CD Rates Headed in 2024?
The Federal Reserve’s decision to maintain current rates reflects caution amidst high inflation levels. The recent history of rate hikes has created favorable conditions for CD investors, with rates peaking this fall.
As the Fed awaits further inflation data, potential rate cuts may be on the horizon, likely leading to a decrease in CD rates. Markets are anticipating multiple rate reductions this year, underscoring the probable trend of declining CD yields.
Today’s Top Bank, Credit Union, and Jumbo CD Rates
Discover the leading CD rates for standard and jumbo deposits across different terms, enabling you to make informed investment decisions.
Note: The rates mentioned here are based on Investopedia’s daily research and showcase significantly higher rates available by shopping around compared to national averages.
How We Find the Best CD Rates
Investopedia meticulously tracks over 200 banks and credit unions daily to offer you a curated list of the highest-paying certificates. These rankings consider federal insurance, minimum deposit requirements, and availability across states, ensuring you access the most rewarding CD options.