CD top rates retain the modest gains made in the past two weeks, with 5.50% continuing to be the most you can earn across the full range of CD terms. You can get this rate in terms of 9, 15 and 17 months.
Plus, there are dozens of other options across our lists of the best CDs nationwide that earn at least 5.25% APY—including an option that lets you stick to that rate for two years.
There was more movement in the CD jumbo ranks today. The best price for a 3-month jumbo disc jumped from 4.35% to 5.01%. This comes on top of a price increase to 5.35% for yesterday’s best 1-year mega CD. Like most mega CDs, both require a minimum deposit of $100,000. But note that you can do a little better just by putting that money into one of the standard CDs that pay a higher price.
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- The highest rate available for 3-month mega CDs is now 5.01%, but you can earn 5.10% APY with a standard 3-month certificate.
- The highest CD rate available locally remains 5.50% APY, presented at 9-, 15-, and 17-month terms.
- Fifteen CDs in our daily rankings pay at least 5.25% APY.
- You can earn a minimum of 5.10% each CD semester from 3 months to 2 years, with the best 2-year rate remaining at 5.25% APY.
- CD revenues may be at or near their peak, making this a particularly good time to take advantage of record CD rates.
| CD term | Yesterday’s national high | Today’s highest national price | Today change (percentage points) |
|---|---|---|---|
| 3 months | 5.10%APY | 5.10%APY | No change |
| 6 months | 5.50%APY | 5.50%APY | No change |
| One year | 5.25%APY | 5.25%APY | No change |
| 18 months | 5.50%APY | 5.50%APY | No change |
| Two years | 5.25%APY | 5.25%APY | No change |
| 3 years | 4.85%APY | 4.85%APY | No change |
| 4 years | 4.73%APY | 4.73%APY | No change |
| 5 years | 4.68%APY | 4.68%APY | No change |
Despite the implication that a larger deposit should earn you a higher return, prices on mega certificates often pay less than standard CDs. Today’s best jumbo deals, which typically require a deposit of $100,000 or more, only beat standard best rates in four CD terms, while you can do better with standard CDs in the other four seasons. So remember to shop around each type of CD before making a final decision.
Where are CD prices headed this year?
The CD price peak may be coming to an end. Here’s why.
Certificates of deposit rates generally mirror the trend of the federal funds rate, and a quarter-point increase by the Federal Reserve on May 3 sent Certificates of Deposit rates up slightly last week. But there are signs that the Fed’s aggressive federal funds rate hikes intended to tame decades-high inflation may be about to unravel. After 2022’s increases of 4.25%, the Fed’s increases this year have been more subdued, significantly slowing the growth of CD rates.
The Fed’s latest announcement included a notable change in language from previous announcements, indicating that the Fed may pause its increases at the June 13-14 meeting. This, combined with other economic factors, futures traders are betting that the latest increase in May will be the Fed’s last campaign hike, while more than 40% feel we could see another bump.
Dallas Fed President Lori Logan said today that the current data does not warrant a pause in rate hikes just yet. And on Monday, Atlanta Federal Reserve Chairman Rafael Bostick said he doesn’t see interest rates falling this year. However, about a quarter of Fed watchers currently expect rates could fall as early as September, with the majority expecting a drop in November or later.
In any case, certificates of deposit rates are at their highest levels since at least 2007, which is the last time we saw the fed funds rate this high. With the potential for a rate drop on the near horizon, it’s time to lock in one of the leading rates nationwide in our CD ratings, guaranteeing you a stellar rate even after the Fed eventually hits a reversal.
Note that the “higher rates” listed here are the highest rates available nationwide that Investopedia has determined in its daily rate search on hundreds of banks and credit unions. This is very different from the national average, which includes all banks that offer a CD with that term, including many of the larger ones that pay minuscule interest. Thus, national rates are always very low, while higher rates that you can find out by shopping around are often five, 10 or even 15 times higher.
Disclosure of the price collection methodology
Every business day, Investopedia tracks price data for more than 200 banks and credit unions that offer CDs to customers across the country and determines daily ratings for the highest-paying certificates in each key term. To qualify for our listings, an organization must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial CD deposit must not exceed $25,000.
Banks must be available in at least 40 states. And although some credit unions require you to make a donation to a specific charity or association to become a member if you don’t meet other eligibility criteria (for example, you don’t live in a certain area or work in a certain type of job), we exclude credit unions whose donation requirements are $40 or more. For more information on how to choose the best rates, read our full methodology.
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