Top CD Rates Today, May 30, 2024 - Lock In Up to 5.25% Until 2026 (2025)

CD TermToday's Top National Bank RateToday's Top National Credit Union RateToday's Top National Jumbo Rate
3 months5.51% APY*5.30% APY5.20% APY
6 months5.51% APY*5.50% APY5.51% APY*
1 year5.40% APY5.25% APY5.50% APY*
18 months5.25% APY5.40% APY5.41% APY*
2 years5.00% APY5.25% APY*4.91% APY
3 years5.00% APY*5.00% APY*4.97% APY
4 years4.70% APY4.86% APY*4.48% APY
5 years4.80% APY*4.65% APY4.38% APY

Where Will CD Rates Go in 2024?

To combat decades-high inflation, the Federal Reserve aggressively hiked the federal funds rate between March 2022 and July 2023, raising the benchmark rate to its highest level in 22 years. That's important to savers because when the fed funds rate rises, banks and credit unions increase the interest rates they're willing to pay on customer deposits.

As a result, this past fall saw historically favorable conditions for CD shoppers, as well as for anyone holding cash in ahigh-yield savingsormoney market account. Rates on CDs rose to an October-November peak that was the highest we've seen in two decades.

But since its last rate hike in July, the Fed has been in a holding pattern. As was almost universally expected, the Federal Reserve's rate-setting committee announced on May 1 that it is maintaining the federal funds rate at its current level. It was the sixth meeting in a row in which the central bank has held its benchmark rate steady.

That's because inflation has been cooling, allowing the Fed to stop raising interest rates. Yet, further inflation progress has been elusive. That puts the central bank in wait-and-see mode as it looks for evidence that inflation is falling enough to justify lowering the federal funds rate.

The Fed's written statement on May 1 left out discussion of projected rate cuts. When asked about this during his press conference following release of the statement, Fed Chair Jerome Powell responded that the stalled progress against inflation means it will take longer than originally expected to lower the fed funds rate.

"My colleagues and I today said that we didn't see progress in the first quarter," Powell said. "And I've said that it appears then that it's going to take longer for us to reach that point of confidence. So I don't know how long it will take. When we get that confidence, then rate cuts will be in scope."

Several Fed board members have spoken publicly since the last meeting, conveying that although they believe inflation will continue to come down, it's not on a quick path. Atlanta Federal Reserve Bank President Raphael Bostic said he expects the inflation fight to extend into 2025, while Cleveland Federal Reserve President Loretta Mester said that due to the stalled progress against inflation, she's unlikely at next month's meeting to stick with her projection of three rate cuts in 2024.

"I think it's too soon to tell what path inflation is on," Mester said.

Federal Reserve Governor Christopher Waller recently joined the chorus, saying: "I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy."

It therefore seems likely the fed funds rate will stay where it is for a number of months—with great uncertainty on when exactly the Fed will first cut rates. According to CME Group's FedWatch Tool, which shows the real-time bets of fed funds traders, it's currently a toss-up whether the first rate cut will be announced in September or November.

New monthly inflation data was reported earlier this month, with the eagerly awaited April Consumer Price Index (CPI) coming in at 3.4%. That's down from March's 3.5% level but represents only a minor change. As a result, Fed officials are expected to remain watching and waiting for additional data before making any decisions.

Additional inflation data will be published Friday. But in the meantime, CD rates are generally expected to continue their plateau. When at some point the Fed signals it's ready to start cutting rates, that will begin driving CD yields down more quickly. But that could be months away.

The central bank will hold five more rate-setting meetings in 2024, with the next one scheduled to conclude June 12.

Daily Rankings of the Best CDs and Savings Accounts

Best 3-Month CD Rates

Best 6-Month CD Rates

Best 1-Year CD Rates

Best 18-Month CD Rates

Best 2-Year CD Rates

Best 3-Year CD Rates

Best 4-year CD Rates

Best 5-Year CD Rates

Best High-Yield Savings Accounts

Best Money Market Accounts

Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.

How We Find the Best CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

Top CD Rates Today, May 30, 2024 - Lock In Up to 5.25% Until 2026 (2025)

FAQs

Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

Who is paying the highest CD rates right now? ›

The highest certificates of deposit (CDs) rates today are offered by Merchants Bank of Indiana (5.92%), First Federal of Lakewood (5.61%), Maries County Bank (5.51%) and Shoreham Bank (5.50%). You can see the full list of the highest-paying CDs here.

What are CD interest rates expected to do in 2024? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.

Where can I earn 5% on a CD? ›

Highest current CD rates (overall)
Institution nameAPYTerm length
LendingClub Bank5.00%18 months
Bask Bank5.00%18 months
Newtek Bank5.00%18 months
My eBanc5.00%18 months
31 more rows

Where can I get 6% on money? ›

If you deposit $20,000 into a savings account paying 6% APY, you'd earn around $1,200 in one year. Currently, there's only one account that pays 6% APY — Digital Federal Credit Union's savings account — and it only pays 6.17% APY on balances up to $1,000.

What is the best CD rate for $100,000? ›

Best Jumbo CD Rates for August 2024
BEST NATIONAL JUMBO CDs
EFCU Financial4.85% APY$100,000
Luana Savings Bank4.70% APY$100,000
Lafayette Federal Credit Union4.58% APY$100,000
Best non-Jumbo option: Vibrant Credit Union5.00% APY$5
46 more rows

Which bank gives 7% interest on savings accounts? ›

Which bank gives 7% interest on a savings account? There are not any banks offering 7% interest on a savings account right now.

What is the biggest negative of putting your money in a CD? ›

1. Early withdrawal penalty. One major drawback of a CD is that account holders can't easily access their money if an unanticipated need arises. They typically have to pay a penalty for early withdrawals, which can eat up interest and can even result in the loss of principal.

What is considered a good 6 month CD rate right now? ›

The national average CD rate on a 6-month term is 1.81% APY (Annual Percentage Yield), according to the FDIC. However, there are much higher interest rates on 6-month CDs right now. The best CD rate for a 6-month term is 5.25% APY available at America First Credit Union.

What are CD rates expected to be in 2025? ›

But all told, it's pretty fair to assume that there will still be opportunities to lock in a CD at close to 5% at the start of 2025. And there's a good chance you'll be able to open a CD at a rate of 4% or more for a good part of the year.

Where are interest rates headed in 2024? ›

The July Housing Forecast from Fannie Mae puts the average 30-year fixed rate at 6.7% by year-end, a slight decline from an average of 6.8% in the third quarter. All told, the mortgage giant predicts mortgage rates will average 6.8% in 2024 and 6.4% in 2025.

What will CD rates be in 2027? ›

Top CDs That Will Mature in 2027
Bank or Credit UnionAPYTerm (months)
Crescent Bank4.85%30
Dow Credit Union4.81%36
Credit Human4.75%24–35
EFCU Financial4.75%30
10 more rows
Jul 11, 2024

Who has 5.25 CD rates? ›

Here are Bankrate's top picks for banks with the best CD rates.
  • America First Credit Union — 3 months - 5 years, 4.20% – 5.25% APY, $500 minimum deposit.
  • Popular Direct — 3 months - 5 years, 4.25% – 5.25% APY, $10,000 minimum deposit.
  • Sallie Mae Bank — 6 months - 5 years, 4.00% – 5.20% APY, $2,500 minimum deposit.

Is anyone paying 5% on CDs? ›

Yes, many online banks and credit unions are currently offering CDs paying 5% APY or more for a wide range of terms.

Who has the highest paying CD right now? ›

Best 1-Year CD Rates
  • Sallie Mae Bank – 5.20% APY.
  • National Cooperative Bank — 5.18% APY.
  • Abound Credit Union – 5.15% APY.
  • Connexus Credit Union – 5.15% APY.
  • Limelight Bank – 5.15% APY.
  • First Internet Bank – 5.15% APY.
  • CommunityWide Federal Credit Union – 5.15% APY.
  • Bread Savings – 5.15% APY.

Where can I get 6 on my money? ›

Right now, two nationally available banks offer accounts earning at least 6% interest: Digital Federal Credit Union and Mango Financial. You may be able to find smaller, local banks offering 6% interest, but it's unlikely.

How big of a return can you get on a CD? ›

Current national average CD rates
TermNational average rate
6-month CD1.81% APY.
1-year CD1.85% APY.
3-year CD1.44% APY.
5-year CD1.43% APY.
1 more row
Mar 21, 2024

What is the lowest amount you can buy a CD? ›

CDs have a typical minimum balance or opening requirement that's often around $1,000, but it can range from $0 to $10,000. There are jumbo CDs with minimums traditionally around $100,000, though these CDs don't necessarily have the best rates in the industry.

How little can you put in a CD? ›

Certificate of Deposit Basics

The amount of money needed to open a CD depends on the bank or credit union's minimum deposit requirements. For instance, the bank could require anywhere from $0 to $1,000 to open a single CD account. With a jumbo CD, the minimum deposit may be $5,000, $10,000, or more.

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