Skip to Main Content

Best CD rates for May 2024 (Up to 5.36%)

Updated May 13, 2024

Editorial note: While our partners compensate us from links on this page, we maintain editorial integrity, and partners don't influence our product evaluations. Here's how we make money and here is our advertiser disclosure.

Certificates of deposit (CDs) can be an ideal account to allocate some of your savings, especially if you’re looking for a fixed APY. Bankrate’s list of top-yielding CD rates are much higher than today's national average yield of 1.78 percent for a one-year CD.

Page preview:

Show me:
Current 1 year CD trends
Bankrate Partner average
4.84% APY
National average
1.78% APY

Best CD rates from top banks for May 2024

Note: Annual percentage yields (APYs) shown were updated between May 12 and May 18. All other information is current as of May 13. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Popular Direct

Popular Direct_logo
Rating: 4 stars out of 5
4.0

Overview

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 120-year-old financial services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.
Invest Rate
4.25% – 5.30% APY
Loan
$10,000 minimum deposit
Calendar
3 months - 5 years

Vio Bank

Vio Bank_logo
Rating: 4.6 stars out of 5
4.6

Overview

Vio Bank offers traditional CDs with terms ranging from six months to 10 years, an extensive variety compared to some other banks. The minimum deposit for each account is relatively low at $500. CDs automatically renew once they mature following a ten day grace period. Yields are competitive for all CDs, but Vio’s highest APYs are for CDs with terms of three years or less.
Invest Rate
2.75% – 5.25% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

America First Credit Union

America First Credit Union_logo
Rating: 5 stars out of 5
5.0

Overview

America First Credit Union offers a wide range of CD terms between three and 60 months, and all earn rates that are highly competitive. Also offered are specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a manageable minimum opening deposit.
Invest Rate
4.20% – 5.25% APY
Loan
$500 minimum deposit
Calendar
3 months - 5 years

Marcus by Goldman Sachs

Marcus by Goldman Sachs_logo
Rating: 4.9 stars out of 5
4.9

Overview

Marcus by Goldman Sachs offers a competitive yield on its CDs. It offers a variety of CD terms and CD types. Its regular CD terms range from a six-month CD to a six-year CD.

In addition to its nine terms of regular CDs, it also offers three no-penalty CDs and a rate-bump CD.

All of these CDs have a $500 minimum deposit requirement.
Invest Rate
4.20% – 5.10% APY
Loan
$500 minimum deposit
Calendar
6 months - 2 years

Quontic Bank

Quontic Bank_logo
Rating: 3.8 stars out of 5
3.8

Overview

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive.
Invest Rate
4.30% – 5.05% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

Capital One

Capital One_logo
Rating: 4.9 stars out of 5
4.9

Overview

Capital One offers CDs with terms as short as six months or as long as five years. These CDs have no minimum opening deposit. The bank offers competitive yields, and it doesn’t have a minimum balance requirement.
Invest Rate
3.90% – 5.00% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

Barclays Bank

Barclays Bank_logo
Rating: 4.8 stars out of 5
4.8

Overview

Barclays is an online bank popular for its credit cards, but it also offers CDs and an online savings account. ​​Barclays offers nine terms of CDs ranging from three months to five years.
Invest Rate
3.50% – 5.00% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

Citizens Access

Citizens Access_logo
Rating: 4.2 stars out of 5
4.2

Overview

Citizens Access offers five terms of CDs that all require at least a $5,000 deposit. Citizens’ CD terms range from one-year to five-years.
Invest Rate
3.35% – 5.00% APY
Loan
$5,000 minimum deposit
Calendar
1 year - 5 years

Sallie Mae Bank

Sallie Mae Bank_logo
Rating: 4.4 stars out of 5
4.4

Overview

Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account, credit cards and private student loans. It offers a competitive yield on its deposit products.

Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Invest Rate
4.00% – 4.95% APY
Loan
$2,500 minimum deposit
Calendar
6 months - 5 years

Synchrony Bank

Synchrony Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

Synchrony Bank offers many regular CDs ranging from three months to five years. It also added a no-penalty CD and a bump-up CD earlier this year. Synchrony Bank also offers IRA CDs.
Invest Rate
0.25% – 4.90% APY
Loan
$0 minimum deposit
Calendar
3 months - 5 years

Bankrate's expertise

Bankrate’s trusted industry knowledge

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

48 years

of industry experience

3 k

deposits rates tracked

120

banks reviewed

Recent news on CD rates

At its last meeting on May 1, the Federal Reserve, once again, kept interest rates steady and projected delaying rate cuts in 2024 due to inflation. The Fed’s Federal Open Market Committee kept its key benchmark, the federal funds rate at a target range of 5.25 to 5.5 percent.

Although it’s generally a bad time to borrow money at these rates, and credit card rates are near an all-time high of 20.66 percent according to Bankrate data, it’s a great time to save as top savings yields haven’t been this high in more than a decade. Top CD yields peaked during this current rate cycle in the last quarter of 2023. But you can still get CDs with yields like we haven’t seen in more than a decade — outside of the current rate cycle. 

The Fed’s next scheduled announcement regarding interest rates is June 12.

CD yields have peaked. Whether your time horizon is measured in months or years, think about locking in current CD yields. — Greg McBride, CFA | Bankrate chief financial analyst

Where are CD rates headed in 2024?

CD rates are likely to maintain their current levels or slightly dip. 

Currently, shorter-term CDs – with terms of six months to 18 months – generally have higher yields than longer-term CDs. But those longer-term CD yields could be peaking soon, if they haven’t already. So locking one in now could be a good decision for long-term money that you want to keep safe in an FDIC-insured bank.

However, most CDs have significant early withdrawal penalties, so consider these when deciding on an account and term.

National average interest rates for CDs

The national average of CD interest rates suggests that shorter term CDs have higher yields than longer-term CDs. With the Fed having raised rates 11 times since March 2022, what goes up might eventually come down. So, getting a long-term CD now could make sense if the Fed lowers rates in the future.

Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average.

Here are the current average rates as of May 19, 2024, according to Bankrate's most recent survey of institutions:

CD term CD national average APY