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Top CD rates today: April 30, 2024 | Upcoming Fed decision could impact APYs

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Key takeaways

  • As the Federal Reserve begins its two-day rate-setting meeting, the top APY on any widely available CD is 5.36%
  • Overall, the highest yields on CDs have remained the same in April.
  • Competitive APYs for most terms are currently several times greater than national averages.

Federal Reserve rate moves are one factor that often impacts yields on deposit accounts such as certificates of deposit (CDs). The Federal Open Market Committee is scheduled to meet today and tomorrow, and most Fed watchers expect officials to hold rates steady, for now. Top CD yields have held pat for most of April, so savers might consider opening a new CD while annual percentage yields (APYs) remain high.

The top rate available today on a CD is 5.36 percent APY, on a one-year term. The table below shows the highest APYs in the table below for terms between three months and five years, as well as how much $5,000 will earn with each top rate.

Today's top CD rates by term

CD term Institution offering top APY Highest APY National average APY Estimated earnings on $5,000 with top APY
3-month Popular Direct 5.30% 1.20% $65
6-month Popular Direct 5.30% 1.68% $131
9-month Forbright Bank 5.30% N/A $197
1-year CIBC Bank USA 5.36% 1.74% $268
18-month First Internet Bank of Indiana 5.04% 1.82% $383
2-year First Internet Bank of Indiana 4.82% 1.50% $494
3-year First Internet Bank of Indiana 4.66% 1.40% $732
4-year First Internet Bank of Indiana 4.50% 1.49% $963
5-year First Internet Bank of Indiana 4.55% 1.41% $1,246

Note: Annual percentage yields (APYs) shown are as of April 30, 2024. APYs for some products may vary by region.

N/A: Not available; Bankrate doesn’t track national averages for the 9-month CD term due to limited available data. Estimated earnings are based on the highest APYs and assume interest is compounded annually.


What will the Federal Reserve do with rates this week?

There’s a good chance the Fed will hold rates steady this week, which most market watchers believe will happen. Fed Chair Jerome Powell recently said the Central Bank would likely delay rate cuts due to inflation remaining elevated. After this week’s meeting, the Fed's next rate-setting meeting is scheduled for June 11-12, 2024.

What the current rate environment means for CDs

In 2022 and 2023, the Federal Reserve raised its benchmark interest rate a total of 11 times, bringing its current target range to a 23-year high of 5.25-5.50 percent. However, the Fed has left rates unchanged for five straight meetings, due to inflation not slowing as quickly as it has in the past.

Yields on competitive savings accounts and CDs tend to move in lockstep with the Fed’s interest rate moves. As such, many banks increase their yields when the Fed raises rates, and they lower yields when the federal funds rate drops. While the Fed has held rates steady since July 2023, top CD APYs ended up peaking in late 2023 and have since been decreasing gradually.

Is it still a good time to open a CD? “Even though CD yields have pulled back a bit, you’re still able to lock in yields that are well in excess of inflation and do so for multiple years,” says Greg McBride, CFA, Bankrate’s chief financial analyst. “The declines will likely accelerate as we get closer to the Fed beginning to cut interest rates, so there is no sense in waiting.”


Research methodology

Bankrate calculates and reports the national average APYs for various CD terms. Factored into national average rates are the competitive APYs commonly offered by online banks, along with the very low rates often found at large brick-and-mortar banks.

In June 2023, Bankrate updated its methodology that determines the national average CD rates. For the process, more than 500 banks and credit unions are now surveyed each week to generate the national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks.