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Top CD rates today: April 4, 2024 | Leading APYs remain above 5%

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Key takeaways

  • Today's top CD rate across terms is 5.31% APY, offered on a one-year CD.
  • Some CDs out-earn high-yield savings accounts, although most CDs charge a fee for early withdrawals.
  • National average CD rates are only around one-third of the highest rates.

A certificate of deposit (CD) can be a useful tool for earning interest on your funds as you save for your financial goals. Things to consider before opening a CD include the annual percentage yield (APY), how much money you wish to deposit, and whether you’re able to lock in the funds for the duration of the CD’s term.

Right now, the top APY across CD terms is 5.31 percent, and it’s offered on a one-year term from First Internet Bank of Indiana. A $1,000 minimum deposit is required. You’ll find that many shorter terms are earning higher yields than longer ones in the current rate environment.

The table below shows top CD rates for all terms, as well as national averages and the amount you can earn in interest with a $5,000 deposit.

Today's best 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 America First Credit Union 5.25% 1.27% $64
6-month Popular Direct 5.30% 1.68% $131
9-month Forbright Bank 5.30% N/A $197
1-year First Internet Bank of Indiana 5.31% 1.73% $266
18-month First Internet Bank of Indiana 5.04% 1.80% $383
2-year First Internet Bank of Indiana 4.82% 1.52% $494
3-year First Internet Bank of Indiana 4.66% 1.41% $732
4-year First Internet Bank of Indiana 4.50% 1.48% $963
5-year First Internet Bank of Indiana 4.55% 1.41% $1,246

Note: Annual percentage yields (APYs) shown are as of April 4, 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.


How to make the most of today’s CD rates

When shopping for the right CD, pay attention to rates over all available terms. Currently, you can find CDs with terms of up to 18 months that pay higher yields than longer terms of three to five years. Another benefit of a shorter-term CD is the funds are freed up sooner, which can make them a good investment for anyone who wants access to the money relatively soon for reinvestment or for a planned expense. Consider a CD ladder if you prefer locking in some funds for the long term as well as accessing some funds in the near term.

CD rates from 2022 to 2024

National average CD yields rose steadily in 2023, as the Federal Reserve continued to hike interest rates at the fastest pace since the 1980s. In all, Fed officials increased rates 11 times between 2022 and 2023, bringing the federal funds rate to its current target range of 5.25-5.50 percent. Along with these rate hikes, average CD APYs rose to the highest they’d been in many years, with APYs on some competitive CDs climbing as high as 7 percent.

This year is expected to be a banner one for CD savers. Greg McBride, CFA, Bankrate’s chief financial analyst, predicts two Fed rate cuts in 2024, yet he says CD yields will continue to top inflation. “Savers have another good year in which their returns will shine, with inflation expected to decline further,” he says.

McBride also stresses the importance of shopping around for the highest APY. “Top-yielding offers are still going to deliver a notable advantage [over lower-yielding ones],” he adds.



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.