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Top CD rates today: July 10, 2024 | Explore today's highest APYs

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Key takeaways

  • Today's top CD rate across terms is 5.35% APY, offered on a 6-month term.
  • In addition to choosing a CD based on APY, be sure to pick a term that suits your financial goals.
  • Competitive CDs are earning at least three times the national average rates for most terms.

Opening a fixed-rate certificate of deposit (CD) with a term of at least one year, today, should give you peace of mind that your savings will continue to earn the same annual percentage yield (APY) should rates begin to retreat later this year. APYs on competitive CDs have been high as of late because they follow the federal funds rate, which is currently at a range of 5.25-5.50 percent — the highest it has been since early 2001. But with the Federal Reserve expected to lower rates later this year, CD APYs could eventually drop, in turn.

Currently, the highest APY across CD terms among banks we monitor is 5.35 percent, and it’s offered on a 6-month term from Bask Bank. A $1,000 minimum deposit is required. The previous leader on our list of banks was CIBC Bank, which offered 5.36 percent APY on a one-year CD. However, the rate dropped to 5.21 percent APY. You’ll find that many shorter terms are earning higher yields than longer ones in the current rate environment.

Bankrate monitors CD rates every weekday, and today’s top rates are listed in the table below, along with national average rates and the amount you’ll earn with $5,000 in a high-yield CD.

Today's 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% 1.22% $64
6-month Bask Bank 5.35% 1.71% $132
9-month Forbright Bank 5.30% N/A $197
1-year Bask Bank 5.30% 1.79% $265
18-month Bask Bank 5.00% 1.91% $380
2-year First Internet Bank of Indiana 4.76% 1.52% $487
3-year First Internet Bank of Indiana 4.61% 1.41% $724
4-year First Internet Bank of Indiana 4.45% 1.48% $951
5-year First Internet Bank of Indiana 4.50% 1.40% $1,231

Note: Annual percentage yields (APYs) shown are as of July 10, 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.


When is a CD a good idea?

You might decide to open a CD when rates are likely to start falling on deposit accounts. Thanks to its fixed interest rate, a competitive CD will continue to earn its high yield for the full term, even in a falling rate environment. Another benefit of the guaranteed rate is you’ll be able to calculate in advance how much interest the account will earn through the end of the term.

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 seven 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.