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Top CD rates today: June 19, 2024 | Highest APYs are above 5%

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Key takeaways

  • Today's highest CD rate across terms is 5.36% APY, offered on a one-year term.
  • The most competitive APYs are often found at online-only banks.
  • National averages are significantly lower than top rates, so it pays to shop around.

A certificate of deposit (CD) is a bank account that earns a fixed rate of return in exchange for locking in your funds for the entire term. CD terms often range from three months to five years, although it’s possible to find ones with terms shorter or longer than that. A CD can be a good place to stash money for savings goals, such as a down payment on a house or a new car. When choosing the best CD term, consider when you’ll need access to the money.

Today, the leading APY across CD terms among banks we monitor is 5.36 percent, which is available on a one-year term from CIBC Bank and requires a minimum deposit of $1,000. NexBank recently introduced a promotional rate for its one-year online CD of 5.40 percent APY, with a minimum deposit of $25,000. 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 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 5.25% 1.22% $64
6-month Popular Direct 5.35% 1.70% $132
9-month Forbright Bank 5.30% N/A $197
1-year CIBC Bank USA 5.36% 1.79% $268
18-month LendingClub 5.00% 1.88% $380
2-year First Internet Bank of Indiana 4.76% 1.53% $487
3-year First Internet Bank of Indiana 4.61% 1.42% $724
4-year First Internet Bank of Indiana 4.45% 1.48% $951
5-year First Internet Bank of Indiana 4.50% 1.43% $1,231

Note: Annual percentage yields (APYs) shown are as of June 19, 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 to look for in a CD

In addition to a CD’s APY, pay attention to factors such as the minimum deposit requirement and the early withdrawal penalty. The required minimum deposit for a CD can range from $0 to $10,000 or more. While you should only commit funds to a CD that you can afford to lock in until the CD matures, it’s still helpful to be familiar with the terms of its early withdrawal penalty.

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.