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Top CD rates today: June 25, 2024 | Explore today's highest APYs

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Key takeaways

  • Today's highest CD rate across terms is 5.36% APY, offered on a one-year term.
  • Some CDs out-earn high-yield savings accounts, although most CDs charge a fee for early withdrawals.
  • The best rates on most terms are more than triple the national average yields, so it pays to shop around.

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.

For today, the top APY across CD terms among banks we monitor is 5.36 percent, which is offered on a one-year CD from CIBC Bank and requires a minimum deposit of $1,000. You’ll find that many shorter terms are earning higher yields than longer ones in the current rate environment.

Check out Bankrate’s table below for the highest APY on CD terms from three months to five years, as well as how much $5,000 would earn for each term.

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% 1.24% $64
6-month Popular Direct 5.35% 1.73% $132
9-month Forbright Bank 5.30% N/A $197
1-year CIBC Bank USA 5.36% 1.81% $268
18-month LendingClub 5.00% 1.90% $380
2-year First Internet Bank of Indiana 4.76% 1.54% $487
3-year First Internet Bank of Indiana 4.61% 1.43% $724
4-year First Internet Bank of Indiana 4.45% 1.50% $951
5-year First Internet Bank of Indiana 4.50% 1.45% $1,231

Note: Annual percentage yields (APYs) shown are as of June 25, 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 it a good investment for anyone who wants access to the money sooner than later 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.

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.