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Top CD rates today: March 28, 2024 | Leaders offering over 5% APY

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Key takeaways

  • Today's highest CD rate across terms is 5.35% APY for a one-year CD.
  • Top APYs for many CD terms have declined slightly in recent months since peaking late in 2023.
  • When shopping around, you can find rates three times the national averages.

Many savers who are anticipating the Federal Reserve lowering interest rates this summer are locking in a fixed yield now on a certificate of deposit (CD). Opening a CD now ensures you’ll reap the benefit of a high annual percentage yield (APY) for the entire length of the CD’s term.

The leading APY across CD terms is 5.35 percent, which is offered on a one-year term from BrioDirect. A minimum deposit of $500 is required. 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 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% 1.67% $131
9-month Forbright Bank 5.30% N/A $197
1-year BrioDirect 5.35% 1.74% $268
18-month First Internet Bank of Indiana 5.04% 1.83% $383
2-year First Internet Bank of Indiana 4.82% 1.52% $494
3-year First Internet Bank of Indiana 4.66% 1.40% $732
4-year First Internet Bank of Indiana 4.50% 1.50% $963
5-year First Internet Bank of Indiana 4.55% 1.41% $1,246

Note: Annual percentage yields (APYs) shown are as of March 28, 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 keep your money safe in a CD

If you’re considering opening a CD with a bank, be sure it’s covered by Federal Deposit Insurance Corp. (FDIC). Likewise, if it’s from a credit union, make sure it has National Credit Union Administration (NCUA) insurance. This deposit insurance guarantees your money is safe were the financial institution to fail, as long as the money is within the limits and guidelines.

CD interest rates through today

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 5.25-5.5 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.

CD FAQs

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.