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Top CD rates today: March 29, 2024 | Explore today's highest APYs

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Key takeaways

  • Today's highest CD rate across terms is 5.35% APY for a one-year CD.
  • You'll find yields of 5.00% or greater on many CD terms.
  • By contrast, national averages are only yielding around one-third of the highest rates.

A certificate of deposit (CD) can be a useful tool for meeting your savings goals. Whether you’re saving to buy a house, a new car or your dream vacation, a CD allows you to calculate up front exactly how much interest you’ll have earned when the term is up. This is thanks to a CD’s fixed annual percentage yield (APY).

Today, the highest APY across CD terms is 5.35 percent, and you'll find it on a one-year term from BrioDirect. Many shorter terms are out-earning longer terms these days. For instance, top APYs on terms of up to 18 months are above 5.00 percent, while leading APYs on terms from two to five years are between 4.50 percent and 4.82 percent.

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 America First Credit Union 5.25% 1.27% $64
6-month Popular Direct 5.30% 1.69% $131
9-month Forbright Bank 5.30% N/A $197
1-year BrioDirect 5.35% 1.75% $268
18-month First Internet Bank of Indiana 5.04% 1.82% $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% 1.50% $963
5-year First Internet Bank of Indiana 4.55% 1.42% $1,246

Note: Annual percentage yields (APYs) shown are as of March 29, 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 is a no-penalty CD?

Like standard CDs, no-penalty CDs typically earn a fixed APY over a set period of time — although unlike regular CDs, no-penalty CDs don’t charge an early withdrawal penalty if you take out the funds before the term ends. The trade-off for this perk is that you’ll often earn a lower APY than you would with a CD that has an early withdrawal penalty.

How CD rates have changed since 2022

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.