Editor's Note: Investopedia will not publish daily CD rate news on June 19 in observance of the Juneteenth federal holiday. We will return to our daily rate coverage on Thursday, June 20.
Key Takeaways
- The best CD rate you can score nationwide is 6.00% APY, available from Nuvision Credit Union for a 10-month term. But it only allows a maximum deposit of $5,000.
- If you want to sock away more than that, seven additional CDs pay 5.50% or better—including INOVA Federal Credit Union's runner-up rate of 5.55% for 5 months.
- Looking for longer guarantees? NexBank offers the top 12-month rate of 5.40% APY, Vibrant Credit Union promises 5.00% until nearly 2027, and BMO Alto lets you lock in 4.80% for 5 years.
- The Fed again held rates steady last week, waiting for inflation to ease. But with rate cuts possible this summer or fall, it's smart to grab one of today's best CDs before APYs begin dropping.
Below you'll find featured rates available from our partners, followed by details from our ranking of the best CDs available nationwide.
A Dozen Offers Pay 5.40% to 6.00% for Up to a Year
Nuvision Credit Union continues to offer the top nationally available CD rate of 6.00% APY, a crown it has held since June 4. Previously, we hadn't seen a rate that high since November. Although this is the best CD return on the market, the 10-month certificate is limited to a $5,000 maximum deposit.
If you want to stash more than that in CDs, you might like INOVA Federal Credit Union's runner-up rate of 5.55%. It has no stated maximum, but its limitation is that the term length is just 5 months. You can find 10 more options, though, in our daily ranking of the best nationwide CDs that pay 5.40% or better, with terms up to 12 months.
To extend your rate lock to summer 2025, consider NexBank's 5.40% APY offer for 1 year—if you can muster a $25,000 deposit. Or if not, CIBC Agility pays almost as much, at 5.36% APY with an easier $1,000 minimum.
Longer CDs Secure Your Rate Into 2026 and Beyond
Since we may see U.S. interest rates decline over the next two to three years, it's likely a smart time to lock in a high multi-year rate while you can. Credit Human currently allows you to pick a term of 18 to 23 months for a rate of 5.15% APY. That can guarantee your return into 2026.
If you want to earn at least 5.00%, the longest terms you'll find are in the 3-year range. Vibrant Credit Union promises that APY for 30 months, and two providers—DollarSavingsDirect and Transportation Federal Credit Union—offer it for a full 36 months.
To extend your rate lock even further, the best 5-year CDs offer APYs up to 4.80%. The highest rate among them is provided by banking giant BMO Alto, while eight additional 5-year CDs pay 4.50% or better.
Large U.S. Bank is 5-Year CD Rate Leader
The top nationwide CD rates are typically offered by smaller banks and credit unions. But right now, the top 5-year return comes from a large U.S. Bank. BMO Alto is the online-only arm of banking giant BMO, which operates about 1,000 physical branches and is the 12th-largest U.S. bank by deposits. Though it only pays the top nationwide rate in the 5-year term, BMO Alto also has reasonably competitive rates on CDs ranging from 6 months to 4 years.
| CD Terms | Yesterday's Top National Rate | Today's Top National Rate | Day's Change (percentage points) | Top Rate Provider |
| 3 months | 5.51% APY | 5.51% APY | No change | TotalDirectBank |
| 6 months | 5.55% APY | 5.55% APY | No change | INOVA Federal Credit Union |
| 1 year | 6.00% APY | 6.00% APY | No change | Nuvision Credit Union |
| 18 months | 5.25% APY | 5.25% APY | No change | DR Bank and NASA Federal Credit Union |
| 2 years | 5.15% APY | 5.15% APY | No change | Credit Human |
| 3 years | 5.00% APY | 5.00% APY | No change | Vibrant Credit Union, DollarSavingsDirect, and Transportation Federal Credit Union |
| 4 years | 4.86% APY | 4.86% APY | No change | Wellby Financial |
| 5 years | 4.80% APY | 4.80% APY | No change | BMO Alto |
Some of the Best CD Rates in 20 Years
CD rates reached a historic peak of 6.50% in October 2023, and they have only come down slightly since then. In February of this year, 30 CDs in our daily ranking guaranteed at least 5.50% APY. Now, however, you'll only find eight.
Despite that, looking back over the past 20 years shows that today's rates remain exceptional. APYs above 4% still present a great investment opportunity, and it may be worth locking one in before the Fed cuts rates.
Also consider that you don't have to get the absolute highest APY to feel satisfied with your investment. If you find an account with a term length and features you like, it may be wise to grab it now, before rates move.
Other Big Banks That Pay Attractive Rates
If you only want to open a CD at a big-name bank, be sure to do your homework, as the CDs at the bank where you have your checking account may pay peanuts. Among the 30 largest U.S. banks, however, there are a handful that pay a reasonably competitive rate. You can find the top options in our list of better-than-average big bank CDs.
Jumbo CDs Offer a Rate Bump in Some Terms
If you've got enough for a jumbo CD, you can lock in a rate higher than standard CDs for certain terms. State Department Federal Credit Union offers 5.41% APY for 15 months, better than the best standard CD of 5.25% from DR Bank. And if you want to put money away for the long haul, Grow Financial Federal Credit Union is offering a 5-year rate of 4.86% APY, a bit better than the best standard rate of 4.80% from BMO Alto.
As you can see below, the best jumbo CD rates don't always pay more than standard certificates. In many cases, you can do better with a standard CD. That's the case right now in six of the eight terms below.
| CD Term | Today's Top National Bank Rate | Today's Top National Credit Union Rate | Today's Top National Jumbo Rate |
| 3 months | 5.51% APY* | 5.30% APY | 5.20% APY |
| 6 months | 5.51% APY | 5.55% APY* | 5.51% APY |
| 1 year | 5.40% APY | 6.00% APY* | 5.50% APY |
| 18 months | 5.25% APY | 5.25% APY | 5.41% APY* |
| 2 years | 5.00% APY | 5.15% APY* | 4.91% APY |
| 3 years | 5.00% APY* | 5.00% APY* | 4.97% APY |
| 4 years | 4.70% APY | 4.86% APY* | 4.48% APY |
| 5 years | 4.80% APY | 4.75% APY | 4.86% APY* |
Where Will CD Rates Go in 2024?
To combat decades-high inflation, the Federal Reserve aggressively hiked the federal funds rate between March 2022 and July 2023, raising the benchmark rate to its highest level in 22 years. That's important to savers because when the fed funds rate rises, banks and credit unions increase the interest rates they're willing to pay on customer deposits.
As a result, this past fall saw historically favorable conditions for CD shoppers, as well as for anyone holding cash in ahigh-yield savingsormoney market account. Rates on CDs rose to an October-November peak that was the highest we've seen in two decades.
But since its last rate hike in July, the Fed has been in a holding pattern. As was all but certain, the Federal Reserve's rate-setting committee announced on June 12 that it was once again maintaining the federal funds rate at its current level. It's the seventh meeting in a row in which the central bank has held its benchmark rate steady.
That's because inflation has been cooling, allowing the Fed to stop raising interest rates. Yet, further inflation progress has been elusive. That puts the central bank in wait-and-see mode as it looks for evidence that inflation is falling enough to justify lowering the federal funds rate.
Last week's written statement from the Fed again included familiar language about remaining focused on tamping down inflation that is still too high: "Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee's 2% inflation objective."
The rate decision was also accompanied by the quarterly "dot plot" release, which reveals where each Fed board member (represented by a unnamed dot on a graph) predicts the federal funds rate will be at the end of the current year, as well as the next two years.
The June dot plot shows a median projection of one rate cut of 0.25 percentage points by the end of 2024. However, a sizable group predicted we'll see two rate decreases. At the other end of the spectrum, a 20% contingent forecasted the federal funds rate will stay where it is for the rest of this year.
Speaking during his customary press conference following the statement release, Fed Chair Jerome Powell made it clear that the committee is looking for continued evidence of a decline in inflation before it will implement a rate cut.
"Goals have moved toward better balance, but the economic outlook is uncertain," Powell said. "We remain highly attentive to inflation risks. We've stated that we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2%."
In response to the Fed's announcement and Powell's remarks, fed funds traders have increased their bets that a first rate cut will come in September. For the next meeting, concluding July 31, odds of another rate hold are currently pegged at about 90%. But looking toward the Sept. 18 announcement, more than 65% of traders believe the Fed will have implemented its first rate decrease by then.
In the meantime, Fed officials are expected to continue watching and waiting for additional data before making any decisions. This means CD rates are generally expected to continue their plateau. When at some point the Fed signals it's ready to start cutting rates, which could happen in the not-too-distant future, that will begin driving CD yields down more quickly. So it's a good time to lock in one of today's stellar CD rates while you still can.
Daily Rankings of the Best CDs and Savings Accounts
Best 3-Month CD Rates
Best 6-Month CD Rates
Best 1-Year CD Rates
Best 18-Month CD Rates
Best 2-Year CD Rates
Best 3-Year CD Rates
Best 4-year CD Rates
Best 5-Year CD Rates
Best High-Yield Savings Accounts
Best Money Market Accounts
Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.
Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
