The Federal Reserve raised interest rates a quarter of a point this afternoon, but so far certificate of deposit (CD) rates are mostly holding steady. One exception that may be notable for investors who prefer banks over credit unions is that the highest rate for a bank-offered 2-year CD jumped. Bread Savings unveiled a rate of 5.10% APY on a 24-month term. Yesterday's top 2-year rate from a bank was 4.75% APY.
When you include nationally available credit unions in your search, however, the best-paying CD remains Credit Human's 5.50% APY on your choice of term between 24 and 35 months. Leading at that rate since March 3, it's the best yield you can earn on any nationwide CD across any term from 3 months to 10 years.
Among banks, the rate leader across all CD terms continues to be Sun Canyon Bank, which is paying 5.35% APY on a 1-year term.
Jumbo CD rates marked time today. Finworth is paying 5.25% APY on 12-17 month certificates with a $50,000 minimum deposit; with $100,000, you can earn that same rate on a 9-month CD from KS State Bank or a 3-year CD from Quorum Federal Credit Union.
The Federal Reserve concluded its latest rate-setting meeting this afternoon, announcing it was raising the federal funds rate a quarter percentage point. Less than two weeks ago, it was expected the Fed would hike rates by a bolder half percentage point to battle persistent inflation. But the recent high-profile bank failures gave the Fed pause, resulting in a tempered increase for this meeting.
|CD Term||Yesterday's Top National Rate||Today's Top National Rate||Day's Change (percentage points)|
|3 months||5.01% APY||5.01% APY||No change|
|6 months||5.25% APY||5.25% APY||No change|
|1 year||5.35% APY||5.35% APY||No change|
|18 months||5.25% APY||5.25% APY||No change|
|2 years||5.50% APY||5.50% APY||No change|
|3 years||5.50% APY||5.50% APY||No change|
|4 years||5.00% APY||5.00% APY||No change|
|5 years||5.00% APY||5.00% APY||No change|
|10 years||4.30% APY||4.30% APY||No change|
|CD Term||Today's Top National Bank Rate||Today's Top National Credit Union Rate||Today's Top National Jumbo Rate|
|3 months||5.01% APY||5.00% APY||3.91% APY|
|6 months||5.01% APY||5.25% APY||5.25% APY|
|1 year||5.35% APY||5.05% APY||5.25% APY|
|18 months||5.00% APY||5.25% APY||5.25% APY|
|2 years||5.10% APY||5.50% APY||4.70% APY|
|3 years||4.60% APY||5.50% APY||5.25% APY|
|4 years||4.65% APY||5.00% APY||4.85% APY|
|5 years||4.70% APY||5.00% APY||5.05% APY|
|10 years||4.10% APY||4.30% APY||None|
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.
Rate Collection Methodology Disclosure
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.
Correction - March 28, 2023: This article has been corrected to state the highest APY available for a jumbo 3-month CD was 3.91% at the time of publication.
Federal Reserve. "Open Market Operations."