Despite the Federal Reserve raising interest rates yesterday, the top certificate of deposit (CD) rates are mostly holding steady so far, with the best rate for a CD of any term sitting at 5.50%. In fact, the top rate for a 1-year CD is lower today.
- The top rate for a 1-year CD fell to 5.20% from 5.35% yesterday.
- The best rate for a CD of any term is 5.50%, unchanged from yesterday.
- All other top rates held fast.
- It's only one day since the Federal Reserve hiked interest rates 0.25%, and there still may be more changes to the top CD rates in the coming days.
The only shift in the landscape is that Sun Canyon Bank pulled its term-leading 1-year CD, which was paying 5.35%. At the same time, Rising Bank raised its rate to 5.20%, taking the new lead in the 1-year term. That's also now the best rate you'll find on any CD offered by a bank.
When you factor in credit unions, the best-paying CD still comes from Credit Human, a nationwide credit union that's open to customers across the country. It's offering 5.50% APY on your choice of term between 24 and 35 months, with a minimum deposit of $500.
Jumbo CDs are also in a holding pattern. 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 raised interest rates a quarter of a percentage point yesterday afternoon. Banks and credit unions both often price in upcoming Fed hikes, so the news yesterday may have already been reflected in CD rates. Other institutions may still announce rate increases in the coming days.
|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||5.20% APY||-0.15|
|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||5.20% 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."