There was movement among the ranks of CD providers vying to offer the best rates today, bumping up the top rate for an 18-month bank CD, but if you're looking at all CDs offered by both banks and credit unions, the top rates didn't change.
The best annual percentage yield (APY) you can get on any CD today is still 5.50%, which you'll find at only one nationally-available financial institution. That's for a CD of 24 to 35 months (your choice). But in the 18-month category, you now have three products to choose from that pay 5.25%.
CD rates have risen dramatically throughout 2022 and 2023, but they may not grow as fast going forward if the Federal Reserve pumps the brakes on rate increases as some analysts predict. While it's never easy to time the market, this could be the golden era for those looking to lock in high rates for months or years to come.
- The top rate for any CD today is 5.50% APY, which you can get on a 2-year term.
- Among bank-offered CDs, the top rate for an 18-month certificate rose to 5.25%.
- Three institutions now offer 5.25% on CDs in our 18-month category.
- Jumbo CD rates still top out at 5.25% on multiple terms.
There's been some jostling for the top rate in the 18-month CD category. While yesterday there was only one player (Credit Human, a credit union) paying 5.25%, today there are three. Amerant Bank spiked its rate to take the lead. It stands out because you can get 5.25% on a 15-month term, while the others (Credit Human and USAlliance Financial) require you to lock in for at least 18 months. Amerant is the only bank among those offering 5.25% in that category, if that matters to you.
Amerant requires a $10,000 minimum deposit to get the 5.25% rate, while the other two institutions offering that rate only ask for $500.
The most you can earn on any term is 5.50% APY, and it's been that way since March 3. That's available from Credit Human, a nationwide credit union, on any term length between 24 and 35 months.
Most of the top CD rates are offered by credit unions. We only include credit unions in our analysis that allow anyone to join, though that usually involves joining a nonprofit organization for a small fee.
Nevertheless, many banks are paying competitive rates, too. Besides Amerant, two other banks are offering a 5.25% APY. MYSB Direct has it on a 12-month term and Brilliant Bank on a 9-month term.
The top jumbo rate is also still 5.25%, which you can get on 6-month, 1-year, 18-month, and 3-year terms.
|CD Term||Yesterday's Top National Rate||Today's Top National Rate||Day's Change (percentage points)|
|3 months||4.75% APY||4.75% APY||No change|
|6 months||5.25% APY||5.25% APY||No change|
|1 year||5.25% APY||5.25% 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||4.75% APY||4.50% APY||3.91% APY|
|6 months||5.25% APY||5.25% APY||5.25% APY|
|1 year||5.25% APY||5.05% APY||5.25% APY|
|18 months||5.25% APY||5.25% APY||5.25% APY|
|2 years||5.13% APY||5.50% APY||4.70% APY|
|3 years||4.60% APY||5.50% APY||5.25% APY|
|4 years||4.55% APY||5.00% APY||4.85% APY|
|5 years||4.50% APY||5.00% APY||5.05% APY|
|10 years||4.10% APY||4.30% APY||None|
Will CD Rates Continue to Go Up?
CD rates took off in 2022 when the Federal Reserve began to raise the federal funds rate to fight inflation, and they've continued to go up with Fed actions this year. (CD rates tend to mirror movements in the federal funds rate.) The Fed has implemented two rate increases in 2023, both 0.25%, which were a departure from its larger rate hikes last year when inflation was even higher.
The Fed's March 22 rate announcement came amid news about bank failures. And although inflation is still much higher than the Fed's 2% target, the February number for a core measure of inflation (excluding volatile food and energy)—the Personal Consumption Expenditures (PCE)—came in at 4.6% year over year today—lower than was expected. That, plus the instability of the banking sector, could cause the Fed to slow pedal or even pause its rate hikes going forward. That could mean CD rates also settle into a stable pattern.
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.
Credit Human. "Share Certificates."
Federal Reserve. "Open Market Operations."
U.S. Bureau of Economic Analysis. "Personal Income and Outlays: February 2023."
Morgan Stanley. "Why Investors Should Brace for ‘Stagflation’."