Top CD Rates Today, May 1

See how today's top nationwide rate is trending for every CD term

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We're just two days out from the conclusion of the Federal Reserve's next meeting, where the rate-setting committee is again expected to edge interest rates higher. But some institutions aren't waiting until Wednesday's announcement—there were several CD rate increases unveiled today, including a new co-leader for the industry-leading rate of 5.50% APY across all terms. In addition, the 18-month CD term has a new top rate of 5.30% APY, while the best rate on a 3-month jumbo CD is up to 4.35% APY.

Key Takeaways

  • You can now choose between two different 9-month CDs offering the top nationally available rate across all terms of 5.50% APY.
  • The leading rate among 18-month CDs climbed to 5.30% APY from 5.25% APY, while the jumbo 3-month term saw a big bump in the top rate to 4.35% APY, up from 3.91% APY.
  • You can now earn 5.25% APY or better on seven certificates in our CD rankings, up from five Friday.
  • A top rate of 5.00% APY or better is available in terms from 6 months to 2 years.
  • The Federal Reserve is widely expected to raise interest rates a quarter point on Wednesday.
CD Term  Friday's Top National Rate  Today's Top National Rate Day's Change (percentage points)
3 months 4.90% APY 4.90% APY No change
6 months  5.50% APY 5.50% APY No change
1 year 5.25% APY  5.25% APY No change
18 months 5.25% APY 5.30% APY + 0.05
2 years  5.15% APY 5.15% APY No change
3 years  4.90% APY  4.90% APY No change
4 years 4.73% APY 4.73% APY No change
5 years  4.68% APY  4.68% APY No change
10 years 4.20% APY 4.20% APY No change
To view the top 15–20 nationwide rates in any term, click on the desired term length in the left column above.
 CD Term Today's Top National Bank Rate Today's Top National Credit Union Rate Today's Top National Jumbo Rate
3 months  4.90% APY 4.75% APY  4.35% APY 
6 months  5.50% APY 5.50% APY  5.15% APY 
1 year  5.25% APY  5.25% APY 5.25% APY 
18 months  5.17% APY  5.30% APY  5.27% APY 
2 years  5.05% APY  5.15% APY  5.04% APY 
3 years  4.60% APY  4.90% APY  4.99% APY 
4 years  4.55% APY  4.73% APY  4.89% APY 
5 years  4.50% APY  4.68% APY  4.84% APY 
To view our lists of the top-paying CDs across terms for bank, credit union, and jumbo certificates, click on the column headers above.

The top nationwide rates on jumbo certificates, which typically require a deposit of $100,000 or more, are not competitive against standard CD rates in most terms. In all terms from 3 months to 2 years, you can earn more by simply opening a standard CD and then simply making a jumbo-sized deposit.

Will CD Rates Rise or Fall?

CD rates skyrocketed as a result of the Federal Reserve aggressively hiking the federal funds rate to combat inflation last year. Although the Fed has raised the fed funds rate twice this year, both times by 0.25%, that's far lower than the cumulative 4.25% in increases it implemented last year. As a result, rates on deposit accounts surged in 2022, and then have crept only slightly higher this year.

The Federal Reserve's next rate-setting meeting will wrap up Wednesday. Current market predictions are running at over 90% probability that the Fed will hike rates a quarter percentage point. After that, a majority of federal funds futures traders expect we'll see rates level off, though a sizable minority are forecasting one more quarter-point increase in the summer.

Though it's possible rates will inch higher, they are already at their highest levels since 2007, and may only creep up slightly after another hike. In addition, the Fed could start to reduce rates later this year. That makes the next few weeks a good time to consider locking in a guaranteed CD rate that will pay attractive dividends for months or years into the future.

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 five, 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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Board of Governors of the Federal Reserve System. "Open Market Operations."

  2. CME Group. "CME FedWatch Tool."

  3. Federal Deposit Insurance Corporation. "National Rates and Rate Caps."