Top standard certificate of deposit (CD) rates across all terms held their ground today. The highest nationally-available CD rate in the nation continues to be 5.50% APY for terms of 9 months, 15 months and 17 months.
Alternatively, you can earn at least 5.25% APY on 12 additional CD options in our daily rankings of the best nationwide CDs. The longest term you can get with that rate is a 2-year certificate.
There was a little movement in the jumbo CD ranks, with the top 1-year jumbo rate jumping to 5.35% APY and the top 6-month jumbo rate dropping to 5.15% from 5.25%.
- The top rate available for 1-year jumbo CDs increased to 5.35%
- The highest nationally-available CD rate remains 5.50% APY, offered on terms of 9, 15, and 17 months.
- Fifteen CDs in our daily rankings pay at least 5.25% APY.
- You can earn at least 5.10% in every CD term from 3 months to 2 years, with the best 2-year rate remaining at 5.25% APY.
- CD yields may be at or near a peak if the Federal Reserve decides to pause or end rate hikes for the year as inflation moderates. That could make now an opportune time to take advantage of record-high CD rates.
|CD Term||Yesterday's Top National Rate||Today's Top National Rate||Day's Change (percentage points)|
|3 months||5.10% APY||5.10% 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||5.50% APY||5.50% APY||No change|
|2 years||5.25% APY||5.25% APY||No change|
|3 years||4.85% APY||4.85% APY||No change|
|4 years||4.73% APY||4.73% APY||No change|
|5 years||4.68% APY||4.68% 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||5.10% APY||4.75% APY||4.35% APY|
|6 months||5.11% APY||5.50% APY||5.15% APY|
|1 year||5.25% APY||5.25% APY||5.35% APY|
|18 months||5.50% APY||5.50% APY||5.27% APY|
|2 years||5.00% APY||5.25% APY||5.04% APY|
|3 years||4.76% APY||4.85% APY||4.99% APY|
|4 years||4.54% APY||4.73% APY||4.89% APY|
|5 years||4.52% APY||4.68% APY||4.84% APY|
Despite the suggestion that a larger deposit should earn you a higher return, rates on jumbo certificates often pay less than standard CDs. Today's best jumbo offers, which typically require a deposit of $100,000 or more, only beat the best standard rates in the three longest CD terms, while you can do better with standard CDs in the other five terms. So remember to shop every CD type before making a final choice.
Where Are CD Rates Headed This Year?
The CD rate heyday could be nearing an end. Here's why.
Rates on certificates of deposit generally mirror the trend of the federal funds rate, and the quarter-point increase by the Federal Reserve on May 3 nudged CD rates slightly higher last week. Though deposit rates surged in 2022 as a result of the Fed's aggressive federal funds rate hikes aimed at taming decades-high inflation, this year's Fed increases have been more subdued, which has considerably slowed the growth in CD rates.
The Fed's latest announcement included a notable change in language from prior announcements, indicating that the Fed may pause its hikes at a June 13-14 meeting. This, plus other economic factors, have futures traders betting 4-to-1 that last week's increase will be the Fed's last hike of its campaign, while a minority feel we could see yet another bump.
Atlanta Fed president Raphael Bostic said Monday that he doesn't see rates declining this year. Nevertheless, about a quarter of Fed watchers currently predict rates could fall as early as July, with a majority predicting a decrease in September or later.
In any case, CD rates are at their highest levels since at least 2007, the last time we saw the federal funds rate this high. With rate decreases potentially on the near horizon, it's a smart time to lock in one of the nation-leading rates in our CD rankings, guaranteeing you an excellent rate even after the Fed ultimately hits reverse.
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.
Correction—May 17, 2023: A previous version of this article misstated how many CDs are available with an APY of at least 5.25%.
Federal Reserve. "Open Market Operations."
Federal Reserve. "May 3, 2023: Federal Reserve Issues FOMC Statement."
CME Group. "CME FedWatch Tool."