CD shoppers looking for a great return on CDs that lock up their money for less than a year got a bit of good news today. There are now three financial institutions that offer 5.25% APY on 7- to 9-month terms. That’s the same rate you can get on three CDs in our 18-month category, but you can obviously get out of them much sooner.

Otherwise, top rates stayed the same. 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 credit union. This rate applies to CDs of 24 to 35 months (you can choose the term).

CD rates have risen dramatically throughout 2022 and 2023. But the past several days have seen a few rate drops. And with the chance that the Federal Reserve will slow or stop rate hikes this year, we may see less movement, if not more rate drops. Locking in a good CD rate now could pay off in a few months or years from now.

Key Takeaways

  • Three financial institutions now offer 5.25% APY on CDs in our 6-month category—the same rate you can get on an 18-month CD.
  • The top rate for any CD today is still 5.50% APY, which you can get on a 2-year term.
  • Jumbo CD rates still top out at 5.25%, when you can get on multiple terms.
  • The best rate you can get from a bank CD is 5.25% on 9-month and 18-month terms.

The most you can earn on any CD term is 5.50% APY, and it’s been that way since March 3. That’s available from Credit Human, a nationwide credit union. It applies to terms between 24 and 35 months (your choice).

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.

If you’re specifically looking for a bank, though, you can still get that very good 5.25% APY on 9-month and 15-month CDs. Jumbo CDs, which require $50,000 or more for a minimum deposit, can also earn up to 5.25% on multiple terms, but you can always find a better rate in a CD that doesn’t market itself as jumbo (but will still accept very large deposits).

CD Term Yesterday’s Top National Rate Today’s Top National RateDay’s Change (percentage points)
3 months4.75% APY4.75% APYNo change
6 months 5.25% APY5.25% APYNo change
1 year 5.20% APY 5.20% APYNo change
18 months5.25% APY5.25% APYNo change
2 years 5.50% APY5.50% APYNo change
3 years 5.50% APY 5.50% APYNo change
4 years5.00% APY5.00% APYNo change
5 years 4.68% APY 4.68% APYNo change
10 years4.30% APY4.30% APYNo change
To view the top 15–20 nationwide rates in any term, click on the desired term length in the table above.
 CD TermToday’s Top National Bank RateToday’s Top National Credit Union RateToday’s Top National Jumbo Rate
3 months 4.75% APY4.50% APY 3.91% APY 
6 months 5.25% APY5.25% APY 5.25% APY 
1 year 5.20% APY 5.05% APY5.15% APY 
18 months 5.25% APY 5.25% APY 5.25% APY 
2 years 5.13% APY 5.50% APY 5.04% APY 
3 years 4.60% APY 5.50% APY 5.25% APY 
4 years 4.55% APY 5.00% APY 4.89% APY 
5 years 4.50% APY 4.68% APY 4.84% APY 
10 years4.10% APY4.30% APYNone
To view our lists of the top-paying CDs across terms for bank, credit union, and jumbo certificates, click on the column headers above.

Will CD Rates Rise or Fall?

CD rates climbed in 2022 as a result of the Federal Reserve raising the federal funds rate to combat inflation. The Fed’s actions this year have pushed rates to heights not seen in years. The Fed has already raised the fed funds rate twice this year, both times by 0.25%. While still an increase, the hikes were lower than last year when inflation was higher than it is now.

Below you can see how CD rates have trended over the last few years. The points on the graph indicate the highest CD rate offered for that term as of Monday of that week.

The Fed’s next meeting is in May, and if it decides to put a pause on rate hikes, we could see these lines on the graph stay the same for some time, or begin to drop.

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.

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