Below you’ll find featured rates available from our partners, followed by details from our complete ranking of the best CDs available nationwide.
The Best CD Rates Are Still Very High
Although certificate of deposit (CD) rates have settled since the fall—the highest rate we recorded was 6.50% in late October—today’s top CD rates are still near historic highs.
Bank CD rates have actually inched up a bit this week, although today saw no changes. Yesterday, a new 6-month bank CD leader emerged, from One American Bank, with a rate of 5.51%. And earlier in the week we got a new best 1-year bank CD rate of 5.55%, offered by Salem Five, beating out the previous leader of 5.51%.
The current national leader across all terms remains 5.75%, available from Andrews Federal Credit Union for 6 months. That’s been the best you can get since Jan. 29.
At the end of January, our list of nationwide CDs that pay a benchmark rate of 5.50% or better stood at 34 offers. There’s been some attrition since, and that elite group has shrunk to 25 options. Nine jumbo CDs are paying at least 5.50%, too.
It might be smart to lock in rates like these before the Federal Reserve acts to lower the federal funds rate—as that will put downward pressure on CD rates. While we don’t know when the Fed will start reducing its benchmark rate, the central bank’s Dec. 13 dot plot showed a median prediction among committee members of three rate cuts—totaling 0.75%—sometime during calendar year 2024.