Key Takeaways
- The best nationwide CD rates have been inching lower in anticipation of Fed rate cuts, but seven offers still pay 5.30% or better.
- The top CD rate overall is 5.40%, available from INOVA Federal Credit Union for a 5-month term.
- The best rate for roughly 1 year is 5.30%, from either West Town Bank & Trust for 13 months or Jovia Financial Credit Union for 15 months.
- If you can commit your money longer, guaranteed rates up to 5.15% are available for 2 years, or you can earn as much as 5.00% for 3 years. Rates in the mid- to upper-4% range can be secured as long as 2029.
- With the Fed likely to cut rates more than once this year—and perhaps also in 2025—it's smart to open a longer-term CD before rates sink.
Below you'll find featured rates available from our partners, followed by details from our ranking of the best CDs available nationwide.
Open a New Account × The offers that appear in this table are from partnerships from which we receive compensation. For more details, see our full advertiser disclosure. Institution Apy Min. To Earn Apy Highlights Open a New Account × The offers that appear in this table are from partnerships from which Dotdash receives compensation.
The Best CD Offers Pay 5.30% to 5.40%—For 5 to 15 Months
All of the top CD rates in the countryare currently offered on short terms, with a total of seven CDs paying 5.30% to 5.40% APY. Those offers range in term from 5 to 15 months, guaranteeing your rate into 2025.
INOVA Federal Credit Union, which is paying 5.40% APY on a 5-month term, took over as the nationwide CD rate leader Monday, following the disappearance of the 5.50% offer that previously held the crown.
If you'd like your rate guaranteed longer that than, you could opt for one of the runners-up paying 5.35%. T Bank will let you lock in that APY for 9 months, while DR Bank's offer is a 6-month certificate.
CD shoppers interested in securing a top rate for about a year can score up to 5.30%, available from West Town Bank & Trust on a 13-month term, or Jovia Financial Credit Union for 15 months. The Jovia offer will secure your rate almost until Thanksgiving 2025.
Why Longer Rate Guarantees Are Smart Right Now
Despite paying lower annual percentage yields (APYs) than shorter-term CDs, attractive multi-year CDs are a good move before the Fed makes its first rate cut. That's because CD rates might not just fall once, but they could keep sliding—as it's possible the Fed will continue lowering rates for the coming couple of years. Opening a CD now will lock in one of today's stellar rates for the entire term—allowing you to enjoy a high APY for years into the future.
If you can commit some cash longer than 15 months, you can secure a rate lock until 2026 withAmerican 1 Credit Union's18-month certificate paying 5.25%, or its 2-year CD paying 5.15%. You can even lock in 5.00% until 2027—again with American 1 Credit Union, for 36 months.
Stretching today's rates even longer, the best 4-year CD offers a 4.60% rate lock. You can score that return from American 1 Credit Union as well. Or maybe you'd like to stretch your guarantee five years. Grow Financial Credit Union is the leader there, offering a rate lock of 4.75% until 2029.
| CD Terms | Yesterday's Top National Rate | Today's Top National Rate | Day's Change (percentage points) | Top Rate Provider |
| 3 months | 5.25% | 5.25% | No change | Merchants Bank of Indiana and Financial Partners Credit Union |
| 6 months | 5.40% | 5.40% | No change | INOVA Federal Credit Union |
| 1 year | 5.30% | 5.30% | No change | West Town Bank & Trust |
| 18 months | 5.30% | 5.30% | No change | Jovia Financial Credit Union |
| 2 years | 5.15% | 5.15% | No change | American 1 Credit Union |
| 3 years | 5.00% | 5.00% | No change | American 1 Credit Union |
| 4 years | 4.60% | 4.60% | No change | American 1 Credit Union |
| 5 years | 4.75% | 4.75% | No change | Grow Financial |
CD Rates Are Still Near Their 20-Year Highs
Today's CD rates aren't at their absolute peak, but they're still running historically high. October brought us a top nationwide rate of 6.50%—for just a few days—and today the leading rate is down to 5.40%. Still, quite a few banks and credit unions are offering 5.00% or better. A total of 31 offers among the best nationwide CDs still pay 5.25% or more.
The longest currently available term of 5% or better is 36 months from American 1, mentioned above, but this may not last long. In fact, any APY above 4% may be worth locking in—before the Fed cuts rates.
Jumbo CDs Lead Among 1-Year and 5-Year Offers
Jumbo CDs require much larger deposits, but they don't always offer the best rates. Right now, the best jumbo CDs only lead among 1-year and 5-year CDs. One American Bank is offering 5.40% for an 11-month term, which is 10 basis points higher than the best standard 1-year CD. Similarly, Grow Financial Federal Credit Union pays 4.86% for a 60-month term, edging out the best standard 5-year CD (4.75%) by 11 basis points. The best jumbo offer in the 6-month term meanwhile matches the top standard CD at 5.40% APY.
| CD Term | Today's Top National Bank Rate | Today's Top National Credit Union Rate | Today's Top National Jumbo Rate |
| 3 months | 5.25% APY* | 5.25% APY* | 5.20% APY |
| 6 months | 5.35% APY | 5.40% APY* | 5.40% APY* |
| 1 year | 5.30% APY | 5.25% APY | 5.40% APY* |
| 18 months | 5.15% APY | 5.30% APY* | 5.20% APY |
| 2 years | 5.00% APY | 5.15% APY* | 4.85% APY |
| 3 years | 4.60% APY | 5.00% APY* | 4.85% APY |
| 4 years | 4.55% APY | 4.60% APY* | 4.48% APY |
| 5 years | 4.45% APY | 4.75% APY | 4.86% APY* |
Will CD Rates Fall in 2024?
The Federal Reserve kept the federal funds rate at its current level of 5.25% to 5.50% at its meeting that ended July 31, as was expected. But a rate cut seems to be on the horizon: According to the CME FedWatch tool, 100% of federal funds futures traders expect the Fed will cut rates by at least 0.25 percentage points at its next meeting in September, and they also overwhelmingly predict rates will move even lower in November.
Recent inflation reports have provided more evidence that the Fed's campaign to tamp down inflation has been effective, strengthening predictions of rate cuts in the near future. The latest Consumer Price Index (CPI) was released yesterday, and the 2.9% rate for July is the first time we've seen a reading below 3% in over three years. This encouraging report bolsters expectations that Fed rate cuts are on the September horizon.
The central bank's mission to beat inflation led it to raise the federal funds rate 11 times between March 2022 and July 2023, bringing the benchmark interest rate to its highest level in 22 years. The rate-hike campaign has been a boon to savers with cash in the bank, as the fed funds rate directly influences the rates that banks and credit unions pay on CDs. As a result, CD rates hit a 20-year high last fall. Those with money in ahigh-yield savingsormoney market account have also benefited from these historic rates, with savings accounts still paying their highest rates in two decades.
But the Fed has kept rates steady since its last rate hike in July 2023. The most recent decision, on July 31, marked the eighth consecutive meeting in which the central bank left its benchmark rate unchanged.
Fed officials are generally careful not to jump the gun and will likely continue waiting for additional reports before making any decisions about changing the fed funds rate. But with confidence in a September rate cut high—and CD rates likely to move ahead of the central bank's move—if you've got the funds to spare, you may want to lock in an excellent CD rate while you can.
Daily Rankings of the Best CDs and Savings Accounts
We update these rankings every business day to give you the best deposit rates available:
Best 3-Month CD Rates
Best 6-Month CD Rates
Best 1-Year CD Rates
Best 18-Month CD Rates
Best 2-Year CD Rates
Best 3-Year CD Rates
Best 4-year CD Rates
Best 5-Year CD Rates
Best High-Yield Savings Accounts
Best Money Market Accounts
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.
How We Find the Best CD Rates
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 (FDICfor banks,NCUAfor credit unions), the CD's minimum initial deposit must not exceed $25,000, and any specified maximum deposit cannot be under $5,000.
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 oureditorial policy.
Federal Reserve Board. "Federal Reserve Issues FOMC Statement, July 31, 2024."
CME Group. "CME FedWatch Tool."
Federal Reserve Board. "Open Market Operations."
