June 19, 2024: Today’s Highest CD Rates: Earn Up To 5.40% (2024)

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Key Takeaways

  • Today’s highest CD rate is 5.40% for a 6-month CD.
  • CD rates from online banks are commonly twice as high as the national average rates.
  • CD ladders let you leverage high rates without locking up all of your money long-term.

The best interest rates on CDs (certificates of deposit) currently top out at 5.40%, depending on the term. Here’s a look at how CD rates are trending, along with an overview of the best rates for several different terms.

Related: Compare the Best CD Rates

Highest CD Rates Today

CD RATES TODAY

Term

Highest APY

Average APY

3 Months

5.39%

1.28%

6 Months

5.40%

1.81%

1-Year CD (12 M)

5.37%

1.96%

2-Year CD (24 M)

5.12%

1.71%

3-Year CD (36 M)

4.75%

1.62%

5-Year CD (60 M)

4.65%

1.62%

Jumbo CD

5.40%

1.84%

Source: Curinos. Rates are based on a $25,000 minimum deposit. Data accurate as of June 18, 2024.

A CD is similar to a savings account, but the interest rate is fixed—not variable. The other major difference is that you’ll typically only earn interest on a CD account if you refrain from withdrawing funds during the term. That term could range from a few weeks to several years, depending on the CD you choose.

If you withdraw money from your CD before it “matures” (reaches the end of its term), you’ll likely get hit with steep penalties in the form of reduced interest. For instance, you may forfeit six months’ worth of interest if you withdraw money from a one-year CD before 12 months are up.

If you’re interested in accruing the maximum amount of interest possible, consider long-term CDs, which historically have the highest APYs. But again, long-term CDs are only an option if you’re willing to stash away some cash you won’t be able to touch for years.

Generally, CDs with longer terms carry more severe withdrawal penalties than short-term CDs. For instance, it’s not uncommon to lose a full year’s worth of interest if you transfer funds out of a five-year CD account before the term is over. Therefore, it’s crucial to familiarize yourself with the CD issuer’s penalties before you open your account.

Today’s 3-Month CD Rates

For short-term savings goals, three-month CDs might make sense. The current average rate on a three-month CD sits at 1.28%, but the highest rate is 5.39%. Last week, three-month CDs were earning 1.28% on average.

Today’s 6-Month CD Rates

If you’re interested in a shorter-term CD, today’s best six-month CD rate is 5.40%. That’s unchanged from a week ago. The current average APY for a six-month CD is 1.81%, up from 1.80% last week at this time.

APY provides a more accurate calculation of the yearly interest you’ll earn with a CD because it takes into account compound interest. That’s the interest you earn not only on your deposit (or principal) but also on the interest in the account.

Today’s 1-Year CD Rates

The highest interest rate currently being offered on a 12-month CD—one of the most popular CD terms—is 5.37%. If you discover a one-year CD with a rate in that vicinity, you’ve found a good deal. One week ago, the best rate was the same.

The average APY, or annual percentage yield, on a one-year CD is now 1.96%, the same as a week ago.

Today’s 2-Year CD Rates

If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 5.12%. The top rate last week at this time was a similar 5.12%. Two-year CDs now have an average APY of 1.71%. That’s the same as last week at this time.

Today’s 3-Year CD Rates

CDs with longer terms tend to have some of the most attractive interest rates and APYs—if you’re willing to keep your money locked away for years.

Within the last week, the highest rate on a three-year CD has been 4.75%, so you’ll want to shop around for that rate or something near it.

Today’s 5-Year CD Rates

On a five-year CD, the highest rate today is 4.65%, the same as one week ago. APYs are averaging 1.62%, the same as this time last week.

The longer the term, the harsher the early withdrawal penalty. It’s not unusual to lose one full year’s worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment.

Today’s Jumbo CD Rates

The best rate on today’s jumbo CDs is 5.40% for a 6-month term. The average APY for this category of CD is currently 1.84%, compared to 1.67% last week.

Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there’s no universally agreed-upon definition regarding what qualifies as a “jumbo” CD. Some banks and credit unions slap the label “jumbo” on CDs you can open with $50,000, $25,000 or even less.

Other Top CD Rates by Term

  • Best 4-Year CD Rates
  • Best 10-Year CD Rates
  • Best 18-Month CD Rates
  • Best Jumbo CD Rates
  • Best IRA CD Rates
  • Best No-Penalty CD Rates

Related: CD Interest Rates Forecast: How Good Will They Get?

Are CDs a Good Deal?

CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts. And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They’re one of the safest places to put your money.

Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected.

The FDIC provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the NCUA insures your money up to the same limit.

CD rates generally fluctuate the most following the Federal Reserve’s decisions to raise, lower or maintain the federal funds rate. The federal funds rate is the rate at which banks lend money to each other overnight. The Fed makes decisions about the funds rate eight times per year when the Federal Open Market Committee (FOMC) meets.

Related: CD Interest Rates Forecast: How Good Will They Get?

Best CD Rates Offered by Banks in June 2024

CD rates largely depend on a bank’s overhead and operational costs, which tends to give digital banks an edge. Take Chase Bank (traditional), Capital One (hybrid) and Synchrony Bank (online), for example. Chase Bank CD Rates range from 0.01% to 4.75%, Capital One 360 CD Rates range from 3.90% to 5.00% and Synchrony Bank CD Rates range from 0.25% to 5.10%.

Be sure to compare a few options with the types of banks you’re most comfortable with.

Other top CD rates by banks include:

  • PNC Bank CD Rates
  • Citibank CD Rates
  • Wells Fargo CD Rates
  • Truist CD Rates
  • Ally Bank CD Rates
  • Capital One 360 CD Rates

Methodology

Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation.

June 19, 2024: Today’s Highest CD Rates: Earn Up To 5.40% (2024)

FAQs

Who is paying the highest interest rates on CDs right now? ›

The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%).

What bank is paying 5% on CDs? ›

Highest current CD rates (overall)
Institution nameAPYTerm length
Raymond James Bank5.10%12 months
MYSB Direct5.10%18 months
First National Bank of America5.05%12 months
LendingClub Bank5.00%18 months
31 more rows

How high will CD rates go in 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

Can you get 7% on a CD? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Should I lock in a CD now or wait? ›

Waiting to open a CD could mean missing out on some stellar rates. Now, you can lock in high rates on both short-term and long-term CDs, and you can score some serious interest just by opting to deposit a larger lump sum into your CD.

Where can I get 7% interest on my money? ›

As of July 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Which bank pays the most for CDs? ›

Best 1-Year CD Rates
  • Forbright Bank – 5.25% APY.
  • Limelight Bank – 5.25% APY.
  • Merchants Bank of Indiana – 5.25% APY.
  • Seattle Bank – 5.25% APY.
  • Greenwood Credit Union – 5.25% APY.
  • Bread Savings – 5.25% APY.
  • Utah First Credit Union – 5.25% APY.
  • Beal Bank – 5.25% APY.

What is the current rate for CDs at bank of America? ›

How much can you earn with Bank of America CDs
CD TERMAPYINTEREST EARNED
13 months (Featured)4.90%$515.48
25 months (Featured)3.20%$678.23
37 months (Featured)0.05%$15.42
10 years (Fixed)0.03%$30.04
3 more rows

What is the best CD rate for $100,000? ›

Compare the Best Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
Justice Federal Credit Union5.25%$100,000
Connexus Credit Union5.25%$100,000
CD Bank5.20%$100,000
State Department Federal Credit Union5.20%$100,000
11 more rows

What is a Jumbo CD? ›

A jumbo certificate of deposit is a CD that requires a higher minimum balance obligation than that required by traditional CDs.

How high will savings interest rates go in 2024? ›

Savings account interest rates will stay the same

However, credit unions, some banks and many online banks offer substantially higher yields on high-yield savings accounts, ranging from 4.25% to 5.25% or higher on average.

Can I get 5% on a CD? ›

Certificates of deposit with at least 5% interest

Also, keep in mind that many financial institutions have multiple terms that pay 5% APY or more. *These financial institutions also offer other CD terms paying above 5% APY.

Can I put 100k in a CD? ›

What is a jumbo CD? A jumbo CD is similar to a regular CD, but it requires a higher minimum deposit. While a typical CD might require a minimum of $1,000 to open, a jumbo CD usually requires a minimum of around $100,000. Because of the high minimum deposit requirement, jumbo CDs don't make sense for a lot of investors.

What is the highest yielding CD right now? ›

Compare the Best CD Rates
InstitutionRate (APY)Term
Nuvision Credit Union6.00%*10 months
T Bank5.60%9 months
Paramount Bank5.55%11 months
TotalDirectBank5.51%3 months & 6 months
19 more rows

What is the best CD rate for $100,000 today? ›

Compare the Best Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
Connexus Credit Union5.25%$100,000
CD Bank5.20%$100,000
State Department Federal Credit Union5.20%$100,000
Finworth5.20%$50,000
11 more rows

How much does a $10,000 CD make in a year? ›

Earnings on a $10,000 CD Over Different Terms
Term LengthAverage APYInterest earned on $10,000 at maturity
1 year2.62%$265.17
18 months2.23%$339.84
2 years2.09%$426.48
3 years1.95%$601.95
3 more rows
Jun 14, 2024

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