Best CD Rates Today - Score a High Interest Rate While You Still Can, June 3, 2024 (2024)

Key takeaways

  • Top CDs currently offer APYs up to 5.35%.
  • The Fed is expected to hold rates steady next week, so rates are likely to stay high, but they may dip slightly.
  • By opening a CD now, you can lock in today’s high rates and protect your earnings from any future rate cuts.

Certificate of deposit rates remain attractive -- for now. Last week, we saw CD annual percentage yields, or APYs, remain largely unchanged across the banks we track at CNET. But with the Federal Reserve meeting again next week, it’s anybody’s guess how long high APYs will stick around.

Best CD Rates Today - Score a High Interest Rate While You Still Can, June 3, 2024 (1)

Today’s top CDs offer APYs of up to 5.35%. That’s more than three times the national average for some terms. And since your rate is locked in when you open a CD, you’ll enjoy the same returns even if overall rates drop – which many experts predict they will later this year. So, the sooner you open an account, the greater your earning potential may be.

Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

Today’s best CD rates

Here are some of the top CD rates available right now and how much you could earn by depositing $5,000 right now:

TermHighest APYBankEstimated earnings
6 months5.35%Rising Bank$132.01
1 year5.35%NexBank$267.50
3 years4.70%MYSB Direct$738.65
5 years4.80%BMO Alto$1,320.86

How long will CD rates stay elevated?

Earlier this year, experts predicted three rate cuts by mid to late 2024. But inflation has remained stubbornly high, and the Fed chose to pause rates at its last six Federal Open Market Committee meetings. As a result, some experts now believe rate hikes are more likely than rate cuts in the coming months. Those who think rate cuts are still possible this year say there may be only two instead of three.

“Fed Chair Powell has indicated that he wants to cut rates this year, and I don’t think his colleagues on the FOMC will embarrass him by not cutting at least once. But I don’t think the conditions for cutting rates will be satisfied until late this year,” said economist Robert Fry.

But though the future of CD interest rates is unclear, one thing is certain: Locking in today’s high APYs will protect your earnings from rate cuts when they do happen.

How Fed decisions impact CD rates

The Fed doesn’t directly set CD interest rates, but its decisions have ripple effects. When the Fed raises the federal funds rate -- which determines how much it costs banks to borrow and lend money to each other -- banks tend to follow suit, raising APYs on consumer products like savings accounts and CDs to remain competitive.

In March 2022, the Fed began steadily raising the federal funds rate to combat record-high inflation, and CD rates took off. Here’s how average CD rates moved from 2010 to 2023, according to CNET sister site Bankrate:

As inflation started to show signs of cooling, the central bank paused rates at its last six meetings. As a result, CD rates plateaued and then began dropping as experts predicted rate cuts in the second half of 2024. APYs have held relatively steady over the past week, but that could all change depending on the Fed’s decision at its upcoming June 11-12 FOMC meeting.

Here’s where CD rates stand compared with last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.76%No change1.79%
1 year4.99%-0.20%1.80%
3 years4.12%No change1.42%
5 years3.94%-0.25%1.40%

Why you should open a CD now

With rates still attractive, now’s the time to open a CD and lock in a high APY. But a fixed rate isn’t the only perk you’ll enjoy by opening a CD today.

CDs are insured up to $250,000 per person, per bank, as long as the bank is insured by the Federal Deposit Insurance Corporation. Credit unions offer the same protection through the National Credit Union Administration. That means your money is safe up to the deposit limits if the bank fails.

Plus, unlike investments such as stocks, CDs are low-risk. You won’t lose your principal deposit or the interest you’ve earned unless you run into early withdrawal penalties -- which you can easily avoid by choosing the right term for your needs.

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What to look for in a CD account

A competitive APY is important, but there are other things you should consider when comparing CD accounts:

  • When you’ll need your money: Early withdrawal penalties can reduce your interest earnings. So, be sure to choose a term that fits your savings timeline. “Different CDs have different maturity dates, so you’ll want to make sure the CD matures before you’ll need the money,” said Keith Spencer, CFP, founder and financial planner at Spencer Financial Planning, LLC. “For example, if you’re planning on purchasing a car a year from now and would like to put the money in a CD in the meantime, you’ll want to choose a CD with a maturity date of one year or less.” Alternatively, you can select a no-penalty CD, although the APY may not be as high as you’d get with a traditional CD of the same term.
  • Minimum deposit requirement: Some CDs require a minimum amount to open an account -- typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow down your options.
  • Fees: Maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.
  • Federal deposit insurance: Make sure any institution you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.
  • Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about any bank you’re considering. You want a bank that’s responsive, professional and easy to work with.


CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.

The current banks included in CNET’s weekly CD averages are: Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America, Connexus Credit Union.

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Best CD Rates Today - Score a High Interest Rate While You Still Can, June 3, 2024 (2024)


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

7% Interest Savings Accounts: What You Need To Know. Why Trust Us? As of June 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.

Who is offering the highest CD rates right now? ›

Here are Bankrate's top picks for banks with the best CD rates.
  • Capital One — 6 months - 5 years, 3.90% – 5.00% APY, no minimum deposit.
  • Barclays Bank — 6 months - 5 years, 3.50% – 5.00% APY, no minimum deposit.
  • Citizens Access — 1 year - 5 years, 3.35% – 5.00% APY, $5,000 minimum deposit.

Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYMinimum opening deposit
Morgan Stanley5.05%$5,000
LendingClub Bank5.00%Contact institution for details
Newtek Bank5.00%$2,500
My eBanc5.00%$5,000
31 more rows

Is there a 6% CD rate? ›

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 Vast Bank (5.50%).

Are there any 7% CDs? ›

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%.

Where to put $10,000 for best interest? ›

Many investment experts recommend a 60/40 mix. That is an investment portfolio invested 60% in equities (company shares) and 40% in bonds. For higher returns, an attractive investment for £10,000 could be shares or equity funds (which are made up of shares).

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.

Should I lock in a CD now or wait? ›

Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

What is the CD rate for bank of Hope 2024? ›

*Promo Plus Certificate of Deposit: The Promotional APY (Annual Percentage Yield) of 5.35% for a term of 6 months, 5.25% for a term of 12 months are accurate as of 5/6/2024.

Do you pay taxes on CD interest? ›

Key takeaways. Interest earned on CDs is considered taxable income by the IRS, regardless of whether the money is received in cash or reinvested. Interest earned on CDs with terms longer than one year must be reported and taxed every year, even if the CD cannot be cashed in until maturity.

What is the highest CD rate ever? ›

The high CD rates at the end of the 1970s continued into the '80s in a big way. Average rates for 3-month CDs peaked at a staggering 18.65% in December 1980, according to the Fed. They remained in double digits for nearly two years before beginning a slide that saw them bottom out at 5.69% in October 1986.

Are higher CD rates coming? ›

Currently, national average rates for a 1-year CD sit at 1.86% APY, up from 0.15% APY in April 2022. But with no change to rates since December 2023, it doesn't appear rates will continue to go up, at least significantly.

Which bank gives 7% interest rate? ›

Fincare Small Finance Bank savings account interest rates

The bank offers a 7% interest rate on balances above Rs 10 lakh to less than Rs 1 crore and a 7.25% interest rate on above Rs 1 crore to 5 crore on savings account balances. 1.

Can I earn 7% on my money? ›

But it's a rare account that earns a 7.00% annual percentage yield (APY). There aren't any traditional banks offering a 7% interest savings account in the U.S., but you will find some credit unions that offer checking accounts and certificates with rates near or above 7.00% APY.

Which banks are offering 7% interest? ›

Existing-customer regular savers – what we'd go for
ProviderRate (AER)Can you skip months?
First Direct7% fixed for one yearNo, min £25/month
Co-operative Bank7% variable for one yearYes
Skipton BS (must have been a member since before 11 Jan 2024)7% fixed for one yearYes
Nationwide6.5% variable for one yearYes
13 more rows

Which bank gives 7% interest in RD? ›

SBI offers Recurring deposits at interest rates of 6.50% to 7% p.a. to other depositors, and 7.35% to 7.5% to senior citizens with a minimum monthly deposit of ₹100. The tenure for SBI RD ranges from 1 year to 10 years. These rates are effective from December 27, 2023.

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