Top CD Rates Right Now: Get at Least 5.70% for Terms of 6 to 14 Months
Many banks and credit unions have seen a decline in CD rates, including the leading 4-year rate today, as it seems unlikely that the Federal Reserve will raise rates any further. Still, nine of the top national offers pay at least 5.70%, so they are keeping their footing.
TotalDirectBank and Dow Credit Union continue to share the top spot in terms of national rates. A 5.76% CD is available for six or thirteen months, respectively, from both. Also, the four runner-ups get 5.75% APY. All In Credit Union offers 5.80% APY on an 18-month term to anyone with a large deposit, which is a somewhat greater return.
Today’s Best CDs Pay 5.70% to 5.76% for 6 to 14 Months
Rates current as of Jan. 04, 2024
Here are some special offers from our partners, followed by information from our comprehensive list of the greatest CDs on the market in the country.
In the last ten days, the leading 4-year CD rate has decreased twice: from 5.20% to 5.13% and now to 5.00%. You can now receive the same rate on the best 5-year certificate.
Longer-term certificate rates have declined, but there are still some excellent deals to be found. A 2-year CD still offers 5.50% APY, while the best 3-year offer is offering 5.23% APY. Even while these are not as high as the returns that lead the country, it will probably be wise to lock in these still-exceptional rates for years to come.
| CD Terms | Yesterday’s Top National Rate | Today’s Top National Rate | Day’s Change (percentage points) | Top Rate Provider |
| 3 months | 5.66% APY | 5.66% APY | No change | TotalDirectBank |
| 6 months | 5.76% APY | 5.76% APY | No change | TotalDirectBank |
| 1 year | 5.76% APY | 5.76% APY | No changed | w Credit Union |
| 18 months | 5.69% APY | 5.69% APY | No change | l In Credit Union |
| 2 years | 5.50% APY | 5.50% APY | No change | a Capitol Federal Credit Union |
| 3 years | 5.23% APY | 5.23% APY | No change | U.S. Senate Federal Credit Union |
| 4 years | 5.13% APY | 5.00% APY | – 0.13 | Farmers Insurance Federal Credit Union |
| 5 years | 5.00% APY | 5.00% APY | No change farmers | s Insurance Federal Credit Union |
Range of the Top 15 CD Rates per Term – Jan. 04, 2024
The best rates are available nationwide for each CD duration that is FDIC or NCUA guaranteed.
Anyone who with a jumbo-sized deposit might have earned 5.85% APY last week. Right now, All In Credit Union’s top jumbo deal pays 5.80% over an 18-month term. It’s now the highest CD rate in the country for both regular and jumbo certificates.
| CD Term | Today’s Top National Bank Rate | Today’s Top National Credit Union Rate | Today’s Top National Jumbo Rate |
| 3 months | 5.66% APY* | 5.65% APY | 5.20% APY |
| 6 months | 5.76% APY | 5.75% APY | 5.77% APY* |
| 1 year | 5.67% APY | 5.76% APY | 5.77% APY* |
| 18 months | 5.60% APY | 5.69% APY | 5.80% APY* |
| 2 years | 5.40% APY | 5.50% APY | 5.54% APY* |
| 3 years | 5.06% APY | 5.23% APY | 5.28% APY* |
| 4 years | 4.90% APY | 5.00% APY* | 4.86% APY |
| 5 years | 4.90% APY | 5.00% APY* | 4.92% APY |
What Is the Future Outlook for CD Rates?
At its third consecutive meeting, the Federal Reserve decided to keep rates unchanged Tuesday, when they were at a 22-year high.
Since March of last year, the Federal Reserve has been actively battling decades-high inflation by hiking the federal funds rate, first with swift increases in 2022 and then with more gradual increases in 2023.
Due to this, CD buyers and those with funds in high-yield savings or money market accounts are in historically favorable circumstances.
Top CD Rates Since November 2021 – As of Jan. 04, 2024
The best rates that were offered nationally in November 2021 for CD maturities ranging from six months to five years were between 0.70% and 1.35% APY. The highest rates have increased to a range of 5.00% to 5.76% APY following 11 rate rises by the Federal Reserve between March 2022 and July 2023.
Despite a very little decline in November, inflation has decreased dramatically in recent months. Additionally, at his news conference, Chair Powell stated that while the rate-setting committee is keeping the option of future rate hikes open, members have begun to explore decreasing rates.
No members of the rate-setting committee anticipate raising interest rates again in 2024, according to the Fed’s dot plot. Rather, three rate reductions totaling 0.75% are anticipated by the median forecast in 2024.
For those who buy CDs and other savings products, this has important ramifications. The Fed funds rate is the foundation for deposit rates at banks and credit unions. Talk of cutbacks even suggests that the crazy spike in deposit rates is probably coming to an end.
Robert Frick, corporate economist at Navy Federal Credit Union, stated in a statement that “the Fed virtually made it official that there’ll be no more rate hikes this cycle.”
“That’s a call to action for savers to lock in current high CD rates and other rates in safe vehicles such as Treasuries,” Frick said. “Those rates will likely only drop from here, and given they’re higher than the rate of inflation, savers can earn real returns for now.”
As we usually warn, making assumptions about how the Fed will set interest rates in the future is dangerous. It appears that CD rates will, for the time being at least, decline from their recent highs.
How We Identify Today’s Best CD Rates
Every working day, Investopedia compiles daily rankings of the highest-paying certificates in each major term by monitoring the rate data of over 200 banks and credit unions that provide CDs to consumers around the country. The institution must be federally insured (FDIC for banks, NCUA for credit unions) and the minimum initial deposit for a CD cannot be more than $25,000 for it to be included in our lists.
There must be banks in at least forty states. Furthermore, we do not include credit unions that have a donation requirement of $40 or more, even if some of them require you to donate to a certain charity or group to join if you don’t meet other eligibility requirements (such as not working in a particular field or living in a specific location). Check out our whole approach to learn more about how we determine the best pricing.