Top CD Rates Today: 5.75% National Leaders Offer Terms of 6 to 15 Months

Honors for offering the leading rate on a nationally available CD continue to be shared in a six-way tie. The industry-leading CDs paying 5.75% APY are available for a variety of short terms, ranging from six to 15 months.

Yesterday saw the christening of our new "5.65% club", which spotlights top-rate CDs paying that return or higher. After our initial count of 15 yesterday, the number of options in that elite group grew to 16 today with the addition of a new 12-month CD from CFG Bank.

If you want to extend one of today's historic rates further into the future, you can score 5.55% APY with the best 2-year CD, or 5.23% with the best 3-year CD. For terms of 4 years and 5 years, the leading rates are 4.82% and 4.89% APY, respectively.

Have a jumbo-sized deposit? You have the chance to earn even more. The top jumbo rate is currently 5.85% APY—available on a 6-month certificate requiring at least a $100,000 deposit. If you only have $50,000, though, you can still snag a rate of 5.80% APY on a 13- or 15-month certificate.

How High Will CD Rates Go This Year?

The Fed has been aggressively combating decades-high inflation since March of last year, with fast-and-furious 2022 hikes to the federal funds rate, and easing to more moderate increases in 2023. On July 26, the Fed bumped rates for the 11th time in 12 meetings, taking the cumulative increase to 5.25%.

That raises the central bank's benchmark rate to its highest level since 2001. In turn, it's created record rate conditions for CD shoppers, as well as for anyone holding cash in a high-yield savings or money market account.

The Fed's next meeting will conclude Sept. 20, and traders are pricing in a 97% chance that the Fed will hold rates stable, according to CME Group's FedWatch tool. But the probability of the Fed hiking rates at its November or December meeting is higher, currently standing at 30-40% odds.

That's due to inflation still remaining stubborn, as reported in the latest inflation data released this week. For a second month in a row, inflation rose month-over-month. And while the Fed's preferred measure of "core" inflation, which excludes volatile gas and food prices, did not rise as much, it was still slightly higher than economist forecasts. This could lead the Fed to implement a 12th rate hike in November or December.

In an Aug. 25 speech, Fed Chair Jerome Powell said further rate increases were on the table if inflation doesn't come down enough in the coming months. Other Fed Board members have since echoed the sentiment that future rate hikes are still a possibility.

Though next week's meeting will almost certainly not conclude with a new Fed rate hike, it will involve a fresh release of projections on whether Fed board members believe another increase will be needed. It's also expected to give clues on how long committee members expect the federal funds rate will need to remain at its 22-year high.

If the Fed does implement another increase in the future, it would certainly nudge CD rates a bit higher that their already record levels. But September's expected hold will leave markets—and CD shoppers—guessing if the pause is temporary or permanent. Once the end of the Fed's campaign is more confidently in sight, that will finally signal that CD rates have peaked.

Rate Collection Methodology Disclosure

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 (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

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.