The selection of great CDs is so abundant—and keeps growing by the day—that we are raising the bar on what we call an elite nationwide rate. With our "5.50% club" climbing again today, reaching 59 CDs, we're upgrading the threshold to CDs paying at least 5.65% APY. And we already have 15 in our ranking, stretching to a top rate of 5.75% APY.
Anyone with a jumbo deposit has even more opportunities. An additional eight jumbo CDs meet the new minimum rate, including four that pay 5.80% or 5.85% APY. Also, two of those can be had with a $50,000 minimum deposit instead of the more-standard $100,000.
- The top rate in our daily ranking of the best nationwide CDs continues to be 5.75% APY, with a six-way tie of CDs offering that industry-leading APY.
- Anyone with a large deposit can earn even more—as much as 5.85% APY with the leading jumbo CD.
- With dozens of options now available at a rate of 5.50% or better, we're shifting to a daily count of CDs paying 5.65% APY or higher. Fifteen CDs currently meet our new elite threshold.
- It's near-certain the Fed will hold rates steady when it meets next week. But the probability of a Fed hike in November or December is currently forecasted at about 35-40%.
The six nation-leading offers tied at the top of our standard CD ranking range in terms from six months to 15 months. But if you want to extend one of today's record 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.
|CD Terms||Yesterday's Top National Rate||Today's Top National Rate||Day's Change (percentage points)||Top Rate Provider|
|3 months||5.65% APY||5.65% APY||No change||Bayer Heritage Federal Credit Union and Dow Credit Union|
|6 months||5.75% APY||5.75% APY||No change||USAlliance Financial and BluPeak Credit Union|
|1 year||5.75% APY||5.75% APY||No change||Abound Credit Union,All In Credit Union, and MapleMark Bank|
|18 months||5.75% APY||5.75% APY||No change||First Harvest Credit Union|
|2 years||5.55% APY||5.55% APY||No change||MapleMark Bank|
|3 years||5.23% APY||5.23% APY||No change||U.S. Senate Federal Credit Union|
|4 years||4.82% APY||4.82% APY||No change||First Harvest Credit Union|
|5 years||4.89% APY||4.89% APY||No change||First Harvest Credit Union|
If you have a jumbo-sized deposit, you can earn more than the leading standard rate. 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.
|CD Term||Today's Top National Bank Rate||Today's Top National Credit Union Rate||Today's Top National Jumbo Rate|
|3 months||5.36% APY||5.65% APY*||5.20% APY|
|6 months||5.56% APY||5.75% APY||5.85% APY*|
|1 year||5.75% APY||5.75% APY*||5.80% APY*|
|18 months||5.60% APY||5.75% APY||5.80% APY*|
|2 years||5.55% APY*||5.30% APY||5.50% APY|
|3 years||5.06% APY||5.23% APY||5.28% APY*|
|4 years||4.75% APY||4.82% APY||4.86% APY*|
|5 years||4.66% APY||4.89% APY||4.92% APY*|
Despite the suggestion that a larger deposit entitles you to a higher return, that's not always the case for jumbo certificate rates, which often pay less than standard CDs. Though today's best jumbo offers, which typically require a deposit of $100,000 or more, beat the best standard rates in six CD terms, you can do just as well or better in the other two terms with a standard CD. So always be sure to shop every certificate type before making a final decision.
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 then 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 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 33-41% odds.
That's due to inflation still remaining stubborn, as reported in the latest inflation data released yesterday. 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.
If the Fed does increase rates in the future, it would certainly nudge CD rates a bit higher. 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 signal that CD rates have likely peaked.
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 five, 10, or even 15 times higher.
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.