Over the past month, six different banks and credit unions have offered a CD paying 6.00% or better. But since Thursday, that number has dwindled to just one. Fortunately, the nation-leading rate of 6.18% APY is hanging in there, offered by Bayer Heritage Federal Credit Union for a 1-year term.
There are also plenty of other record-rate options, even if they're paying less than that top rate. Another 14 CDs offer rates of 5.75% APY or more, with two paying 5.80% APY: Credit Human on a take-your-pick term of 12-17 months or Seattle Bank for 18 months.
- The top nationwide CD rate remains 6.18% APY from Bayer Heritage Federal Credit Union.
- You can find 14 other offers in our daily ranking of the best nationwide CDs paying at least 5.75%.
- The top rate on a jumbo CD is 5.85% on a 1-year certificate from All In Credit Union.
- It's still a mystery as to whether the Fed will announce another rate increase—which would nudge CD rates a bit higher—or if its rate-hike campaign has reached its end.
Below you'll find featured rates available from our partners, followed by details from our complete ranking of the best CDs available nationwide.
If you're looking for a nationwide CD paying a top rate of at least 5.75%, the longest term available is 18 months. But if you want to secure one of today's historically high rates for longer, you can lock in 5.60% APY for 2 years, or 5.50% APY for 3 years. Still not long enough? You can get a 4-year CD with a rate of 5.20% or a 5-year CD that pays 5.25% APY.
If you have enough to make a jumbo deposit of at least $100,000, you can stretch your rate a bit in the 2-year term, earning 5.68% APY, or in the 3-year term, where you can lock in 5.52% APY for 30 months.
When asked if they were choosing more or less of certain investments during recent market events in November, 28% of Investopedia readers said they were choosing CDs. This is slightly down from what readers told us in October, when 29% of investors said they were choosing CDs over stocks. CDs and money market funds were at the top of their list, followed by government bonds, ETFs, and stocks. However, only 14% of readers said they would open a CD if they had an extra $10,000 to invest.
|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||6.18% APY||6.18% APY||No change||Bayer Heritage Federal Credit Union|
|18 months||5.80% APY||5.80% APY||No change||Credit Human and Seattle Bank|
|2 years||5.60% APY||5.60% APY||No change||Newtek Bank|
|3 years||5.50% APY||5.50% APY||No change||Workers Credit Union|
|4 years||5.20% APY||5.20% APY||No change||BMO Alto|
|5 years||5.25% APY||5.25% APY||No change||BMO Alto and Workers Credit Union|
|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||6.18% APY*||5.85% APY|
|18 months||5.80% APY*||5.80% APY*||5.75% APY|
|2 years||5.60% APY||5.50% APY||5.68% APY*|
|3 years||5.37% APY||5.50% APY||5.52% APY*|
|4 years||5.20% APY*||5.13% APY||4.86% APY|
|5 years||5.25% APY*||5.25% APY*||4.92% APY|
Note that jumbo CDs don't always pay a higher return than standard certificates. Sometimes you can do just as well—or better—with a standard CD. That's currently the case in five of the eight terms above, so it's smart to shop both certificate types before making a final decision.
How High Will CD Rates Go This Year?
The Federal Reserve has been aggressively combating decades-high inflation since March of last year, raising the federal funds rate with fast and furious hikes in 2022 and then more moderate increases in 2023. This has created historically favorable conditions for CD shoppers, as well as for anyone holding cash in a high-yield savings or money market account.
The Fed opted to hold rates steady on Nov. 1, its second such move in a row. That maintains the central bank's benchmark rate at its highest level since 2001. But in his post-announcement press conference, Fed Chair Jerome Powell made it clear that holding rates in place right now does not necessarily mean the committee is finished with increases.
"Inflation has moderated since the middle of last year and readings over the summer were quite favorable," Powell said. "But a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal."
The Fed chair also reiterated what he has indicated in many past press conferences about the current announcement only representing a decision for today.
"We haven't made any decisions about future meetings," Powell said. "We're going meeting by meeting."
Multiple Fed board members have publicly spoken since the meeting, but they have offered differing perspectives on whether the committee is finished with rate hikes or may still implement another increase. While two members signaled that they believe the fed funds rate has peaked and the question should shift to how long the Fed should keep rates where they are, two other committee members stated that they still see the possibility of another hike.
As we always caution, trying to predict Fed rate moves is an unreliable exercise. For now, it seems CD rates will roughly stabilize at their elevated levels. But if it appears likely that the Fed will make another rate increase in December or January, we could still see CD rates inch a bit higher.
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.
Federal Reserve Board. "Federal Reserve Issues FOMC Statement, Nov. 1, 2023."
Federal Reserve Board. "Transcript of Chair Powell’s Press Conference Opening Statement: November 1, 2023," Page 2.
C-SPAN. “Federal Reserve Chair News Conference." Nov. 1, 2023. (Video.)