April 12, 2024: Today’s Highest CD Rates: Earn 5.00% And Up (2024)

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Key Takeaways

  • Today’s highest CD rate is 5.50% for a 6-month CD.
  • CD rates from online banks are commonly twice as high as the national average rates.
  • CD ladders let you leverage high rates without locking up all of your money long-term.

The best interest rates on CDs (certificates of deposit) currently top out at 5.50%, depending on the term. Here’s a look at how CD rates are trending, along with an overview of the best rates for several different terms.

Related: Compare the Best CD Rates

Highest CD Rates Today

CD Rates Today

TermHighest APYAverage APY

3 Months



6 Months



1-Year CD (12 M)



2-Year CD (24 M)



3-Year CD (36 M)



5-Year CD (60 M)



Jumbo CD



Source: Curinos. Rates are based on a $25,000 minimum deposit. Data accurate as of April 11, 2024.

A CD is a savings account with a fixed interest rate and a maturity period, which is what makes them time deposit accounts. When you open a CD, you agree to lock up your deposit without touching it until the CD’s term is up, whether that’s in six months or five years. Your patience is rewarded with interest that’s usually better than what you’d earn from a regular savings account.

Withdraw money from a CD before “maturity”—when it reaches the end of its term—and you can be slapped with stiff penalties. For example, you can lose up to six months’ worth of interest if you make an early withdrawal from a one-year CD.

The longer the term, the harsher the early withdrawal penalty. It’s not unusual to lose one full year’s worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment.

Today’s 3-Month CD Rates

For short-term savings goals, three-month CDs might make sense. The current average rate on a three-month CD sits at 1.27%, but the highest rate is 5.39%. Last week, three-month CDs were earning 1.28% on average.

Today’s 6-Month CD Rates

If you’d like a CD with a shorter term than one year, today’s best rate on a six-month CD is 5.50%. That compares with 5.50% a week ago. The current average APY for a six-month CD is 1.76%, the same as last week at this time.

APY provides a more accurate calculation of the yearly interest you’ll earn with a CD because it factors in compound interest. That’s the interest you earn not only on your deposit (or principal) but also on the interest in the account.

Today’s 1-Year CD Rates

The highest interest rate currently being offered on a one-year CD—one of the most popular CD terms—is 5.37%. If you land a one-year CD with a rate in that vicinity, you’ve found a good deal. One week ago, the best rate was the same.

The average APY, or annual percentage yield, on a one-year CD is now 1.92%, the same as a week ago.

Today’s 2-Year CD Rates

If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 5.03%. The top rate last week at this time was 5.12%. Two-year CDs now have an average APY of 1.69%. That’s the same as last week at this time.

Today’s 3-Year CD Rates

CDs with longer terms tend to have some of the most attractive interest rates and APYs—if you’re willing to keep your money locked away for years.

Within the last week, the highest rate on a three-year CD has been 5.00%, so you’ll want to shop around for that rate or something near it.

Today’s 5-Year CD Rates

On a five-year CD, the highest rate today is 4.60%, the same as one week ago. APYs are averaging 1.60%, the same as this time last week.

The longer the term, the harsher the early withdrawal penalty. It’s not unusual to lose one full year’s worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment.

Today’s Jumbo CD Rates

The best rate on today’s jumbo CDs is 5.68% for a 6-month term. The average APY for this category of CD is currently 1.68%, compared to 1.68% last week

Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there’s no universally agreed-upon definition regarding what qualifies as a “jumbo” CD. Some banks and credit unions slap the label “jumbo” on CDs you can open with $50,000, $25,000 or even less.

Other Top CD Rates By Term

  • Best 4-Year CD Rates
  • Best 10-Year CD Rates
  • Best 18-Month CD Rates
  • Best Jumbo CD Rates
  • Best IRA CD Rates
  • Best No-Penalty CD Rates

Related: CD Interest Rates Forecast: How Good Will They Get?

How CDs Work

You “purchase” a CD from a financial institution by opening an account with a lump-sum deposit, which becomes the CD’s principal. Many CDs and share certificates (accounts similar to bank CDs but offered by credit unions) have minimum deposits you have to meet, which typically range from a few hundred to several thousand dollars.

Once you deposit your principal, you start the clock on your timed investment and begin earning interest. The bank or credit union will provide you with regular statements showing how much interest you’re accumulating. You may accrue interest daily, monthly or quarterly.

Remember, you must avoid the temptation of tapping into your CD before the term ends. Early withdrawal penalties can be so severe that they take back your interest and then start eating into your principal.

Do CDs Cost Anything?

There are no one-time or recurring costs associated with CDs, but you may pay a penalty fee in the form of reduced interest if you withdraw from your CD before it matures. You are required to deposit a minimum amount of cash when you open a CD, but get all of that money back—plus interest—at the end of the CD’s term.


Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation.

April 12, 2024: Today’s Highest CD Rates: Earn 5.00% And Up (2024)


Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

What will CD rates be in 2024? ›

Today's CD Rates for May 2, 2024: Up to 5.92% APY
CD TypeAverage APYHighest APY Today
6-month CD2.43%5.75%
1-year CD2.55%5.92%
2-year CD2.06%5.92%
3-year CD1.92%5.92%
2 more rows
1 day ago

Who has the highest 5 year CD rates as of today? ›

The best 5-year CD rates: Our top picks*
InstitutionAPYSee details
First National Bank of America4.55%Read review
Ally Bank3.90%View offer
MYSB Direct4.31%View offer
BMO Alto4.50%View offer
6 more rows
3 days ago

What bank is paying 5% on CDs? ›

Featured Nationally Available Deposit Rates
Account NameAPY (Annual Percentage Yield) Accurate as of 5/2/2024Minimum Account Opening Balance
Barclays 1 Year Online CD5.00%$0
Western Alliance Bank 3 Month CD, powered by Raisin5.26%$1
Barclays 6 Month Online CD5.00%$0
SkyOne Federal Credit Union 1 Year No Penalty CD4.75%$1
6 more rows
4 days ago

What bank is offering a 6% CD? ›

This 6.00% CD Leader Is Available to Anyone Nationwide

Offered by American 1 Credit Union, this leading nationwide certificate is available for a 12-month term with a $1,000 minimum deposit.

Where can I get 6% interest on my money? ›

These 6% Checking Accounts Are Available Nationwide
  • Pelican State Credit Union - 6.05% APY on balances up to $10,000. ...
  • Credit Union of New Jersey - 6.00% APY on balances up to $25,000. ...
  • Fitness Bank - 6.00% APY on balances up to $25,000. ...
  • Orion Federal Credit Union - 6.00% APY on balances up to $10,000.
Oct 20, 2023

How high will interest rates go in 2024? ›

The National Association of Realtors expects mortgage rates will average 6.8% in the first quarter of 2024, rising to 7.1% in the second quarter, according to its latest Quarterly U.S. Economic Forecast.

Will interest rates still be high in 2024? ›

Fed Blames 'Lack of Progress' on Inflation. You'll likely pay more to borrow until at least 2025, but now may be the time to lock in higher savings rates.

Will CD rates continue to rise in 2024? ›

Projections suggest that we may see no rate increases in 2024, and that the Fed might start dropping its rate later this year, according to the CME FedWatch Tool on April 30. If the Fed rate drops, CD rates will likely follow suit, though it's up to each bank and credit union if and when that occurs.

What is Charles Schwab CD rate? ›

How Charles Schwab's CDs compare
Six months5.37%5.30%
Nine months5.39%5.25%
12 months5.50%5.15%
18 months5.15%5.05%
1 more row

What credit union is paying the highest CD rates? ›

Compare the Best CD Rates
InstitutionRate (APY)Early Withdrawal Penalty
Vibrant Credit Union5.50%All earned interest
NASA Federal Credit Union5.50%All earned interest up to 6 months
MutualOne Bank5.40%3 months of interest
Apple Federal Credit Union5.40%All earned interest (6 months maximum)
17 more rows

Should I buy a CD now or wait? ›

If you're in a position to save in today's higher interest rate environment, investments like CDs could help accelerate your savings. CD rates have skyrocketed since 2022: 1-year CD rates have increased more than twelve-fold, with 3-year and 5-year CDs up nearly six-fold and five-fold, respectively.

Which bank gives 7% interest on savings accounts? ›

Which Bank Gives 7% Interest Rate? Currently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.

What is the best CD rate for $100,000? ›

Compare the Highest Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
GTE Financial5.38%$100,000
Credit One Bank5.35%$100,000
Third Federal Savings & Loan5.25%$100,000
CD Bank5.25%$100,000
13 more rows

Can you get 7% on a CD? ›

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%.

What is the highest rate you can get on a CD? ›

Our picks below for the best CD rates are available to customers throughout the U.S. and have APYs up to 5.30%. Learn more about our rating methodology. *APYs (Annual Percentage Yields) valid as of April 26, 2024.

Who has highest 6 month CD rate? ›

Best six-month CD rates of May 2024
  • Best overall: Bank5 Connect - 5.50% APY.
  • Best from a big bank: Marcus by Goldman Sachs® - 5.10% APY.
  • Best for no minimum deposit: BMO Alto - 5.50% APY.
  • Best for a large deposit: Popular Direct - 5.25% APY.
  • Best from a credit union: Signature Federal Credit Union (FCU) - 5.50% APY.

What is the going rate for a 6 month CD? ›

1.57% APY


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