Certificate of Deposit prices continue to rise, giving you new options almost every day to earn a record rate. Today marks a milestone, as the number of CDs in our group of ‘Benchmark Leaders’ – those paying at least 5.50% of APY – has risen to 30 for the first time. And at the beginning of August, the number was only 15.
The 30 Best CD Prices You Can Secure Now
Each of the CDs below is available to customers nationwide, even if offered by a credit union. They are all offered by federally insured institutions – covered by the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions. This means that even in the very unlikely event that the institution fails, your deposits of up to $250,000 will be protected.
Different CDs are best for different customers, so it’s good to have an abundant list of high-quality selections. While the highest rate in our daily ranking of the best CDs nationally is currently 5.75% APY, the profit differential between a CD that is 5.50% and one that pays the higher price is slight. So choose a CD with the duration and minimum deposit that suits you best.
Leading CDs that pay a minimum of 5.50% APY
Click the link for the term you’re shopping for full details of all these CDs.
| length of time | an average | condition | Minimum deposit |
|---|---|---|---|
| CDs for 3 months | |||
| Dow Credit Union | 5.65% annually | 3 months | 500 dollars |
| Federal Credit Union signature | 5.55% annually | 3 months | 500 dollars |
| CDs for 6 months | |||
| TotalDirectBank | 5.56% annually | 6 months | $25,000 |
| NASA Federal Credit Union | 5.55% annually | 9 months | $10,000 |
| Dow Credit Union | 5.50% annually | 6 months | 500 dollars |
| Mountain America Credit Union | 5.50% annually | 6 months | 500 dollars |
| Federal Credit Union signature | 5.50% annually | 6 months | 500 dollars |
| Nix Bank | 5.50% annually | 6 months | $25,000 |
| CDs for one year | |||
| Credit union abound | 5.75% annually | 10 months | 500 dollars |
| Maple Mark Bank | 5.75% annually | 12 Months | $25,000 |
| TotalDirectBank | 5.65% annually | 12 Months | $25,000 |
| Connexus Credit Union | 5.61% annually | 12 Months | $5,000 |
| North Direct Bank | 5.60% annually | 11 months | 500 dollars |
| Nix Bank | 5.60% annually | 12 Months | $25,000 |
| Northpoint Bank | 5.55% annually | 11 months | $25,000 |
| Colorado Federal Savings Bank | 5.55% annually | 12 Months | $5,000 |
| All in the credit union | 5.54% annually | 12 Months | $25 |
| Sun East Federal Credit Union | 5.50% annually | 11 months | 500 dollars |
| Forbright Bank | 5.50% annually | 12 Months | 1000 dollars |
| Limelight Bank | 5.50% annually | 12 Months | 1000 dollars |
| bullish bank | 5.50% annually | 12 Months | 1000 dollars |
| Community Federal Credit Union | 5.50% annually | 12 Months | 1000 dollars |
| Sally May Bank | 5.50% annually | 12 Months | $2,500 |
| Direct popularity | 5.50% annually | 12 Months | $10,000 |
| Merrick Bank | 5.50% annually | 12 Months | $25,000 |
| Gardening Federal Savings Credit Union | 5.50% annually | 13 months | 1000 dollars |
| CDs for 18 months | |||
| Sally May Bank | 5.55% | 18 months | $2,500 |
| Maple Mark Bank | 5.55% | 18 months | $25,000 |
| All in the credit union | 5.54% | 18 months | 1000 dollars |
| Two-year CDs | |||
| Maple Mark Bank | 5.50% | 24 months | $25,000 |
Are you looking to secure one of today’s record rates for over 2 years? We also publish daily rankings of the best 3-year, 4-year and 5-year certificates.
Why today’s CDs drive record prices
The Fed has been aggressively raising the federal funds rate since March 2022 in a battle against decades-high inflation. With 11 increases over the 12 meetings, the central bank raised the benchmark interest rate by a cumulative 5.25%. This has moved the federal funds rate past its peak in 2006-2007 and to its highest level since 2001.
As a result, CD prices increased in 2023, as you can see below. Take one year certificates as an example. The nationwide high before the Fed’s rate hike campaign kicked off was 0.80% APY. Today the leading rate in the country is 5.75% APY.
Will CD prices go higher this year?
It is impossible to say whether loan rates have more room to run, as it depends entirely on whether or not the Fed implements another rate hike in 2023. After meeting in July, the Fed’s official statement left the door open for additional increases this year. He stressed his commitment to bring down inflation to the Fed’s target of 2%.
In post-meeting comments, Fed Chairman Jerome Powell noted that the rate-setting committee had not yet made any decisions on whether to raise interest rates again in 2023, or if so, when or at what pace. no increases. He specifically mentioned that hike and pause are possibilities at the next meeting scheduled for September 19-20.
At the time of this writing, financial markets were betting on odds of just 10-15% for a Fed hike in September, with odds of an increase at the November or December meetings rising to the 35-40 range. %.
Only time will tell what the Fed will actually do over the remainder of this year. If they choose to go through another increase, that will almost certainly cause CD prices to go up a bit. But with yields already at record highs, the gains will be only gradual. If instead they signal that they are willing to keep interest rates steady, CD rates may start to fall.
Disclosure of the price collection methodology
Every business day, Investopedia tracks rate data for more than 200 banks and credit unions that offer money market, savings and CD accounts to customers across the country, and determines daily ratings for the highest-paying accounts. To qualify for our listings, an institution must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial account deposit must not exceed $25,000.
Banks must be available in at least 40 states. While some credit unions require you to make a donation to a specific charity or association to become a member if you do not meet other eligibility criteria (for example, if you do not live in a certain area or work in a certain type of job), we exclude credit unions that meet the donation requirement It has $40 or more. To learn more about how to choose the best rates, read our full methodology.
