For a fourth day in a row, the top rate in at least one CD term has bumped higher. Today’s winner is a new-and-improved leading rate of 5.15% APY for 3-month CDs. Yesterday’s best rate in that term was 5.10% APY.
You can still earn 5.50% APY from the two industry leaders, offered on a term of 9 months or 15 months. And like yesterday, our daily rankings of the best nationwide CDs offer you 16 options that return at least 5.25% APY.
For those looking to lock in one of today’s record rates for as long as possible, you can continue to earn 5.13% APY on a 3-year CD. For terms longer than that, the top rate drops below the 5.00% mark.
Key Takeaways
- The best rate for a nationally available 3-month CD rose 5 basis points today to 5.15% APY.
- The most you can earn in any CD term continues to be 5.50% APY, available for either 9 or 15 months.
- Sixteen options in our daily rankings offer at least 5.25% APY.
- The longest term available with a rate over 5.00% remains a 3-year CD paying 5.13% APY.
- It’s possible the Fed will pause interest rate hikes in the coming months, which in turn would dampen CD rates. So it’s a good time to consider options you’d be happy to lock in for the longer term.
| CD Terms | Yesterday’s Top National Rate | Today’s Top National Rate | Day’s Change (percentage points) |
| 3 months | 5.10% APY | 5.15% APY | + 0.05 |
| 6 months | 5.50% APY | 5.50% APY | No change |
| 1 year | 5.28% APY | 5.28% APY | No change |
| 18 months | 5.50% APY | 5.50% APY | No change |
| 2 years | 5.25% APY | 5.25% APY | No change |
| 3 years | 5.13% APY | 5.13% APY | No change |
| 4 years | 4.73% APY | 4.73% APY | No change |
| 5 years | 4.68% APY | 4.68% APY | No change |
Despite the suggestion that a larger deposit should earn you a higher return, rates on jumbo certificates often pay less than standard CDs. Today’s best jumbo offers, which typically require a deposit of $100,000 or more, only beat the best standard rates in four CD terms, while you can do better with standard CDs in the other four terms. So remember to shop every CD type before making a final choice.
Where Are CD Rates Headed This Year?
CD rates typically follow the trend established by the federal funds rate, and the quarter-point increase in the fed funds rate May 3 bumped CD rates slightly higher. But while CD rates are at their highest levels since 2007, whether that remains the case will likely depend on what the Federal Reserve decides to do during its next meeting on June 13–14.
The Fed has been on a 14-month campaign to combat inflation, with aggressive increases totaling 4.25% in 2022. And while that growth has been a boon for CD owners, recent increases have been far tamer as inflation has come down. As such, CD rates have also risen more slowly within the last few months.
Fed watchers look to economic indicators and statements from members of the Federal Reserve Board of Governors for clues about what will happen next. And they’ve been speaking out with different opinions.
As a result, Fed fund futures traders today are split about 50-50 on whether there will be a June 14 rate increase or pause. One day ago, the split was 64% for a pause, and 36% for a quarter-point increase.
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.
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