May 16, 2024: Highest CD Rates Today: Earn Up To 5.40% (2024)

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Key Takeaways

  • Today’s highest CD rate is 5.40% 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.

As of today, the best interest rates on CDs—certificates of deposit—pay up to 5.40%, based on certificate term lengths. Here’s an overview of how CD rates are changing, followed by a guide to the current top CD rates across different terms.

Related: Compare the Best CD Rates

Highest CD Rates Today

CD Rates Today


Highest APY

Average 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 May 15, 2024.

A CD is similar to a savings account, but the interest rate is fixed—not variable. The other major difference is that you’ll typically only earn interest on a CD account if you refrain from withdrawing funds during the term. That term could range from a few weeks to several years, depending on the CD you choose.

If you withdraw money from your CD before it “matures” (reaches the end of its term), you’ll likely get hit with steep penalties in the form of reduced interest. For instance, you may forfeit six months’ worth of interest if you withdraw money from a one-year CD before 12 months are up.

If you’re interested in accruing the maximum amount of interest possible, consider long-term CDs, which historically have the highest APYs. But again, long-term CDs are only an option if you’re willing to stash away some cash you won’t be able to touch for years.

Generally, CDs with longer terms carry more severe withdrawal penalties than short-term CDs. For instance, it’s not uncommon to lose a full year’s worth of interest if you transfer funds out of a five-year CD account before the term is over. Therefore, it’s crucial to familiarize yourself with the CD issuer’s penalties before you open your account.

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 1.26%, but the highest rate is 5.39%. Last week, three-month CDs were earning 1.26% on average.

Today’s 6-Month CD Rates

If you’d prefer a CD with a shorter term than one year, today’s best rate on a six-month CD is 5.40%. The top rate was the same last week. The current average APY for a six-month CD is 1.79%, the same as last week at this time.

APY provides a more accurate portrait of the yearly interest you’ll earn with a CD because it takes into account 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 12-month CD—one of the most popular CD terms—is 5.37%. If you find a 12-month CD with a rate in that neighborhood, 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 1.95%, 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 5.00%. The top rate last week at this time was a similar 5.00%. Two-year CDs now have an average APY of 1.70%. That’s the same as last week at this time.

Today’s 3-Year CD Rates

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

Within the last week, the highest rate on a three-year CD has been 4.75%, 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%. APYs are averaging 1.61%, 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 5.40% for a 6-month term. The average APY for this category of CD is currently 1.71%, compared to 1.70% 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?

The Beauty of a CD Ladder

Want to earn higher yield, but wary of keeping your money chained up for years? A CD ladder can help you earn good returns and make your investment feel more liquid.

You build a ladder by investing your money in multiple CDs with terms of different lengths. You might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD.

Follow this plan, and in a few years you’ll have one better-yielding five-year CD maturing each year. If you’re ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD.

You must comparison shop to track down the best CD rates. Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate.

Best CD Rates Offered by Banks in May 2024

CD rates are rarely the exact same between any two banks, so you should comparison shop when looking for a new account. You may decide to stick with your current bank because it’s convenient or join a new bank to take advantage of higher rates. To find the right CD, look at the specific term you’re interested in with a few different banks.

Traditional, brick-and-mortar banks tend to offer lower CD rates, in general, than online banks without any branches. For example, Chase Bank CD rates currently range from while Discover Bank CD Rates currently range from 2.00% to 4.70%, Bank of America CD Rates currently range from 0.03% to 4.00% and Marcus By Goldman Sachs CD Rates currently range from 3.90% to 5.10%.

Other top CD rates by banks include:

  • PNC Bank CD Rates
  • Citibank CD Rates
  • Wells Fargo CD Rates
  • Truist CD rates
  • Ally Bank CD Rates
  • Capital One 360 CD rates


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.

May 16, 2024: Highest CD Rates Today: Earn Up To 5.40% (2024)


May 16, 2024: Highest CD Rates Today: Earn Up To 5.40%? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.

What are CD rates expected to do in 2024? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 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.

Who is paying the highest CD rates right now near? ›

The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and Vast Bank (5.50%).

Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYMinimum opening deposit
LendingClub Bank5.00%Contact institution for details
Newtek Bank5.00%$2,500
My eBanc5.00%$5,000
Western Alliance Bank5.00%$1,000
31 more rows

Should I lock in a CD now or wait? ›

Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

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

For those who have a large sum to deposit, today's best jumbo CD rate from a nationally available institution is 5.51% APY, offered by My eBanc for 6 months. Most jumbo CDs require a minimum deposit of $100,000, though some jumbos—including My eBanc's—can be opened with $50,000.

Who has a 7% CD? ›

Currently, no U.S. banks or credit unions are offering 7% APY on CDs. During August 2023, a few credit unions were offering 7% interest on CDs, but those were limited-time offers that are no longer available.

How much money do you make on a $5000 CD? ›

How much interest would you make on a $5,000 CD? We estimate that a $5,000 CD deposit can make roughly $25 to $275 in interest after one year. In comparison, a $10,000 CD deposit makes around $50 to $550 in interest after a year, depending on the bank.

Can I put 100k in a CD? ›

Those with $100,000 or more may want to consider depositing their money into a jumbo CD that's insured through a bank insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union insured by the National Credit Union Administration (NCUA).

Where can I get 7% interest on my money? ›

Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)Additional interest rate for senior citizens (% p.a.)
Fincare Small Finance Bank8.000.50
RBL Bank8.000.50
AU Small Finance Bank8.000.50
Induslnd Bank7.990.26-0.50
16 more rows

What is the current rate for CDs at bank of America? ›

Bank of America's current CD rates range from 0.03% APY for most fixed-term CDs to 4.75% APY for its seven-month featured CD. The bank also offers a one-year flexible CD with penalty-free access to your money at 4.00% APY.

Where are CD rates headed in 2024? ›

Key takeaways

The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

What is the highest CD rate at Capital One? ›

Capital One's 12 and 18-month CDs have the highest annual percentage yields (APYs), 5.00% and 4.45%. The bank regularly offers promotional CDs with higher rates. Currently, a 10-month CD offers 5.10% APY. Capital One yields are more competitive than many big banks, though several online banks offer similar rates.

What is a Jumbo CD? ›

A jumbo CD is a certificate of deposit that traditionally requires a minimum deposit of $100,000. Some banks and credit unions offer jumbo CDs with lower minimums, such as $25,000. If that sum is far higher than the right amount for you to put into CDs, you can skip these CDs.

Are interest rates expected to go down in 2024? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

What will CD rates be in 2025 in the USA? ›

"Shorter CD rates won't collapse and will still offer far higher yields than the ones we experienced in 2021 and prior years," Krumpelman says. "Even in 2025, we expect short CDs to pay more than 3%."

What will interest rates look like in 5 years? ›

An interest rate forecast by Trading Economics, as of 12 May, predicted that the Fed Funds Rate could hit 5.25% by the end of this quarter - a forecast that has been materialised. The rate is then predicted to fall back to 3.75% in 2024 and 3.25% in 2025, according to our econometric models.


Top Articles
Latest Posts
Article information

Author: Dr. Pierre Goyette

Last Updated:

Views: 5445

Rating: 5 / 5 (70 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Dr. Pierre Goyette

Birthday: 1998-01-29

Address: Apt. 611 3357 Yong Plain, West Audra, IL 70053

Phone: +5819954278378

Job: Construction Director

Hobby: Embroidery, Creative writing, Shopping, Driving, Stand-up comedy, Coffee roasting, Scrapbooking

Introduction: My name is Dr. Pierre Goyette, I am a enchanting, powerful, jolly, rich, graceful, colorful, zany person who loves writing and wants to share my knowledge and understanding with you.