Below you'll find featured rates available from our partners, followed by details from our ranking of the best CDs available nationwide.

You Can Still Earn 5.55% APY for 6 Months

Newtek Bank's 6-month CD continues to offer the best rate available on any🎀 CD right now, at 5.55% APY. You can open that with a minimum deposit of $2,500. You can earn 5.50% with four other certificates with terms of 5-7 months. Most of them require a deposit of at least $2,500, except for ($500 minimum deposit) and ($1,000 deposit).

In the 1-year term, you can 澳洲幸运5官方开奖结果体彩网:earn as much as 5.40% APY, guaranteeing your rate into 2025. Four financial institutions offer that rate, and some have relatively low minimum deposits. You can also earn 5.20% into 2026 with the 澳洲幸运5官方开奖结果体彩网:best 2-year CD or secure a 5.00% rate as long as three years.

澳洲幸运5官方开奖结果体彩网:Certificate of deposit (CD) rates have softened since climbi🙈ng to a record high of 6.50% in October. At the start of February, the number of CDs in our dail꧒y ranking that paid at least 5.50% APY was 30. Today that count is down to five.

But don't lose sight of how high CD returns still are relative to the past 20 years. Being able to lock in a yield in the 4% to 5% range for a year or more down the road is still a great earning opportunity, especially if future interest rates fall.

Also keep in mind that snagging the absolute highest APY isn't the only way to win with today's CDs. At the moment, you can only get that 5.55% rate on a 6-month term. But since CD rates could fall significantly in 2024 and 2025, locking in a slightly lower rate soon that's guaranteed far into the future can be a smart move.

Today's Top Bank, Credit Union, and Jumbo CD Rates

Jumbo CDs saw a lot of disruptions, with the best rates falling for four different terms: 18-month, 2-year, 4-year, and 5-year. The top rate for 18-month CDs fell the most, dropping from 5.65% to 5.41%. State Bank of Texas now offers the best overall jumbo CD rate of 5.50%. That's for a 12-month CD that requires a $100,000 deposit.

As always, be aware that 澳洲幸运5官方开奖结果体彩网:the best jumbo CD rates don't always𓆉 pay more than standard certificates. Often, you can do just as well—or better—with a standard CD. That's the case right now in every term but two belowꦆ, so it's always wise to shop both certificate types before making a final decision.

Where Are CD Rates Headed in 2024?

CD rates are expected to fall further this year. The question is when exactly. The answer depends on moves by the Federal Reserve, which controls the 澳洲幸运5官方开奖结果体彩网:federal funds rate, which in turn heavily influences CD rates.

The Fed announced on March 20 that it is mainta🧔ining the fed fund rate at its current level, the fifth meeting in a row it's done so. To combat decades-high inflation, the Fed had ܫaggressively hiked interest rates between March 2022 and July 2023, raising the fed funds rate to its highest level in 22 years.

This created historically favorable conditions for CD shoppers, as well as for anyone holding cash in a 澳洲幸运5官方开奖结果体彩网:high-yield savings or 澳洲幸运5官方开奖结果体彩网:money market account. Rates on CDs continued risin♊g to a peak this fall, reaching their highest levels in two decades💖.

澳洲幸运5官方开奖结果体彩网:Inflation has since been cooling, allowing the Fed to stop raising interest rates. But it's now in wait-and-see mode, looking for evidence that inflation has fallen enough to justify lowering the federal funds rate. According to the Fed's statement March 20, the first rate cut won't come until the rate-setting committee is more confident that inflation is moving toward its target 2% rate.

Federal Reserve Gov. Chris Waller said on March 27 that inflation and job gains data from the first quarter reinforced his earlier view that "there is no rush" to cut interest rates. That was before economic indicators were released on March 28 showing that GDP growth in the fourth quarter of lastꦛ year was higher than expected, and the number of people filing for unemployment fell in the week ending March 23. That's just more data backiꦉng♏ up the argument that the economy is running strong and a rate cut isn't needed right away.

Furthermore, a report released Friday by the Bureau of Economic Analysis showed 澳洲幸运5官方开奖结果体彩网:an acceleration in consumer prices, as measured by Personal Consumption Expenditures, from 2.4% annual inflation in January to 2.5% in February. "Core" inflation, however, decelerated from 2.9% in January to 2.8% in February. This lingering inflation may not be bad enough to alter plans for fut🍌ure rate cuts, but it may affect when any future cuts take place.

The median prediction from members of the Fed's rate-setting committee at the last meeting was for three rate reductions this year. Financial markets are still betting on at least three rate decreases this calendar year, according to the CME Group's FedWatch Tool. A majority of traders believe the first cut will arrive in June.

Of course, what markets predict today and what the Fed ultimately does may or may not align. But given an assumptio꧙n of a reduced fed funds rate sometime this year, CD rates are likely to continue drifting lower. Then once it appears a Fed rate decrease is actually forthcoming, CD rate declines will likely accelerate.

The central bank will hold six more rate-setting meetings in 2024, with the next one scheduled for April 30 through May 1.

How We Find the Best CD Rates

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 init𓃲ial 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, 澳洲幸运5官方开奖结果体彩网:read our full methodology.