Today's CD Rates
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Written by Karen Bennett Karen Bennett
Edited by Marc Wojno Marc Wojno
Mar 11, 2024 / 5 min read
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Key takeaways
- Today's leading CD rate across terms is 5.50% APY for a three-month CD.
- On Friday, top yields dipped on several terms.
- APYs of 5.00% or higher can still be found on terms between three and 18 months.
- When shopping for the best APY, you can find rates three times that of the national averages.
A certificate of deposit (CD) can be a useful tool for earning interest on your funds as you save for your financial goals. Things to consider before opening a CD include the annual percentage yield (APY), how much money you wish to deposit, and whether you’re able to lock in the funds for the duration of the CD’s term.
As we head into the second full week of March, the top APY across CD terms remains 5.5 percent, which is offered on a three-month CD. Late last week, the highest yield on many terms fell slightly. Terms between three and 18 months are still where you'll find the highest rates, of 5 percent and greater.
The table below shows top CD rates for all terms, as well as national averages and the amount you can earn in interest with a $5,000 deposit.
Today's best CD rates by term
| CD term | Institution offering top APY | Highest APY | National average APY | Estimated earnings on $5,000 with top APY |
|---|---|---|---|---|
| 3-month | America First Credit Union | 5.50% | 1.26% | $67 |
| 6-month | America First Credit Union | 5.30% | 1.64% | $131 |
| 9-month | America First Credit Union | 5.30% | N/A | $197 |
| 1-year | Alliant Credit Union | 5.40% | 1.73% | $270 |
| 18-month | First Internet Bank of Indiana | 5.04% | 1.77% | $383 |
| 2-year | First Internet Bank of Indiana | 4.82% | 1.52% | $494 |
| 3-year | First Internet Bank of Indiana | 4.66% | 1.41% | $732 |
| 4-year | First Internet Bank of Indiana | 4.50% | 1.47% | $963 |
| 5-year | SchoolsFirst Federal Credit Union | 4.60% | 1.43% | $1,261 |
Note: Annual percentage yields (APYs) shown are as of Mar. 11, 2024. APYs for some products may vary by region.
N/A: Not available; Bankrate doesn’t track national averages for the 9-month CD term due to limited available data. Estimated earnings are based on the highest APYs and assume interest is compounded annually.
How to make the most of today’s CD rates
Not all CD’s are created equal, so it’s worth your time to shop around for one that pays the highest rate. Overall, average CD rates have been increasing steadily since June 2021. However, higher-than-average rates can often be found at online-only banks. Such banks commonly offer high APYs to draw customers from brick-and-mortar banks, many of which pay paltry yields.
How CD rates have changed from 2022 to 2024
National average CD yields rose steadily in 2023, as the Federal Reserve continued to hike interest rates at the fastest pace since the 1980s. In all, Fed officials increased rates 11 times between 2022 and 2023, bringing the federal funds rate to its current target range of 5.25-5.5 percent. Along with these rate hikes, average CD APYs rose to the highest they’d been in many years, with APYs on some competitive CDs climbing as high as 7 percent.
This year is expected to be a banner one for CD savers. Greg McBride, CFA, Bankrate’s chief financial analyst, predicts two Fed rate cuts in 2024, yet he says CD yields will continue to top inflation. “Savers have another good year in which their returns will shine, with inflation expected to decline further,” he says.
McBride also stresses the importance of shopping around for the highest APY. “Top-yielding offers are still going to deliver a notable advantage [over lower-yielding ones],” he adds.
CD FAQs
Methodology
Bankrate calculates and reports the national average APYs for various CD terms. Factored into national average rates are the competitive APYs commonly offered by online banks, along with the very low rates often found at large brick-and-mortar banks.
In June 2023, Bankrate updated its methodology that determines the national average CD rates. For the process, more than 500 banks and credit unions are now surveyed each week to generate the national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks.
