The best CD rate across all terms from a bank is 5.55% APY, offered by Paramount Bank for an 11 -month term with a $1,000 minimum deposit. To find you the best bank CD rates nationwide, we review CD rates from hundreds of banks every weekday. The top CD rates in our rankings typically pay three to five times as much as the national average—or even more. Below are the top CD rates from banks available from our partners, followed by the best CD rates from banks that we've found from our research that are available to U.S. customers everywhere.
IN THE NEWS
The Fed held rates steady for a seventh consecutive time at its June 12 meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall.
But be aware that credit unions are also an excellent source of high-paying certificates of deposit. In fact, the top nationwide credit union CDs often outpay those from nationwide banks. The trade-off is that joining a credit union often involves paying a small membership fee or making a small donation to a nonprofit affiliated with the credit union.
Bank CDs can be a little simpler to open since banks don't require membership. The following list highlights the best-paying bank CDs that anyone nationwide can easily open—no extra hoops required. To be eligible for our rankings, the banks must be FDIC-insured and must offer CDs with a minimum initial deposit of $25,000 or less. In cases where more than one institution offers the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum opening deposit, and if there's still a tie, we sort alphabetically by institution name.