Best CD Rates Today, June 17, 2024: Score Up to 5.35% APY With These Top Accounts (2024)

Key Takeaways

  • You can earn up to 5.35% APY with today’s top CDs.
  • While the Fed held rates steady at last week’s meeting, experts predict it will cut rates before the year is up.
  • Opening a CD now lets you lock in a great APY and protect your earnings from future rate cuts.

Certificate of deposit rates remain attractive following the Federal Reserve’s decision to pause interest rates last week. Today’s top CDs earn up to 5.35% annual percentage yield, or APY -- more than three times the national average for some terms.

Best CD Rates Today, June 17, 2024: Score Up to 5.35% APY With These Top Accounts (1)

But with experts predicting at least one rate cut later this year, now’s the time to open a CD and lock in a high APY while you still can. Your rate is fixed when you open the account, so you’ll enjoy guaranteed earnings even if overall rates drop. In other words, the sooner you open a CD, the greater your earning potential could be.

Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

Today’s best CD rates

Here are some of the top CD rates available right now and how much you could earn by depositing $5,000 right now:

TermHighest APYBankEstimated earnings
6 months5.35%Bask Bank$132.01
1 year5.35%NexBank$267.50
3 years4.70%MYSB Direct$738.65
5 years4.80%BMO Alto$1,320.86

Where are CD rates heading?

Where CD rates go next depends on what the Fed does at its next Federal Open Market Committee meeting.

The Fed doesn’t directly set CD interest rates, but its decisions have ripple effects. The federal funds rate determines how much it costs banks to borrow and lend money to each other. So, when the Fed raises this rate, banks tend to raise APYs on consumer products like savings accounts and CDs to boost their cash reserves and stay competitive. When the Fed cuts this rate, APYs on these products drop, too.

Starting in March 2022, the Fed raised the federal funds rate 11 times to combat record-high inflation, and CD rates skyrocketed, with some accounts offering APYs over 5.5% heading into fall 2023. But as inflation began to show signs of cooling, the Fed paused rates at its September 2023 meeting -- and every meeting since then. As a result, CD rates plateaued and then began dropping as experts predicted rate cuts in the second half of 2024. Over the last week, rates remained relatively steady as banks awaited the Fed’s June decision.

Here’s where CD rates are now compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.76%-0.21%1.79%
1 year4.99%No change1.80%
3 years4.12%No change1.42%
5 years3.94%No change1.40%

Experts anticipate at least one rate cut later this year, which means CD rates are likely to begin falling again.

“Since the outlook for rates to come back down from now toward the end of 2024 is still expected, I anticipate that CD rates will likely trend lower in anticipation of the Fed’s eventual rate cut, with longer-term CDs affected more than shorter-term CDs,” said Dana Menard, founder of Twin Cities Wealth Strategies.

Locking in today’s high APYs will protect your earnings from rate cuts when they do happen.

Why you shouldn’t wait to open a CD

With rates still attractive, now’s the time to open a CD and lock in a high APY. But a fixed rate isn’t the only perk you’ll enjoy by opening a CD today.

CDs are insured up to $250,000 per person, per bank, as long as the bank is insured by the Federal Deposit Insurance Corporation. Credit unions offer the same protection through the National Credit Union Administration. That means your money is safe up to the deposit limits if the bank fails.

Plus, unlike investments such as stocks, CDs are low-risk. You won’t lose your principal deposit or the interest you’ve earned unless you run into early withdrawal penalties -- which you can easily avoid by choosing the right term for your needs.

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Choosing the right CD for you

A competitive APY is important, but there are other things you should consider when comparing CD accounts:

  • When you’ll need your money: Early withdrawal penalties can reduce your interest earnings. So, be sure to choose a term that fits your savings timeline. “Different CDs have different maturity dates, so you’ll want to make sure the CD matures before you’ll need the money,” said Keith Spencer, CFP, founder and financial planner at Spencer Financial Planning, LLC. “For example, if you’re planning on purchasing a car a year from now and would like to put the money in a CD in the meantime, you’ll want to choose a CD with a maturity date of one year or less.” Alternatively, you can select a no-penalty CD, although the APY may not be as high as you’d get with a traditional CD of the same term.
  • Minimum deposit requirement: Some CDs require a minimum amount to open an account -- typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow down your options.
  • Fees: Maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.
  • Federal deposit insurance: Make sure any institution you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.
  • Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about any bank you’re considering. You want a bank that’s responsive, professional and easy to work with.


CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.

The current banks included in CNET’s weekly CD averages are: Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America, Connexus Credit Union.

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Best CD Rates Today, June 17, 2024: Score Up to 5.35% APY With These Top Accounts (2024)


Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYMinimum opening deposit
Raymond James Bank5.05%$100,000
Bask Bank5.00%$1,000
LendingClub Bank5.00%Contact institution for details
Newtek Bank5.00%$2,500
31 more rows

Who is paying the highest interest rates on CDs right now? ›

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%). You can see the full list of the highest-paying CDs here.

Are there any 7% CDs? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Are there any 6% CDs? ›

Can You Get 6% on a CD? Earning 6% interest on a CD can be done, but you might have to do some digging to find an account that works for you, and you'll probably have to join a credit union. Currently, no banks offer 6% CDs, but some credit unions do. To open an account with a credit union, you need to become a member.

Who has 5.25 CD rates? ›

Marcus by Goldman Sachs

It offers a nice 5.25% APY with a $500 minimum deposit. If you withdraw the balance of entire principal amount from your CD account before maturity, you'll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD).

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.

Should I lock in a CD now or wait? ›

Waiting to open a CD could mean missing out on some stellar rates. Now, you can lock in high rates on both short-term and long-term CDs, and you can score some serious interest just by opting to deposit a larger lump sum into your CD.

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 current rate for CDs at bank of America? ›

FAQ: Bank of America CD Rates

Bank of America's current CD rates range from 0.03% APY for most fixed-term CDs to 5.00% 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.

Can you negotiate CD rates with banks? ›

Yes, you may be able to negotiate rates on jumbo CDs depending on how much you deposit, the term and the financial institution offering the CD. It doesn't hurt to attempt to negotiate a better interest rate for your jumbo CD. The more money you plan to deposit, the better your chances of getting a better rate.

What is capital one CD rate? ›

Capital One CD Rates
Capital One CDAPY*$1,000 Deposit Value at Close of CD
One-year CD5.00%$1050.00
18-month CD4.45%$1067.49
Two-year CD4.00%$1081.60
30-month CD4.00%$1103.02
5 more rows

Who has the highest 24 month CD rate? ›

Compare the Best 2-Year CDs
InstitutionRate (APY)Term
Credit Human5.15%18–23 months
Heartland Credit Union5.00%24 months
West Town Bank & Trust5.00%24 months
ableBanking4.95%24 months
12 more rows

Can you get 5% on a CD? ›

While they've stabilized in recent months, it's not hard to find CDs offering 5.00% APY if you know where to look. You can still get 5% CD rates at online banks, credit unions and even some traditional banks offering promotional CDs. Account details and annual percentage yields (APYs) are accurate as of June 5, 2024.

Who has the highest paying CD right now? ›

Best 1-Year CD Rates
  • Abound Credit Union – 5.25% APY.
  • Mountain America Credit Union – 5.25% APY.
  • KS State Bank – 5.25% APY.
  • Forbright Bank – 5.25% APY.
  • Merchants Bank of Indiana – 5.25% APY.
  • Seattle Bank – 5.25% APY.
  • Bread Savings – 5.25% APY.
  • Utah First Credit Union – 5.25% APY.

Where can I get 6% on money? ›

Best 6% interest savings accounts
  • Digital Federal Credit Union (DCU) Primary Savings.
  • Mango Savings™

Where can I get 5% interest? ›

Summary of the Best 5% Interest Savings Accounts of 2024
AccountForbes Advisor RatingAnnual Percentage Yield
M1 High-Yield Savings Account4.35.00%
Bask Interest Savings Account4.25.10%
UFB Secure Savings4.1Up to 5.25%
Salem Five Direct eOne Savings4.05.01%
1 more row
Jun 10, 2024

What bank has the highest 5 year CD rate? ›

Best 5-Year CD Rates
  • First National Bank of America – 4.50% APY.
  • Farmers Insurance Federal Credit Union – 4.50% APY.
  • Department of Commerce Federal Credit Union – 4.45% APY.
  • Crescent Bank – 4.40% APY.
  • Colorado Federal Savings Bank – 4.35% APY.
  • Lafayette Federal Credit Union – 4.32% APY.
  • MYSB Direct – 4.31% APY.

Will CD rates ever hit $5? ›

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. At its 2024 meetings, the FOMC held the federal funds rate steady at a target range of 5.25% and 5.50%.

How much will a 5 percent CD pay? ›

That all noted, here's how much you can expect to make with a 5% CD interest rate: $500 deposit: $25 for a total of $525 after 12 months. $1,000 deposit: $50 for a total of $1,050 after 12 months. $2,500 deposit: $125 for a total of $2,625 after 12 months.

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