Best CD Rates Today, June 14, 2024: Don't Sleep on APYs as High as 5.35% (2024)

Key Takeaways

  • Today’s top CDs offer APYs up to 5.35%.
  • The Fed’s decision to pause rates again on Wednesday means rates should remain elevated for now.
  • Opening a CD today protects your earnings from future rate drops.

There’s still time to secure a great rate on a certificate of deposit. The Federal Reserve’s decision to pause interest rates at its Federal Open Market Committee meeting on Wednesday means elevated CD rates should stick around for a while longer. That’s great news for savers.

Best CD Rates Today, June 14, 2024: Don't Sleep on APYs as High as 5.35% (1)

You can currently earn up to 5.35% annual percentage yield, or APY, with today’s top CDs. That’s more than three times the national average for some terms. And since your rate is locked in when you open the account, you’ll enjoy the same high earnings for the entire term, even when the Fed begins dropping rates.

So, if you’ve been thinking of opening a CD, there’s no time like the present.

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

How the Fed’s rate pause affects CD rates

Earlier this year, experts predicted three rate cuts in mid-to-late 2024. But with inflation remaining stubbornly high, the Fed chose to hold rates steady this week for the seventh time in a row. However, experts still anticipate at least one rate cut later this year -- and falling CD rates as a result.

“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.

Some experts think rate cuts could happen as early as July, but many see it happening closer to the end of the year.

“While the expectation is to lower interest rates at some point, now is not the time as inflation still remains higher than the committee’s target of 2%,” said Noah Damsky, principal of Marina Wealth Advisors. “We believe the meeting in July is also too soon to cut interest rates. Realistically, the earliest the Fed will consider lowering interest rates is the September meeting.”

Whatever the Fed decides, one thing is certain: Locking in today’s high APYs will protect your earnings from rate cuts when they do happen.

Where CD rates have been – and where they’re headed

The Fed doesn’t directly set CD interest rates, but its decisions definitely influence them. 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 follow suit, raising APYs on consumer products like savings accounts and CDs to remain competitive and boost their cash reserves.

This correlation is clear when you look at the numbers over the past few years. In March 2022, the Fed began steadily raising the federal funds rate to combat record-high inflation, and CD rates skyrocketed. Consider how average CD rates moved from 2010 to 2023, according to CNET sister site Bankrate:

Note that these numbers represent average CD rates -- top CD rates are often several times the average.

Altogether, the Fed raised the federal funds rate 11 times from March 2022 to July 2023, and CD rates climbed, too, with some accounts offering APYs over 5.5% heading into fall 2023. But as inflation started to show signs of cooling, the Fed paused rates at its last seven meetings. 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 stayed relatively steady as banks awaited the Fed’s latest decision.

Here’s where CD rates stand compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.77%+0.21%1.79%
1 year4.99%No change1.80%
3 years4.12%No change1.42%
5 years3.94%No change1.40%

Top reasons to open a CD today

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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How to compare CD accounts

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, founder of Spencer Financial Planning. “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 and Connexus Credit Union.

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Best CD Rates Today, June 14, 2024: Don't Sleep on APYs as High as 5.35% (2024)


Best CD Rates Today, June 14, 2024: Don't Sleep on APYs as High as 5.35%? ›

It's possible to get a 6% certificate of deposit, but currently, they're only offered by credit unions, not banks. Pros of a 6% CD include locked-in interest rates and a relatively high rate of return.

Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYTerm length
MYSB Direct5.10%18 months
Raymond James Bank5.10%2 years
LendingClub Bank5.00%18 months
Bask Bank5.00%18 months
31 more rows

Can you get 6% on a CD? ›

It's possible to get a 6% certificate of deposit, but currently, they're only offered by credit unions, not banks. Pros of a 6% CD include locked-in interest rates and a relatively high rate of return.

What is the highest yielding CD 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 HAB Bank (5.48%). You can see the full list of the highest-paying CDs here.

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.

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

7% Interest Savings Accounts: What You Need To Know
  • 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.

How high will CD rates go 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.

Can you get 7% on a CD? ›

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%.

Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)1-year FD rate (% p.a.)
Shivalik Small Finance Bank8.557.80
Equitas Small Finance Bank8.508.20
Jana Small Finance Bank8.508.50
Utkarsh Small Finance Bank8.508.00
16 more rows

Should I open a CD right now? ›

Currently, rates on CDs are high — in most cases offering over 5% on your cash — but they likely won't go higher than they are now. For this reason, the beginning of this year could be a great time to lock-in CD rates and earn interest on your savings.

Should I close a CD early to get a better rate? ›

While you'll miss out on interest for the remainder of the term, if you can lock in a higher rate, this is probably beneficial. But consider if your CD has an early withdrawal penalty, and how much interest you'll need to pay, to see if a new CD rate can help you earn a big enough return to justify paying the penalty.

What is a downside of opening a CD? ›

Inflation risk

Locking your money in fixed-rate CDs carries the danger that your money could lose its purchasing power over time if your interest gains are overtaken by inflation.

Why not open a CD? ›

By and large, the main disadvantage with CDs is their early withdrawal penalties. Getting a CD with a 5.30% APY is fine if you can keep your money locked up for the length of your term. But where you run into problems is with surprise expenses that might force you to cash out your CD before it matures.

Where can I get 5% interest? ›

Best 5% interest savings accounts
Savings AccountAPY
Primis Savings Account5.07% APY
EverBank Performance℠ Savings5.05% APY
Salem Five Direct eOne Savings5.01% APY
CIT Bank Platinum Savings5.00% APY on balances of $5,000 or more; 0.25% APY on balances under $5,000
19 more rows
Jun 17, 2024

Who has the highest paying 5 year CD? ›

NerdWallet's Best 5-Year CD Rates for June 2024
  • Bread Savings™️ CD: 4.15% APY.
  • Alliant Credit Union Certificate: 4.00% APY.
  • Ally Bank High Yield CD: 3.90% APY.
  • Popular Direct CD: 4.30% APY.
  • Synchrony Bank CD: 4.00% APY.
  • Capital One 360 CD: 3.90% APY.
  • Sallie Mae Bank CD: 4.00% APY.
  • LendingClub CD: 4.00% APY.
Jun 3, 2024

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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