CD Rates

Are you looking for the Best CD Rates? Compare current local, national and online certificate of deposit rates from thousands of banks and credit unions at GOBankingRates.com.

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The Best Credit Union CD Rates You’ll Find This Month — Up To 6.00%

Credit unions often provide lower fees and higher interest rates than traditional banks since they are membership-driven, nonprofit organizations. If you’re wondering where to find the highest CD rates, here’s a look at some of the credit union CD rates available in May 2024. Best Credit Union CD Rates for May 2024 Credit Union APY...

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Finding the Best CD Rates

A certificate of deposit (CD) is a deposit account that works much like a savings account, with a few exceptions. In fact, taking advantage of current CD rates with a certificate of deposit account can help you grow your savings faster, while keeping funds safe and secure.

The best CD rates tend to be higher than savings rates in order to provide incentive for account holders to keep their money on deposit longer. While you can usually withdraw your money from a savings account whenever you want, certificates of deposit require you to agree to a fixed term – anywhere from six months to several years – during which you aren't supposed to withdraw your money. In return for agreeing to the term, you are rewarded with the best CD rates. Certificate of deposit rates can vary widely, from practically nothing at all to highly competitive. Learn more about how to choose the right CD to meet your financial goals.

Different certificate of deposit terms will be associated with different CD interest rates, so it's important to know what type of CD account suits you best before you begin to compare CD rates.

Generally, the most popular CD interest rates are 6-month CD rates, 12-month CD rates, 2-year CD rates and 5-year CD rates. The current CD rate on a 2-year CD will almost always be higher than that on a six-month CD. However, it’s important to note that the highest CD rates aren’t always the best interest rates on certificate of deposits. Additionally, if you have an exceptionally large amount of money you want to invest in a high interest CD, you may be able to take advantage of jumbo CD rates, which tend to be slightly higher than regular bank or credit union CD rates.

We developed our CD interest rates table, which collects the best CD interest rates from local, national and online financial institutions across the nation, making the best CD rates easy to find no matter where you live.

FAQ

Here are the answers to some of the most frequently asked CD Rates questions.

Though many banks will have a minimum deposit requirement that can range anywhere from $500 to $2,500 when you open a CD, the amount you put in past that is up to you. However, several factors will help boost the earning potential of your CD savings such as term length and the APY offered. Keep in mind that funds you put into a CD cannot be accessed until the account matures otherwise you could incur early withdrawal penalties.

Learn More: I’m a Banking Expert: Here’s How Much Money You Should Put in a CD

Yes, if your bank or credit union is FDIC-insured then so is your CD. This means your account is covered up to $250,000.

Learn More: Are CDs FDIC-Insured?

What $10,000 will earn in a one-month CD depends on the APY your bank offers for that account. For example, at the national average of 1.81%, a one-year CD compounding monthly with a $10,000 opening deposit would be worth $10,182.51 when it matures. However, it is possible to earn higher rates of 5% or more and after a year, this would put $500 in your pocket with a $10,000 CD.

Learn More: How Much Does a $10,000 CD Make in a Year?