In an attempt to slow high inflation, the Federal Reserve has been continually raising interest rates since last year. In fact, at their latest meeting, the Fed decided to once again raise rates by a quarter of a percentage point. This is the 11th interest rate hike since March 2022 and brings the federal funds rate, a key overnight bank lending rate, to a target range of 5.25% to 5.5%, the highest it's been since 2001.
Officials predict at least one more rate hike before the year is through, as "inflation remains elevated." In their official statement, the Federal Reserve stated they were "strongly committed to returning inflation to its 2 percent objective."
On a positive note, when the Fed raises interest rates, CD rates and rates on high-yield savings accounts typically rise as well. Therefore, if the Fed continues to raise interest rates, rates on savings account could be pushed slightly higher. Currently, rates on many top-earning CD accounts are offering APYs of over 4% and 5%. Here are some of the best CD rates available now, sorted by term length.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
3-month CD rates
America First Federal Credit Union
APY: 4.50%
Minimum deposit: $500
Total Direct Bank
APY: 5.20%
Minimum deposit: $25,000
Brilliant Bank
APY: 5.10%
Minimum deposit: $1,000
Santa Clara County Federal Credit Union
APY: 5.09%
Minimum deposit: $500
Popular Direct
APY: 4.75%
Minimum deposit: $10,000
6-month CD rates
Total Direct Bank
APY: 5.40%
Minimum deposit: $25,000
NASA Federal Credit Union
APY: 4.80%
Minimum deposit: $1,000
Bellco Credit Union
APY: 5.50%
Minimum deposit: $500
Popular Direct
APY: 5.35%
Minimum deposit: $10,000
First Internet Bank
APY: 5.22%
Minimum deposit: $1,000
1-year CD rates
See Kiplinger's full list of top earning 1-year CDs.
BrioDirect
APY: 5.35%
Minimum Deposit: $500
USAlliance Financial
APY: 5.40%
Minimum Deposit: $500
CIBC Bank USA
APY: 5.36%
Minimum Deposit: $1,000
Popular Direct
APY: 5.38%
Minimum Deposit: $10,000
Bread Financial
APY: 5.35%
Minimum Deposit: $1,500
2-year CD rates
Bread Savings
APY: 5.00%
Minimum Deposit: $1,500
Delta Community Credit Union
APY: 5.00%
Minimum Deposit: $1,000
Crescent Bank
APY: 5.00%
Minimum Deposit: $1,000
First Internet Bank
APY: 4.85%
Minimum Deposit: $1,000
Popular Direct
APY: 4.80%
Minimum Deposit: $10,000
3-year CD rates
See Kiplinger's full list of top earning 3-year CDs.
U.S. Senate Federal Credit Union
APY: 5.13%
Minimum Balance: $1,000
Hughes Federal Credit Union
APY: 4.86%
Minimum Balance: $1,000
Quorum Federal Credit Union
APY: 4.85%
Minimum Balance: $1,000
Crescent Bank
APY: 4.75%
Minimum Balance: $1,000
Lafayette Federal Credit Union
APY: 4.84%
Minimum Balance: $500
4-year CD rates
GTE Financial
APY: 4.85%
Minimum Balance: $500
ECFU Financial
APY: 4.75%
Minimum Balance: $500
First Internet Bank
APY: 4.54%
Minimum Balance: $1,00
Bread Savings
APY: 4.50%
Minimum Balance: $1,500
Popular Direct
APY: 4.30%
Minimum Balance: $10,000
5-year CD rates
See Kiplinger's full list of top earning 5-year CDs.
Lafayette Federal Credit Union
APY: 4.68%
Minimum Balance: $500
ECFU Financial
APY: 4.75%
Minimum Balance: $500
Department of Commerce Federal Credit Union
APY: 4.67%
Minimum Balance: $500
MYSB Direct
APY: 4.66%
Minimum Balance: $500
First National Bank of America
APY: 4.65%
Minimum Balance: $1,000
Below you can use our tool — in partnership with Bankrate — to further compare CD rates today.
Related Content
-
-
The Student Loan Payment Pause Is Ending Soon. Are You Ready?
A three-year pause on federal student loan payments ends in October. Here’s how to prepare for repayment.
-
Business Owners Need Tax Planning Strategies More Than Ever
A landmark tax case before the U.S. Supreme Court about unrealized gains underscores business owners’ need for tax mitigation planning.
