Top CD Rates Today, June 22, 2023
CD Term Today's Top National Bank Rate Today's Top National Credit Union Rate Today's Top National Jumbo Rate 3 months 5.16% APY 5.12% APY 5.20% APY 6 months 5.41% APY 5.65% APY 5.46% APY 1 year 5.52% APY 5.50% APY 5.52% APY 18 months 5.25% APY 5.45% APY 5.27% APY 2 years 5.00% APY 5.25% APY 5.23% APY 3 years 4.76% APY 5.13% APY 5.18% APY 4 years 4.54% APY 4.85% APY 5.12% APY 5 years 4.55% APY 4.77% APY 4.84% APY
To view our lists of the top-paying CDs across terms for bank, credit union, and jumbo certificates, click on the column headers above.
Where Are CD Rates Headed This Year?
The Federal Reserve has been on a mission for the last 15 months to combat decades-high inflation with aggressive increases to the federal funds rate. Those rate hikes totaled 4.25% last year and then another 0.75% so far in 2023. Because changes to the Fed rate push bank deposit rates in the same direction, the Fed's multiple increases have driven today's savings and CD rates to their highest levels since 2007, creating a heyday for CD shoppers, as well as anyone holding cash in a high-yield savings or money market account.
Last week, the Fed decided to hold rates steady for the first time in 11 meetings. But it also signaled that it's likely to implement one or two additional rate hikes this year. If those increases arrive, we could see CD rates climb even higher this year. The Fed's next meeting will conclude July 26.
But a word of caution: There is never any guarantee on what the Fed's future moves will be, as each rate decision is based on up-to-the-minute economic data and financial news. So while it looks probable that the Fed will raise rates further, there is no guarantee it will do so. If instead it backs away from that plan, it could mean today's CDs are already at or near their peak rates, making them a good buy right now.
Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often five, 10, or even 15 times higher.
Rate Collection Methodology Disclosure
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.
Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
Source: Investopedia
