Over the past year, the Federal Reserve has pulled all the stops to try to quell a red-hot inflation rate. The effects have been two-fold: for borrowers, carrying a debt balance has become significantly more expensive. For savers, it’s never been a better time to open a new deposit account.
APYs on high-yield savings accounts, money market accounts, and certificates of deposit (CDs) have skyrocketed. With the average national rates for 1-, 3-, and 5-year CDs hitting 1.49%, 1.41%, and 1.35%, respectively.
With so many consumers reigning in their borrowing, banks and credit unions are having to sweeten the deal for savers. Here is our list of the top CD rates, according to Fortune Recommends editors. Note: Minimum deposit requirements, APYs, and other numbers in our list are up to date as of April 13, 2023, but are subject to change.
Today’s top CD rates by term length
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| Term length | National average APY | Highest APY today | Bank/Credit union |
| 3-month CD | 0.67% | 4.50% | Alliant Credit Union |
| 6-month CD | 0.97% | 5.00% | CIT Bank Prime Alliance Vio Bank |
| 1-year CD | 1.49% | 5.25% | BrioDirect |
| 18-month CD | FDIC does not track averages for this term | 5.27% | INS Bank |
| 2-year CD | 1.41% | 5.10% | Bread Savings |
| 3-year CD | 1.31% | 4.85% | Quorum Federal Credit Union |
| 4-year CD | 1.25% | 4.55% | Crescent Bank |
| 5-year CD | 1.35% | 4.50% | Barclays Bank |
| 10-year CD | FDIC does not track averages for this term | 4.10% | Discover Bank |
Today's top jumbo CD rates by term length
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| Term length | National average APY | Highest APY today | Bank/Credit Union |
| 3-month CD | 0.67% | 4.50% | Alliant Credit Union |
| 6-month CD | 0.97% | 4.75% | Alliant Credit Union |
| 1-year CD | 1.49% | 5.10% | BMO Harris |
| 18-month CD | FDIC does not track averages for this term | 5.27% | Finworth |
| 2-year CD | 1.41% | 4.65% | All In Credit Union |
| 3-year CD | 1.31% | 4.55% | All In Credit Union |
| 4-year CD | 1.25% | 4.55% | Citadel Credit Union |
| 5-year CD | 1.35% | 4.55% | Citadel Credit Union |
3-Month CD
A 3-month CD gives you the opportunity to grow your savings balance in a shorter amount of time. Most savers can comfortably commit to not touching their money for three months, and many financial institutions may offer an APY for these short-term CDs that’s well over the national average.
Alliant Credit Union currently has the highest APY for its 3-month CD, but offers a variety of term lengths. The minimum deposit to open an account is $1,000 and there is no maximum. Alliant offers 1-year CDs, all the way up to 5-year CDs, and dividends compound monthly and at maturity.
6-Month CD
A 6-month CD might be better suited for savers who want to test-drive a CD without a lengthy commitment. These CDs may offer lower APYs than other CD terms, but will give you a taste of what it means to lock up your funds for a set period of time.
We had a 3-way tie for the highest 6-month CD rate between CIT Bank, Prime Alliance, and Vio Bank, which are all currently offering a 5.00% APY for 6-month CDs. Prime Alliance and Vio Bank both require a $500 minimum to open an account, while CIT requires a minimum of $1,000.
1-Year CD
A 1-year CD is usually one of the shortest term lengths offered by banks and credit unions, although there are a handful of institutions that offer CD terms as short as 30 days. Generally, 1-year CDs offer lower APYs, although a majority of financial institutions offer promotional APYs for their 1-year CDs, giving your savings the opportunity to grow significantly in a short amount of time.
BrioDirect currently has the highest rate on our list for 1-year CDs, boasting a 5.25% APY. What's more–savers only need $500 to get started and take advantage of this high APY. If you're not a fan of online banks, or want to explore other CD options, check out our best 1-year CDs.
3-Year CD
A 3-year CD is a happy medium between some of the shorter terms offered by most financial institutions, but still isn’t a terribly long commitment. For savers who are looking to cash in on a high APY without committing to the longest CD term possible, a three-year CD can be a good way to boost your savings.
5-Year CD
A five-year CD is one of the longest terms offered by most banks and credit unions, although there are some banks that offer 10-year CDs. When you commit to a 5-year CD, you’re agreeing to leave your money in your account for five years. At the end of your term, you can choose to withdraw your principal balance and any earned interest, or roll that money over into a new CD. This CD is best suited for savers with a specific, long-term goal in mind who want the benefit of a higher APY and know that they won’t need their money within the next five years.
Rate collection methodology
To come up with our list of the highest CD rates available today, we have compiled a list of close to 80 CDs offered by banks and credit unions across the U.S. All of the banks on our list are backed by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), in the case of the credit unions we monitor. This list is frequently changing and will reflect the most current rates as of the time of publishing.
Frequently Asked Questions
Who has the top CD rates?
The top CD rates are currently offered by Alliant Credit Union, CIT Bank, Prime Alliance, Vio Bank, BrioDirect, INS Bank, Bread Savings, Quorum Federal Credit Union, Crescent Bank, Barclays Bank, and Discover Bank.
What are the pros and cons of certificates of deposits?
CDs have various pros and cons you should be aware of before deciding to open an account. On the plus side, these accounts tend to come with higher, fixed APYs, and a built-in accountability structure. Because this money must be kept in your account until maturity, it removes the temptation to dip into your savings for an impulsive purchase.
On the downside, if you need access to your money at a moment’s notice, a CD may be your worst enemy. Touching that money before your CD matures will likely result in a penalty equal to all or a percentage of your earned interest.
What is a CD ladder?
A CD ladder is a savings strategy where you invest in several CDs with varying maturities. This way, you’ll benefit from higher rates on longer-term CDs, while still keeping some of your funds accessible in the near term.
For savers who want to maximize their savings without locking all of their money up for the long haul, a CD ladder might be worth your consideration. Some CD terms are just a few months long, but other CDs take years to mature. The benefit of a CD with a longer term is that they often boast higher APYs. One way to have the best of both short-term savings accounts and long-term CDs: CD laddering.
