:max_bytes(150000):strip_icc()/MomyoungGreek-MoMoProductions-020a2aedfa2744c3aba37cdaade5504c.jpeg "Take Your Pick: These 30 CDs All Pay 5.50% or Higher (While They Last)")
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Rates on certificates of deposits keep rising, giving you new options almost every day to earn a record rate. Today marks a milestone, as the number of CDs in our “Benchmark Leaders” group—those paying at least 5.50% APY—rose to 30 for the first time. At the start of August, the number was just 15.
The 30 Best CD Rates You Can Lock in Right Now
Each of the CDs below is available to customers nationwide, even if it’s offered by a credit union. And all are offered by federally insured institutions—covered by the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions. That means even in the very unlikely case that the institution fails, your deposits up to $250,000 are protected.
Different CDs are best for different customers, so it’s nice to have such an abundant list of top-rate choices. While the highest rate in our daily ranking of the best nationwide CDs is currently 5.75% APY, the earnings difference between a 5.50% CD and one paying the top rate is minor. So choose a CD with a term and minimum deposit that suits you best.
Benchmark Leader CDs Paying at Least 5.50% APY
Click the link for the term you’re shopping for full details on all of these CDs.
| Term Length | Rate | Term | Minimum Deposit |
|---|---|---|---|
| 3-Month CDs | |||
| Dow Credit Union | 5.65% APY | 3 months | $500 |
| Signature Federal Credit Union | 5.55% APY | 3 months | $500 |
| 6-Month CDs | |||
| TotalDirectBank | 5.56% APY | 6 months | $25,000 |
| NASA Federal Credit Union | 5.55% APY | 9 months | $10,000 |
| Dow Credit Union | 5.50% APY | 6 months | $500 |
| Mountain America Credit Union | 5.50% APY | 6 months | $500 |
| Signature Federal Credit Union | 5.50% APY | 6 months | $500 |
| NexBank | 5.50% APY | 6 months | $25,000 |
| 1-Year CDs | |||
| Abound Credit Union | 5.75% APY | 10 months | $500 |
| MapleMark Bank | 5.75% APY | 12 months | $25,000 |
| TotalDirectBank | 5.65% APY | 12 months | $25,000 |
| Connexus Credit Union | 5.61% APY | 12 months | $5,000 |
| Northern Bank Direct | 5.60% APY | 11 months | $500 |
| NexBank | 5.60% APY | 12 months | $25,000 |
| Northpointe Bank | 5.55% APY | 11 months | $25,000 |
| Colorado Federal Savings Bank | 5.55% APY | 12 months | $5,000 |
| All In Credit Union | 5.54% APY | 12 months | $25 |
| Sun East Federal Credit Union | 5.50% APY | 11 months | $500 |
| Forbright Bank | 5.50% APY | 12 months | $1,000 |
| Limelight Bank | 5.50% APY | 12 months | $1,000 |
| Rising Bank | 5.50% APY | 12 months | $1,000 |
| CommunityWide Federal Credit Union | 5.50% APY | 12 months | $1,000 |
| Sallie Mae Bank | 5.50% APY | 12 months | $2,500 |
| Popular Direct | 5.50% APY | 12 months | $10,000 |
| Merrick Bank | 5.50% APY | 12 months | $25,000 |
| Garden Savings Federal Credit Union | 5.50% APY | 13 months | $1,000 |
| 18-Month CDs | |||
| Sallie Mae Bank | 5.55% | 18 months | $2,500 |
| MapleMark Bank | 5.55% | 18 months | $25,000 |
| All In Credit Union | 5.54% | 18 months | $1,000 |
| 2-Year CDs | |||
| MapleMark Bank | 5.50% | 24 months | $25,000 |
Looking to lock in one of today’s record rates for longer than two years? We also publish daily rankings of the best 3-year, 4-year, and 5-year certificates.
Why Today’s CDs Are Paying Record Rates
The Federal Reserve has been aggressively hiking the federal funds rate since March 2022 in a fight against decades-high inflation. With 11 increases across 12 meetings, the central bank has raised its benchmark rate a cumulative 5.25%. That’s taken the fed funds rate beyond its 2006–2007 peak and to its highest level since 2001.
As a result, CD rates have surged in 2023, as you can see below. Take 1-year certificates as an example. The top nationwide rate before the Fed’s rate-hike campaign began was 0.80% APY. Today the leading rate in the country is an eye-popping 5.75% APY.
Will CD Rates Climb Higher This Year?
It’s impossible to say whether CD rates have more room to run, as it hinges entirely on whether or not the Fed will implement another rate hike in 2023. After its July meeting, the Fed’s official statement left the door open for additional increases this year, emphasizing its commitment to bring inflation down to the Fed’s 2% target level.
In post-meeting comments, Federal Reserve Chairman Jerome Powell has indicated that the rate-setting committee has not made any decisions yet on whether to raise rates again in 2023, or if so, what timing or pace any increases would follow. He specifically stated that a hike and a pause were each possibilities at the next meeting, scheduled for September 19-20.
At the time of this writing, financial markets are betting on only 10-15% odds of a September Fed increase, with the probabilities of an increase at the November or December meetings rising to the 35-40% range.
Only time will tell what the Fed actually does over the rest of this year. If they opt to implement another increase, that will certainly drive CD rates a bit higher. But with returns already at record levels, the gains will be only incremental. If instead they signal they’re ready to hold rates steady, the top CD rates could begin inching lower.
Rate Collection Methodology Disclosure
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer money market, savings accounts, and CDs to customers nationwide, and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’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.
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