Best CD Rates Today, June 17, 2024: Score Up to 5.35% APY With These Top Accounts (2024)

Key Takeaways

  • You can earn up to 5.35% APY with today’s top CDs.
  • While the Fed held rates steady at last week’s meeting, experts predict it will cut rates before the year is up.
  • Opening a CD now lets you lock in a great APY and protect your earnings from future rate cuts.

Certificate of deposit rates remain attractive following the Federal Reserve’s decision to pause interest rates last week. Today’s top CDs earn up to 5.35% annual percentage yield, or APY -- more than three times the national average for some terms.

Best CD Rates Today, June 17, 2024: Score Up to 5.35% APY With These Top Accounts (1)

But with experts predicting at least one rate cut later this year, now’s the time to open a CD and lock in a high APY while you still can. Your rate is fixed when you open the account, so you’ll enjoy guaranteed earnings even if overall rates drop. In other words, the sooner you open a CD, the greater your earning potential could be.

Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

Today’s best CD rates

Here are some of the top CD rates available right now and how much you could earn by depositing $5,000 right now:

TermHighest APYBankEstimated earnings
6 months5.35%Bask Bank$132.01
1 year5.35%NexBank$267.50
3 years4.70%MYSB Direct$738.65
5 years4.80%BMO Alto$1,320.86

Where are CD rates heading?

Where CD rates go next depends on what the Fed does at its next Federal Open Market Committee meeting.

The Fed doesn’t directly set CD interest rates, but its decisions have ripple effects. The federal funds rate determines how much it costs banks to borrow and lend money to each other. So, when the Fed raises this rate, banks tend to raise APYs on consumer products like savings accounts and CDs to boost their cash reserves and stay competitive. When the Fed cuts this rate, APYs on these products drop, too.

Starting in March 2022, the Fed raised the federal funds rate 11 times to combat record-high inflation, and CD rates skyrocketed, with some accounts offering APYs over 5.5% heading into fall 2023. But as inflation began to show signs of cooling, the Fed paused rates at its September 2023 meeting -- and every meeting since then. As a result, CD rates plateaued and then began dropping as experts predicted rate cuts in the second half of 2024. Over the last week, rates remained relatively steady as banks awaited the Fed’s June decision.

Here’s where CD rates are now compared to last week:

TermCNET average APYWeekly change*Average FDIC rate
6 months4.76%-0.21%1.79%
1 year4.99%No change1.80%
3 years4.12%No change1.42%
5 years3.94%No change1.40%

Experts anticipate at least one rate cut later this year, which means CD rates are likely to begin falling again.

“Since the outlook for rates to come back down from now toward the end of 2024 is still expected, I anticipate that CD rates will likely trend lower in anticipation of the Fed’s eventual rate cut, with longer-term CDs affected more than shorter-term CDs,” said Dana Menard, founder of Twin Cities Wealth Strategies.

Locking in today’s high APYs will protect your earnings from rate cuts when they do happen.

Why you shouldn’t wait to open a CD

With rates still attractive, now’s the time to open a CD and lock in a high APY. But a fixed rate isn’t the only perk you’ll enjoy by opening a CD today.

CDs are insured up to $250,000 per person, per bank, as long as the bank is insured by the Federal Deposit Insurance Corporation. Credit unions offer the same protection through the National Credit Union Administration. That means your money is safe up to the deposit limits if the bank fails.

Plus, unlike investments such as stocks, CDs are low-risk. You won’t lose your principal deposit or the interest you’ve earned unless you run into early withdrawal penalties -- which you can easily avoid by choosing the right term for your needs.

Smart Money Advice on the Topics That Matter to You

CNET Money brings financial insights, trends and news to your inbox every Wednesday.

By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.

Your new Subscription

Here’s all of the excitement headed to your inbox.

Choosing the right CD for you

A competitive APY is important, but there are other things you should consider when comparing CD accounts:

  • When you’ll need your money: Early withdrawal penalties can reduce your interest earnings. So, be sure to choose a term that fits your savings timeline. “Different CDs have different maturity dates, so you’ll want to make sure the CD matures before you’ll need the money,” said Keith Spencer, CFP, founder and financial planner at Spencer Financial Planning, LLC. “For example, if you’re planning on purchasing a car a year from now and would like to put the money in a CD in the meantime, you’ll want to choose a CD with a maturity date of one year or less.” Alternatively, you can select a no-penalty CD, although the APY may not be as high as you’d get with a traditional CD of the same term.
  • Minimum deposit requirement: Some CDs require a minimum amount to open an account -- typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow down your options.
  • Fees: Maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.
  • Federal deposit insurance: Make sure any institution you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.
  • Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about any bank you’re considering. You want a bank that’s responsive, professional and easy to work with.


CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.

The current banks included in CNET’s weekly CD averages are: Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America, Connexus Credit Union.

Recommended Articles

Best CD Rates for July 2024

Best CD Rates for July 2024

By David McMillin

Best No-Penalty CD Rates for July 2024

Best No-Penalty CD Rates for July 2024

By Dashia Milden

Savers Can Benefit From the Fed’s Rate Pause. Here’s How

Savers Can Benefit From the Fed’s Rate Pause. Here’s How

By Toni Husbands

If You Deposit $2,000 Into This CD Right Now, You’d Earn About $100 in a Year

If You Deposit $2,000 Into This CD Right Now, You’d Earn About $100 in a Year

By Liliana Hall

The Magic of Compound Interest Is Helping Double My Savings in One Year

The Magic of Compound Interest Is Helping Double My Savings in One Year

By Liliana Hall

8 Types of CDs: Which One Is Best for You?

8 Types of CDs: Which One Is Best for You?

By Dashia Milden

Best CD Rates Today, June 17, 2024: Score Up to 5.35% APY With These Top Accounts (2024)
Top Articles
Latest Posts
Article information

Author: Ouida Strosin DO

Last Updated:

Views: 6388

Rating: 4.6 / 5 (76 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Ouida Strosin DO

Birthday: 1995-04-27

Address: Suite 927 930 Kilback Radial, Candidaville, TN 87795

Phone: +8561498978366

Job: Legacy Manufacturing Specialist

Hobby: Singing, Mountain biking, Water sports, Water sports, Taxidermy, Polo, Pet

Introduction: My name is Ouida Strosin DO, I am a precious, combative, spotless, modern, spotless, beautiful, precious person who loves writing and wants to share my knowledge and understanding with you.