Top CD Rates Today, June 12, 2024 - 11 Offers Pay 5.40% to 6.00% for Up to 1 Year (2024)

Key Takeaways

  • You can still earn an eye-popping 6.00% on a 10-month certificate with national leader Nuvision Credit Union. But the CD has a maximum deposit limit of $5,000.
  • Runner-up TotalDirectBank is offering 5.51% on either a 3-month or 6-month certificate—but with a $25,000 minimum deposit.
  • Alternatively, you can opt for one of eight CDs paying 5.40% to 5.50%, with terms ranging from 5 to 12 months.
  • Want a longer rate lock? Credit Human's 23-month 5.15% CD secures your rate until 2026, while BMO Alto is promising 4.80% for 5 years.
  • The Fed held interest rates steady again today, waiting for inflation to move lower. But with a rate cut possible in the coming months, it's a smart time to snag one of today's best CD rates while you can.

Below you'll find featured rates available from our partners, followed by details from our ranking of the best CDs available nationwide.

Lock In 5.40% to 6.00%—For 3 to 12 Months

Nuvision Credit Union has been the national CD rate leader for more than a week, with its 10-month certificate paying a remarkable 6.00% APY. It's the first nationwide CD paying at least 6% since November. However, Nuvision's promotional rate is only available on deposits up to $5,000.

As runner-up, TotalDirectBank is meanwhile paying 5.51% APY on a 3-month or 6-month term, with the longer duration giving you a rate lock until December. But its limitation cuts the other way—it requires a hefty $25,000 minimum deposit.

Not looking to put that much in a CD? Four more leaders offer 5.50% with required minimums ranging from just $5 to $2,500. And four more are paying 5.40%, with the longest of these being a 12-month certificate from NexBank.

Longer CDs Secure Your Rate Until 2026 or Beyond

Since it's possible U.S. interest rates could enter a declining period over the next 2-3 years, choosing a CD term of two years or longer is also smart. To lock in a rate that's guaranteed well into the future, you could choose Credit Human's offer of 5.15%. With a take-your-pick term of 18 to 23 months, you can opt to stretch this rate until 2026.

The longest term offering a rate of at least 5.00% is 3 years, letting you secure your rate promise until 2027. Three CDs are paying that leading 3-year rate, with one offering a slightly shorter term of 30 months. Or you can opt to secure a rate in the high-4% range for as far as 4 or 5 years down the road.

Large U.S. Bank is 5-year CD Rate Leader

The top nationwide CD rates are typically offered by smaller banks and credit unions. But right now, the top 5-year return comes from a large U.S. Bank. BMO Alto is the online-only arm of banking giant BMO, which operates about 1,000 physical branches and is the 12th-largest U.S. bank by deposits. Though it only pays the top nationwide rate in the 5-year term, BMO Alto also has reasonably competitive rates on CDs ranging from 6 months to 4 years.

CD TermsYesterday's Top National RateToday's Top National RateDay's Change (percentage points)Top Rate Provider
3 months5.51% APY5.51% APYNo changeTotalDirectBank
6 months5.51% APY5.51% APYNo changeTotalDirectBank
1 year6.00% APY6.00% APYNo changeNuvision Credit Union
18 months5.25% APY5.25% APYNo changeDR Bank and NASA Federal Credit Union
2 years5.15% APY5.15% APYNo changeCredit Human
3 years5.00% APY5.00% APYNo changeVibrant Credit Union, DollarSavingsDirect, and Transportation Federal Credit Union
4 years4.86% APY4.86% APYNo changeWellby Financial
5 years4.80% APY4.80% APYNo changeBMO Alto

CD Rates Are Still Near 20-Year Highs

CD rates have inched lower since they climbed to a historic peak of 6.50% in October. At the start of February, the number of CDs in our daily ranking that paid at least 5.50% APY was 30. Today that count sits at seven.

But don't lose sight of how much certificates of deposit (CDs) still pay relative to the past 20 years. Locking in a yield in the 4% to 5% range for a year or more down the road is still a great earning opportunity.

Also keep in mind that snagging the absolute highest APY isn't the only way to win with today's CDs. Since CD rates could fall quite substantially in 2024 and 2025, locking in a long-term rate now—before rates move lower—can be a smart move.

Other Big Banks That Pay Attractive Rates

If you only want to open a CD at a big-name bank, be sure to do your homework, as the CDs at the bank where you have your checking account may pay peanuts. Among the 30 largest U.S. banks, however, there are a handful that pay a reasonably competitive rate. You can find the top options in our list of better-than-average big bank CDs.

Jumbo CDs Offer a Rate Bump in Some Terms

Two leading jumbo CDs let you earn even more than you can with the best standard CDs in their term. State Department Federal Credit Union offers 5.41% APY for 15 months. To really stretch your rate lock, Grow Financial Federal Credit Union unveiled a new 5-year rate this week of 4.86% APY.

Beware that the best jumbo CD rates don't always pay more than standard certificates. Often, you can do just as well—or better—with a standard CD. That's the case right now in six of the eight terms below, so it's always wise to shop both certificate types before making a final decision.

CD TermToday's Top National Bank RateToday's Top National Credit Union RateToday's Top National Jumbo Rate
3 months5.51% APY*5.30% APY5.20% APY
6 months5.51% APY*5.50% APY5.51% APY*
1 year5.40% APY6.00% APY*5.50% APY
18 months5.25% APY5.25% APY5.41% APY*
2 years5.00% APY5.15% APY*4.91% APY
3 years5.00% APY*5.00% APY*4.97% APY
4 years4.70% APY4.86% APY*4.48% APY
5 years4.80% APY4.75% APY4.86% APY*

Where Will CD Rates Go in 2024?

To combat decades-high inflation, the Federal Reserve aggressively hiked the federal funds rate between March 2022 and July 2023, raising the benchmark rate to its highest level in 22 years. That's important to savers because when the fed funds rate rises, banks and credit unions increase the interest rates they're willing to pay on customer deposits.

As a result, this past fall saw historically favorable conditions for CD shoppers, as well as for anyone holding cash in ahigh-yield savingsormoney market account. Rates on CDs rose to an October-November peak that was the highest we've seen in two decades.

But since its last rate hike in July, the Fed has been in a holding pattern. As was all but certain, the Federal Reserve's rate-setting committee this afternoon announced it is once again maintaining the federal funds rate at its current level. It's the seventh meeting in a row in which the central bank has held its benchmark rate steady.

That's because inflation has been cooling, allowing the Fed to stop raising interest rates. Yet, further inflation progress has been elusive. That puts the central bank in wait-and-see mode as it looks for evidence that inflation is falling enough to justify lowering the federal funds rate.

Today's written statement from the Fed again included familiar language about remaining focused on tamping down inflation that is still too high: "Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee's 2% inflation objective."

The rate decision today was also accompanied by the quarterly "dot plot" release, which reveals where each Fed board member (represented by a unnamed dot on a graph) predicts the federal funds rate will be at the end of the current year, as well as the next two years.

The June dot plot shows a median projection of one rate cut of 0.25 percentage points by the end of 2024. However, a sizable group is predicting we'll see two rate decreases. At the other end of the spectrum, a 20% contingent forecasts the federal funds rate will stay where it is for the rest of this year.

Speaking during his customary press conference following release of today's statement, Fed Chair Jerome Powell made it clear that the committee is looking for continued evidence of inflation decline before it will implement a rate cut.

"Goals have moved toward better balance, but the economic outlook is uncertain," Powell said. "We remain highly attentive to inflation risks. We've stated that we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2%."

In response to Powell's remarks and the forecasts presented in the dot plot, fed funds traders have increased their bets that a first rate cut will come in September. For the next meeting, concluding July 31, odds of another rate hold are currently at more than 90%. But looking toward the Sept. 18 announcement, almost two-thirds of traders believe the Fed will have implemented its first rate decrease.

In the meantime, Fed officials are expected to continue watching and waiting for additional data before making any decisions. This means CD rates are generally expected to continue their plateau. When at some point the Fed signals it's ready to start cutting rates, which could happen in the not-too-distant future, that will begin driving CD yields down more quickly. So it's a good time to lock in one of today's stellar CD rates while you still can.

Daily Rankings of the Best CDs and Savings Accounts

Best 3-Month CD Rates

Best 6-Month CD Rates

Best 1-Year CD Rates

Best 18-Month CD Rates

Best 2-Year CD Rates

Best 3-Year CD Rates

Best 4-year CD Rates

Best 5-Year CD Rates

Best High-Yield Savings Accounts

Best Money Market Accounts

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 5, 10, or even 15 times higher.

How We Find the Best CD Rates

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.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.

Top CD Rates Today, June 12, 2024 - 11 Offers Pay 5.40% to 6.00% for Up to 1 Year (2024)
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