Secure a 5%+ CD Rate Now—Don’t Miss Out Before APYs Drop Rapidly

Essential Insights

• Many nationally accessible CDs currently provide rates at or above 5%, with top yields hitting 5.40%.
• A Federal Reserve interest rate reduction is expected soon, already causing CD rates to trend downward.
• Locking in a CD rate today ensures protection against falling APYs.
• Best CD rates range from 5.25% to 5.40% for terms up to 12 months, or 5.00% to 5.15% for 18–24 months, securing returns through 2026.
• Opening a CD promptly is crucial, as multiple rate cuts this year may further reduce CD yields.

Explore the full details below, including top offers from our partners.

Lock in 5%+ CD Rates Extending Into 2025 and 2026

When interest rates peak but are on a downward path, certificates of deposit (CDs) become a smart place to safeguard your savings. The APY you lock in remains fixed, shielding you from future rate declines on new CDs or savings accounts.

Currently, U.S. savers benefit from historically high CD rates due to the Federal Reserve’s aggressive rate hikes in 2022 and 2023, with some CDs offering their highest yields in over two decades. However, the era of 5%+ CDs is nearing its end.

The Federal Reserve is preparing to reduce rates as inflation eases, with a near-certain rate cut expected on September 18. Financial institutions have preemptively started lowering CD rates in anticipation.

Still, numerous CDs nationwide offer 5.00% or higher APYs. The top rate is 5.40% for a 5-month term, while a 1-year CD can secure 5.25%. Both options guarantee rates through 2025.

Opting for a slightly lower APY extends your rate lock: 5.15% for 15 months or a 2-year CD at 5.00%, locking in returns until around Labor Day 2026.

Multiple Federal Reserve Cuts May Accelerate CD Rate Declines

If you’re considering waiting or hoping for rates to rise, it’s important to act now. Fed Chair Jerome Powell has indicated readiness to initiate rate cuts, with traders unanimously expecting a September reduction, likely between 0.25% and 0.50%.

Moreover, this September cut is anticipated to be the first in a series, with forecasts predicting over a full percentage point in total cuts by December 18. This trend will continue to push CD rates lower.

Banks and credit unions have already started reducing their deposit rates ahead of the official Fed announcement, causing top CD yields to gradually decline over recent months.

Given this trajectory, securing a CD today is advantageous. While many CDs still offer at least 5%, these options will diminish, leading to fewer selections, shorter rate guarantees, and eventually rates falling into the 4% range.

Daily Updated Rankings of Top CDs and Savings Accounts

We provide daily updates on the best deposit rates available nationwide:

• Top 3-Month CD Rates
• Top 6-Month CD Rates
• Top 1-Year CD Rates
• Top 18-Month CD Rates
• Top 2-Year CD Rates
• Top 3-Year CD Rates
• Top 4-Year CD Rates
• Top 5-Year CD Rates
• Best High-Yield Savings Accounts
• Best Money Market Accounts

Important Notes

The "top rates" highlighted here represent the highest nationally available yields identified through extensive daily research across hundreds of banks and credit unions. These figures differ significantly from national averages, which include many large institutions offering minimal interest. Consequently, top rates can be 5 to 15 times higher than average rates.

Our Approach to Identifying the Best Savings and CD Rates

Each business day, we analyze rate data from over 200 federally insured banks and credit unions offering CDs and savings accounts nationwide. To qualify for our listings, institutions must be FDIC- or NCUA-insured, with minimum initial deposits not exceeding $25,000 and no restrictive maximum deposits below $5,000.

To be considered nationally available, banks must operate in at least 40 states. Credit unions with donation requirements exceeding $40 are excluded, even if membership requires charitable contributions. For full details on our selection methodology, please refer to our comprehensive guide.

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