Top CD Rates in 2025: Nationwide Highs Soar to 5.90% APY for 2-Year Terms

Explore the latest trends in Certificate of Deposit (CD) rates across all terms in 2024.

After maintaining a steady 5.75% APY for over three weeks, the top national CD rate surged to an unprecedented 5.90% APY today. This new high is available for a full two-year term, marking a significant increase from the previous best 2-year CD rate of 5.30% APY.

Pelican State Credit Union now leads the market with this 5.90% APY offer on a 24-month CD, surpassing the previous top rate of 5.75% APY, which was available on CDs ranging from 9 to 15 months.

Highlights

• A new leader emerges with a 5.90% APY on 2-year CDs, breaking the prior 5.75% APY benchmark that was limited to shorter terms.
• The count of "Benchmark Leader" CDs—those paying at least 5.50% APY—increased by three, now totaling 25 options.
• Top CD rates for both 1-year and 2-year terms rose today, while the 6-month term saw a slight decline.
• Longer-term CDs still offer competitive yields, with 3-year CDs at 5.13% APY and jumbo 4-year CDs (for deposits over $100,000) at 5.12% APY.
• The Federal Reserve’s upcoming rate decision in over five weeks holds uncertainty on whether rates will rise further or remain steady.

To maximize your earnings, here are the best CD rates available nationwide from trusted financial institutions, along with detailed insights on top-performing CDs accessible to all U.S. consumers.

Today, four new CDs joined the "Benchmark Leader" category, offering 5.50% APY or higher. Meanwhile, yesterday’s top 9-month CD at 5.75% APY was discontinued, but you can still secure 5.75% APY with a new 1-year CD option.

If you're aiming for long-term stability with strong returns, consider 3-year CDs at 5.13% APY or jumbo CDs with deposits of $100,000+ for four years at 5.12% APY.

CD Shopper Advice

Don’t hesitate to explore credit unions just because they seem complicated. Many credit unions in our rankings welcome members nationwide and have straightforward joining processes, often requiring only a small or no donation to affiliated nonprofits. Opening an account is as simple as with any bank.

Important Notice

While jumbo CDs often promise higher rates for large deposits, this isn’t always the case. Some jumbo CDs pay less than standard CDs. Today’s best jumbo rates exceed standard ones in four terms, but in others, standard CDs offer equal or better yields. Always compare all certificate types before choosing.

Will CD Rates Continue Rising in 2024?

CD rates have reached record highs but may still climb. The Federal Reserve raised the federal funds rate by 0.25% on July 26, holding it steady until at least September 20. This benchmark rate directly influences the interest banks and credit unions offer.

Since March 2022, the Fed has aggressively raised rates 11 times, cumulatively increasing by 5.25% to the highest level since 2001. This environment benefits CD investors and savers in high-yield accounts.

The Fed’s July statement did not clarify future rate hikes, emphasizing its commitment to reducing inflation to 2%. Chairman Jerome Powell noted that the September meeting could result in either a rate hike or a pause.

Recent comments from Fed governors reflect mixed views: some anticipate possible hikes depending on economic data, while others expect rates to hold steady unless unexpected inflation changes occur.

With recent inflation data showing cooling trends, the Fed may opt for a pause in September rather than further increases.

Today's rate surge might reflect the July hike’s impact, but since the increase was anticipated for weeks, many institutions had already adjusted rates. Once the Fed halts rate hikes, CD rates are likely to have peaked.

Current best rates include:
- 2-year CDs at 5.90% APY
- 1-year CDs at 5.75% APY
- 3-month CDs at 5.65% APY
- 3-year CDs at 5.13% APY
- Jumbo 4-year CDs at 5.12% APY (deposits of $100,000+)

Note on Rates

The "top rates" listed are the highest nationally available rates identified through daily research of hundreds of banks and credit unions, not national averages. National averages include many institutions with low yields, so shopping around can yield rates 5 to 15 times higher.

Rate Collection Methodology

Each business day, we analyze rates from over 200 federally insured banks and credit unions offering CDs nationwide. To qualify, institutions must be FDIC or NCUA insured, offer CDs with minimum deposits not exceeding $25,000, and be available in at least 40 states. Credit unions requiring donations over $40 to join are excluded.

For more details on our selection process, please refer to our full methodology.

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