Are you looking for the best CD rates today? We’ve done the research and compiled a comprehensive list of the highest CD rates available on the market. With this information, you’ll be able to compare the rates and APYs and find the best rate for your financial goals.
On a one-year CD, the highest rate today is 4.3%, according to the FDIC. For a five-year CD, the highest rate is 3.50%. APYs are averaging 2.78%, up slightly from 2.75% at this time last week.
When it comes to finding the best CD rates, it’s important to consider the type of bank you’re dealing with. National brick-and-mortar banks generally pay lower interest rates than online banks. For example, Wells Fargo pays 0.15% APY on the Wells Fargo 12-Month CD. Online banks, on the other hand, often offer higher rates. For example, the highest rate for a 12-month CD is 4.75%, offered by CIT Bank.
You don’t need to be a wealthy investor to get the best rates. In fact, many of this week’s top CD yields are four times higher—or more—than what the best certificates were paying at the start of the year. Here are some of the highest no-penalty CD rates available right now:
• America First Credit Union, 12 Months, 4.25%
• CIT Bank, 11 Months, 4.10%
• Synchrony Bank, 11 Months, 3.50%
• Ally Bank, 12 Months, 4.20%
• North American Savings Bank, 12 Months, 4.76%
• First Internet Bank of Indiana, 24 Months, 4.75%
• Popular Direct, 24 Months, 4.75%
• Live Oak Bank, 24 Months, 4.60%
• Bread Savings, 24 Months, 4.40%
This week’s top CD yields are significantly higher than what the best certificates were paying at the start of the year. Here’s a look at some of the best CD rates this week:
• 1-Year: CFG Bank: 4.75% APY; Live Oak Bank: 4.60% APY
• 3-Year: CFG Bank: 4.60% APY; Bread Savings: 4.40% APY
• 5-Year: CFG Bank: 3.50% APY; HSBC: 3.35% APY
When you’re shopping around for the best CD rates, it’s important to consider the type of CD you’re looking for. Shorter-term CDs often offer lower interest rates than longer-term CDs. This is because shorter-term CDs have less time for their interest to compound, and lenders typically price them with lower rates. Longer-term CDs, on the other hand, offer higher rates, but they also come with more risk.
It’s also important to consider the type of bank you’re dealing with. National brick-and-mortar banks generally pay lower interest rates than online banks. Online banks often offer higher rates, but they also come with different fees and restrictions. Be sure to read the fine print and understand the terms and conditions before signing up for a CD.
Overall, finding the best CD rates today is all about understanding the market and doing your research. Compare rates and APYs, and look for the CD that best meets your financial goals.