Top CD rates today: Top rates remain competitive — June 28, 2024
Published 6:41 a.m. UTC June 28, 2024
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Certificates of deposit (CDs) make sense if you’re in need of a low-risk investment that will earn income on cash you don’t need immediately. Based on Curinos data, CD rates have been relatively stable over the past week as the Federal Reserve paused its rate hike policy.
CD RATES TODAY | ||
---|---|---|
Term
| Average APY
| High rate
|
3-month CD
| 1.28%
| 5.39%
|
6-month CD
| 1.82%
| 5.40%
|
1-year CD
| 1.97%
| 5.37%
|
2-year CD
| 1.72%
| 5.12%
|
3-year CD
| 1.62%
| 4.75%
|
Source: Curinos. Data accurate as of June 27, 2024. Quoted rates are based on a $25,000 deposit.
|
Three-month CD rates
Rates on three-month CDs have seen no change since this time last week, remaining at 1.28% today.
Over the past month, rates on three-month CDs have climbed marginally.
The current national high for a three-month CD is 5.39%, which would earn more than $330 in interest with a $25,000 deposit.
Six-month CD rates
By choosing a top-rated six-month CD, you benefit from a winning mix of competitive interest rates and a short-term commitment.
The national average APY for six-month CDs is 1.82%, up slightly from 1.81% last week and 1.80% one month ago.
The current top national rate for a 6-month CD is 5.40%, according to the data available from Curinos. Shopping around can help you find better deals.
With that rate, you’d earn almost $670 in interest if you deposited $25,000.
One-year CD rates
If you’re up for setting aside your savings for a full year, you’ll be able to grab even more impressive rates. One-year CDs can give you returns as high as, or even higher than, longer-term options.
Rates on 12-month CDs are moving up. The national average APY is 1.97%, up one basis point from last week and one basis point from a month before.
The current national high for a 12-month CD is 5.37% which would earn more than $1,340 in interest with a $25,000 deposit.
Two-year CD rates
Interest rates on CDs with longer terms, such as those spanning two years, are also on the rise.
The national average APY is 1.72%, a one basis point jump from last week and up one basis point from one month ago.
Right now, the highest national rate for a 24-month CD is 5.12%, which would earn nearly $2,630 on $25,000 in savings.
Three-year CD rates
The national average APY for a three-year CD stands at 1.62%, which is flat to where it stood last week and from a month ago.
The highest rate was 4.75%, which would net almost $3,731 in interest if you invested $25,000.
Methodology
To establish average certificate of deposit (CD) rates, Curinos focused on CDs intended for personal use. CDs that fall into specific categories are excluded, including promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs. The average CD rates quoted above are based on a $25,000 deposit.
Frequently asked questions (FAQs)
CD rates increased throughout 2022 and 2023 after the Federal Reserve raised short-term interest rates to stymie sky-high inflation. More recently, though, CD yields have plateaued as the rate of price gains has come down and the Fed has remained in a holding pattern. Once the Fed starts cutting rates, which could happen by the Fall, average CD yields could come down, as well.
You’ll need a few key details to open a CD: your name, address, Social Security number, government-issued ID and phone number. You can open a CD online or in person, but you’ll probably find better rates online. Once you get the green light, you can fund the CD with cash from a linked bank account or one that’s not affiliated with the bank at all.
CD rates change on a regular basis, but the higher the better. As of June 27, 2024, the national average interest rate for a 12-month CD sat at 1.97% APY, according to data from Curinos. But you can find plenty of banks advertising APYs well above this average, especially if you take a look at the top contenders in our ranking of the best CD rates.
A basis point is the term used to describe one hundredth of one percentage point. Therefore, if the yield on a CD increased from 1.50% to 1.60%, it increased by 10 basis points.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.