Facebook Email icon An envelope. It indicates the ability to send an email.
Email Twitter icon A stylized bird with an open mouth, tweeting.
Twitter LinkedIn icon
LinkedIn Link icon An image of a chain link. It symobilizes a website link url.
Copy Link lighning bolt icon An icon in the shape of a lightning bolt.
Save Article Icon A bookmarkAffiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
At Business Insider, we independently review over 100 national banks and credit unions and report on the best CD interest rates they offer. We report on standard CDs, covering term lengths from three months to five years. We also cover some specialty CDs, like no-penalty CDs. In addition, we include the highest CD rate you can get at local institutions so you can see how the market is currently faring, even though this rate won't be available to everyone.
The best rate we've found is 9.50% APY from California Coast Credit Union Celebration Certificate. However, the credit union has a small footprint for eligible applicants, and there are caps on the amount of interest you can earn.
| Account Name | APY (Annual Percentage Yield) Accurate as of 8/12/2024 | Minimum Account Opening Balance |
| USALLIANCE FINANCIAL 1 Year Online Certificate | 4.30% | $500 |
| Ponce Bank 3 Month CD | 5.10% | $1 |
| Generations Bank 6 Month CD, powered by Raisin | 4.92% | $1 |
| Sallie Mae 14 Month No-Penalty CD | 4.75% | $1 |
| Discover 18 Month CD | 4.25% | $2,500 |
| Bread Savings 2 Year High-Yield CD | 4.10% | $1,500 |
| Quontic 5 Year CD | 3.50% | $500 |
Credit unions offer many of the best current CD rates right now. But don't worry — anyone is eligible to join these credit unions and open CDs.
Lafayette Federal Credit Union 3 Year Certificate
CDs aren't as accessible as other types of savings accounts, so keep in mind how long you can keep money in the account without potentially facing early withdrawal penalties. Also, make sure you know what steps you need to take once your CD term ends.
The best banks and credit unions for CDs offer a high rate on certificates of deposit with good perks and low minimum opening deposits.
Our top picks for CDs are protected by federal insurance. Bear in mind money is safe at a federally insured financial institution. When a financial institution is FDIC- or NCUA-insured, up to $250,000 per depositor, per account category is secure in a bank account.
Here are the best CD rates as picked by Business Insider editors in 2024.
California Coast Credit Union currently offers a limited-time 5-month Celebration Certificate offering a whopping 9.50% APY CD rate. It's one of two credit unions offering CDs of 9% APY or more. It also requires a low minimum deposit of $500.
However, the criteria you need to meet in order to open the certificate are steep. First of all, you can only put a maximum of $3,000 in the CD. Second of all, the money in the CD has to be new, which means it can't have previously been in a California Coast Credit Union account. You'll also need some sort of other account with California Coast Credit Union to get the high APY. You can have an active checking account (meaning it has one transaction a month), a new money market account with a minimum balance of $5,000, a new regular certificate with a minimum balance of $5,000, a new IRA certificate with a minimum balance of $5,000, or a new funded consumer loan that isn't either a credit card or a share-secured or certificate-secured loan.
You also need to be a member of California Coast Credit Union. Membership is limited to people who live or work in San Diego or Riverside counties, to people in select employee groups, and to people who live with a member.
Term options: California Coast Credit Union has terms ranging from 3 months to 5 years, as well as a 5-month celebration certificate, an 8-month liquid certificate, and an 18-month bump rate certificate.
Penalties: California Coast Credit Union certificates have the following early withdrawal penalties:
America First Credit Union currently offers the highest rate on 3-month CD. An America First Credit Union Certificate may be worthwhile if you're searching for a financial institution with branches in Arizona, Idaho, Nevada, New Mexico, and Utah. America First Credit Union offers non-standard CDs in addition to their regular CDs, such as IRA CDs, flexible CDs, and bump-rate CDs.
Credit unions require membership to open bank accounts. You may join America First Credit Union if you live, work, worship, or volunteer in an Arizona, Idaho, Nevada, New Mexico, Oregon, or Utah county on its membership list. If you have a family member or spouse who is a current member, you're also eligible.
Term options: America First Credit Union has terms ranging from three months to 60 months. It also offers IRA certificates, flexible certificates, and bump-rate certificates.
Penalties: America First Credit Union has the following early withdrawal penalties:
Climate First Bank currently offers the highest rate on a no-penalty CD for its 6-month no-penalty CD. However, it also offers two other no-penalty CDs that also have strong rates. Climate First Bank might be a good choice for you if you're looking for an environmentally friendly bank offering a no-penalty CD with a low minimum opening deposit of $500.
Climate First Bank doesn't offer any CDs with term lengths over 25 months, so if you're interested in a long-term CD, Climate First Bank might not be the choice for you.
Term options: Climate First Bank has terms ranging from 6 months to 25 months.
Penalties: None
EagleBank offers the best 6-month and 1-year CD rates at U.S. banks.
If you're unfamiliar with EagleBank, it's a local financial institution in Maryland, Virginia, and Washington, DC. You can also open a high-yield savings account and online CDs ranging from 6 months to 18 months if you don't live near a branch.
You'll only be able to deposit a maximum of $500,000 into a CD. Another downside to banking with EagleBank is that its mobile banking app has lackluster ratings in both the Google Play and Apple stores.
Terms: EagleBank has online terms ranging from 6 months to 18 months. You can also open other terms by calling the bank or visiting a location in Virginia, Maryland, or Washington, DC.
Penalties: The following early withdrawal penalties may apply to online EagleBank CDs:
Bask Bank is a good option if you'd like to earn a competitive interest rate on an 18-month CD. Several of Bask Bank's short-term CDs offer great rates, so if you want to open multiple short-term CDs with the same bank, Bask Bank might be a good choice for you.
Bask Bank has limited CD terms. If you're looking to open a CD with a term over 2 years, you might prefer another institution. It also isn't the only bank with this rate, as LendingClub offers the same rate for an 18-month CD. We chose Bask Bank because of its low minimum opening deposit of $1,000.
Term options: Terms range from 6 months to 2 years.
Penalties: The early withdrawal penalties are as follows:
Lafayette Federal Credit Union has the best 2-year, 3-year, and 4-year CD rates available. These CDs also stand out because they have a $500 minimum opening deposit.
You can open an account regardless of where you live in the United States by joining the Home Ownership Financial Literacy Council. You're also eligible for membership if you live, work, or worship in Potomac, Maryland, or parts of Washington, DC; work at a Select Employer Group; become a member of the American Consumer Council and live in Maryland, Virginia, or Washington, DC; or have a family member with credit union membership.
Term options: Lafayette Federal Credit Union has certificates ranging from 7 months to 5 years.
Penalties: Lafayette Federal Credit Union has the following CD early withdrawal penalties:
The Department of Commerce Federal Credit Union offers the best rate for 5-year CDs. It also requires a relatively low minimum opening deposit of $500; if you want to open a CD with a lower amount of money, this credit union might be a good choice for you.
In addition to regular share certificates, the Department of Commerce Federal Credit Union offers IRA certificates for certificates with 1-year term lengths or more. It has terms up to 7 years long, and you can open CDs in monthly increments; for example, you can open a 25-month, 26-month, and 27-month CD if you'd like. Most financial institutions only offer CDs with term lengths up to 5 years, and they tend to be more restrictive on what CD term lengths they offer in that range.
Since the Department of Commerce Federal Credit Union is a credit union, it does require you to meet certain membership requirements to join, but it's pretty easy to join this credit union. The easiest way to be eligible to join the Department of Commerce Federal Credit Union is to be a part of the American Consumer Council, which you can join online. Other ways to be eligible include working for certain employer groups or living with someone who's already a member.
Term options: The Department of Commerce Federal Credit Union has certificates ranging from 6 months to 7 years.
Penalties: The Department of Commerce Federal Credit Union has the following early withdrawal penalties:
Below, you'll find our picks for the best CD rates right now. There isn't one particular CD that will work for everyone, but we combed through offerings at around a dozen national banks to find the strongest options available right now.
| CD account | Annual Percentage Yield (APY) | Minimum opening deposit |
| America First Credit Union 3 Month Certificate | 5.25% | $500 |
| Dow Credit Union 3 Month Simple CD | 5.20% | $500 |
| Ponce Bank 3 Month CD, powered by Raisin | 5.10% | $1 |
| CD account | Annual Percentage Yield (APY) | Minimum opening deposit |
| EagleBank 6 Month CD | 5.20% | $1,000 |
| America First Credit Union 6 Month Certificate | 5.15% | $500 |
| Barclays 6 Month Online CD | 5.10% | $0 |