The top CD rates remained steady today, with the leading 5.79% APY available for at least another day on the 8-month CD from Climate First Bank. The best CD rates across all terms remained unchanged for the third day in a row.
The second-best CD rate today is 5.75%, also offered on an 8-month term from INOVA Federal Credit Union. With just a few days left in 2023, locking in a top CD rate now could be the right move if the Federal Reserve decides to lower interest rates next year.
Key Takeaways
- The top CD rate in our daily ranking of the best nationwide CDs remains 5.79% APY on an 8-month CD from Climate First Bank.
- CD rates hit a peak of 6.50% in October, but today’s top rates are still historically high.
- Just two nationally available CDs pay at least 5.75% APY. Seven weeks ago, we counted 16 CDs that offered 5.75% APY or more.
- The top rate on a jumbo CD is 5.77%, offered on both 6-month and 1-year CD terms.
- The Federal Reserve is expected to cut interest rates in the new year, so CD rates will likely continue their decline.
Below you’ll find featured rates available from our partners, followed by details from our complete ranking of the best CDs available nationwide.
The number of CDs paying at least 5.75% surged to a historic peak of 18 on Nov. 3. But in the eight weeks since, the number has fallen sharply—down to just two now. Three other CDs pay 5.70% APY, on terms of 7 to 14 months.
The highest rates continue to be available in terms of up to 18 months. But stellar rates can still be had on longer terms. The top-paying 2-year certificate offers 5.39% APY, while you can secure 5.23% for a 3-year term. And in the 4-year and 5-year terms, you can lock in a long-lasting rate as high as 5.00% APY.
Though the yields on these longer certificates are lower than certificates with shorter terms, securing one of today’s record rates for as long as possible could be a smart move, as the current expectation is that interest rates will be falling over the next few years.
Fast Fact
When asked in December if they were choosing more or less of certain investments during recent market events, 28% of Investopedia readers said they were leaning into CDs—just one percentage point behind the leading choice of money market funds. Additionally, 11% of readers said they would open a CD if they had an extra $10,000 to invest, in third place behind individual stocks and ETFs.