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Certificates of deposit (CDs) can be an excellent option if you’re seeking a low-risk investment to earn interest on money you don’t need right away. CD rates have mostly held tight over the past week and remain much higher than last year’s levels.

CD RATES TODAY
Term
Average APY
High rate
3-month CD
1.28%
5.39%
6-month CD
1.80%
5.40%
1-year CD
1.96%
5.37%
2-year CD
1.71%
5.12%
3-year CD
1.62%
4.75%
Source: Curinos. Data accurate as of June 10, 2024. Quoted rates are based on a $25,000 deposit.

Three-month CD rates

Rates on three-month CDs have increased since last week, rising by one basis point to 1.28% today.

Over the past month, rates on three-month CDs have climbed by one basis point.
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

The top six-month CDs can offer the best of both worlds: strong interest rates and a short-term commitment.

The national average APY for six-month CDs is 1.80%, the same as last week and up from 1.79% one month ago.

The current top national rate for a 6-month CD is 5.40%, according to the data available from Curinos. But you may be able to find better deals by shopping around.

You’d earn almost $670 in interest if you put $25,000 in a six-month CD with a rate of 5.40%.

One-year CD rates

If you’re up for setting aside your savings for a full year, you’ll be able to pick up 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 remaining stable. The national average APY is 1.96%, the same as last week and up 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 have remained stable.

The nationwide average APY stands at 1.71%, the same as last week and a month ago.

The current national high for a 24-month CD is 5.12%. By locking in a rate close to this high, you’ll make the most of your returns on this longer-term investment.

If you invest $25,000 in a 24-month CD at the high rate of 5.12%, you’d earn around $2,630 in interest.

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)

In 2022, savers finally experienced some relief with the rise of CD yields.

That trend has largely continued throughout 2023, as the Federal Reserve has continued to raise interest rates to moderate inflation. However, the Fed paused its interest rate policy in its most recent meeting in order to see how the economy responds to such high rates.

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 10, 2024, the national average interest rate for a 12-month CD sat at 1.96% 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.

Taylor Tepper

BLUEPRINT

Taylor Tepper is the lead banking editor for ӣƵ Blueprint. Prior to that he was a senior writer at Forbes Advisor, Wirecutter, Bankrate and Money Magazine. He has also been published in the New York Times, NPR, Bloomberg and the Tampa Bay Times. His work has been recognized by his peers, winning a Loeb, Deadline Club and SABEW award. He has completed the education requirement from the University of Texas to qualify for a Certified Financial Planner certification, and earned a M.A. from the Craig Newmark Graduate School of Journalism at the City University of New York where he focused on business reporting and was awarded the Frederic Wiegold Prize for Business Journalism. He earned his undergraduate degree from New York University, and married his college sweetheart with whom he raises three kids in Dripping Springs, TX.

Megan Horner

BLUEPRINT

Megan Horner is editorial director at ӣƵ Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.