The top nationwide CD rate is holding at 5.75% APY, but it's only available from one institution today: , on a 7-month term. If you want to lock up your money for at least a year, the best rate today is 5.65% APY from on a 15-month CD, or 5.64% for 13 months at .

Below you'll find featured rates available from our partners, followed by details from our complete ranking of the best CDs available nationwide.

CD rates have been grinding downward since climbing to a historic peak of 6.50% in October. The softening is not unexpected given the likelihood that the Federal Reserve is not only finished raising interest rates but that it could even begin reducing rates sometime this year. However, today's inflation report showed that inflation edged up in December, and that could make it difficult for the Fed to decide on a rate decrease.

While CDs may no longer be paying their peak rates, the returns you can lock in for years or months down the road are still very high. For the past several months, we've counted the number of CDs paying at least 5.75% APY. On Nov. 3, the number surged to a historic peak of 18. But as of today, we're left with just one CD paying a rate that high. You can still, however, earn up to 5.64% in the 1-year term and up to 5.65% in the 18-month term.

Longer-term rates are currently lower, but they can be a smart choice right now as we face the prospect of declining interest rates in 2024 and beyond. The top-paying 2-year certificate offers 5.39% APY, while you can secure 5.23% for a 3-year term. The best rates for 4-year and 5-year CDs are now below the 5% mark, but you can still lock in a long-lasting rate as high as 4.89% APY.

CD Terms	Yesterday's Top National Rate	Today's Top National Rate	Day's Change (percentage points)	Top Rate Provider
3 months	5.66% APY	5.66% APY	No change
6 months	5.75% APY	5.75% APY	No change
1 year	5.64% APY	5.64% APY	No change
18 months	5.65% APY	5.65% APY	No change
2 years	5.39% APY	5.39% APY	No change
3 years	5.23% APY	5.23% APY	No change
4 years	4.82% APY	4.82% APY	No change
5 years	4.89% APY	4.89% APY	No change

While the yields on these longer certificates are lower than certificates with shorter terms, securing one of these rates today means you'll be able to enjoy it until 2026—or even longer—when rates on other options will have likely fallen lower. For anyone with a jumbo-sized deposit, you can eke out a bit more with the leading rate on 3-year, 4-year, or 5-year jumbo CDs. But while the best jumbo CD rate is now 5.65% APY on 17 months, available from , you can earn that same rate with a standard 15-month CD.

CD Term	Today's Top National Bank Rate	Today's Top National Credit Union Rate	Today's Top National Jumbo Rate
3 months	5.66% APY*	5.55% APY	5.20% APY
6 months	5.75% APY*	5.70% APY	5.60% APY
1 year	5.55% APY	5.64% APY*	5.61% APY
18 months	5.65% APY*	5.51% APY	5.65% APY*
2 years	5.25% APY	5.39% APY*	5.30% APY
3 years	5.00% APY	5.23% APY	5.28% APY*
4 years	4.65% APY	4.82% APY	4.86% APY*
5 years	4.65% APY	4.89% APY	4.92% APY*

Where Are CD Rates Headed This Year?

The Federal Reserve opted to hold rates steady at a 22-year high last month, the third meeting in a row it's done so. The Fed has been aggressively combating decades-high inflation since March 2022, raising the federal funds rate with fast and furious hikes that year and then more moderate increases in 2023.

This has created historically favorable conditions for CD shoppers, as well as for anyone holding cash in a high-yield savings or money market account.

Though inflation has cooled significantly from its peak, Fed Chair Powell has made it clear that the rate-setting committee has not taken future rate hikes off the table—and won't do so until they feel assured inflation is moving sustainably lower. Still, the Fed's Dec. 13 dot plot showed a median prediction among committee members of three rate cuts in 2024, for a total reduction of 0.75%.

However, the minutes released last week from the Fed's Dec. 13 meeting revealed that there is much uncertainty among Fed members on the right timing for lowering rates. And that has been further complicated with two releases of new data. First, Friday's jobs report showed a hotter-than-expected labor market. Then, today's inflation report showed an unwelcome acceleration in December. Both of these developments could make it harder for the Fed to justify starting rate cuts.

The Fed's decisions on the federal funds rates have significant implications for CD shoppers and other savers, as banks and credit unions base their deposit rate decisions on the Fed's benchmark rate. As we always caution, trying to predict the Fed's future moves is an uncertain exercise. But for the time being, it seems CD rates are likely to continue inching down from their record peaks.

How We Find the Best CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.