Certificate of deposit (CD) rates continue to move lower after reaching a record rate of 6.50% in October. But today's top CDs are still paying historically high returns. More than 20 options are available with a rate of at least 5.50% APY, and dozens of options will let you lock in 5% or better for terms extending as far as 2027.

Here are the best CDs available nationwide, followed by featured rates from our partners.

CD Terms	Friday's Top National Rate	Today's Top National Rate	Day's Change (percentage points)	Top Rate Provider
3 months	5.51% APY	5.51% APY	No change
6 months	5.75% APY	5.75% APY	No change
1 year	5.65% APY	5.56% APY	- 0.09
18 months	5.45% APY	5.45% APY	No change
	5.27% APY	5.27% APY	No change
3 years	5.10% APY	5.10% APY	No change
	4.73% APY	4.73% APY	No change
5 years	4.60% APY	4.61% APY	+ 0.01

The Best CD Rates Are Still Very High

Across CD terms, today's nationwide rate leader remains Andrews Federal Credit Union. Its 5.75% APY offer on a 6-month certificate has been the highest nationally available return for the past three weeks.

The runner-up rate offers an opportunity to stretch your term a bit longer. 5.56% certificate is available for 12 months. Right on its heels is , with a 12-month rate of 5.55% APY.

Though CD yields have been coming down over the past three months, our ranking of the best nationwide CDs still includes 21 options that pay at least 5.50% APY. The terms on those offers range from 3 months to 13 months. On Feb. 1, however, the number of CDs paying that elite rate was 30—an indicator of how rates have been gradually sliding.

However, scoring the highest APY isn't the only way to win with today's CDs. Since it's expected rates will fall in 2024 and beyond, locking in a slightly lower rate today that's guaranteed more than a year down the road is also a smart move.

For instance, you may like the 18-month rate of 5.45% APY offered by , or 5.27% certificate for 24 months. You can even score a yield above 5% with more than one of the best 3-year CDs, allowing you to lock in your rate until 2027.

It's a good strategy to jump on one of these rates now, before the Federal Reserve acts to lower the federal funds rate—as that will put downward pressure on CD rates. While we don't know when it will start reducing its benchmark rate, the central bank's Dec. 13 dot plot showed a median prediction among committee members of three rate cuts—totaling 0.75%—sometime during calendar year 2024.

Top Bank, Credit Union, and Jumbo CD Rates Today

The best jumbo CD rate remains 5.65% APY on a 17-month term, available from . Beware that the best jumbo CD rates don't always pay more than standard certificates. Often, you can do just as well—or better—with a standard CD. That's the case right now in two of the eight terms below, so it's always wise to shop both certificate types before making a final decision.

CD Term	Today's Top National Bank Rate	Today's Top National Credit Union Rate	Today's Top National Jumbo Rate
3 months	5.51% APY*	5.30% APY	5.20% APY
6 months	5.55% APY	5.75% APY*	5.57% APY
1 year	5.55% APY	5.56% APY	5.61% APY*
18 months	5.13% APY	5.45% APY	5.65% APY*
2 years	5.00% APY	5.27% APY	5.30% APY*
3 years	5.00% APY	5.10% APY	5.20% APY*
4 years	4.60% APY	4.73% APY	4.84% APY*
5 years	4.61% APY	4.60% APY	4.63% APY*

Where Are CD Rates Headed This Year?

The Federal Reserve announced at its Jan. 31 meeting that it is maintaining rates at their current level, the fourth meeting in a row it's done so. To combat decades-high inflation, the Fed aggressively hiked interest rates between March 2022 and July 2023, raising the federal funds rate to its highest level in 22 years.

This in turn created historically favorable conditions for CD shoppers, as well as for anyone holding cash in a high-yield savings or money market account. Rates on CDs continued rising to a peak this fall, reaching their highest levels in two decades.

But with inflation cooling and the Fed in a holding pattern since July, many banks and credit unions have begun lowering their CD rates. And that's likely to continue after the latest Fed announcement. That's because the central bank's statement abandoned previous language about future rate hikes still being possible. It now appears clear the Fed's rate-hike campaign is finished.

This means we've entered a new phase, where the Fed committee is focused on deciding the right timing to pull the trigger on a first rate cut. But Fed Chair Jerome Powell stated that, though the economy has seen promising progress, inflation is still too high, and the committee therefore won't discuss implementing a rate cut until it feels assured inflation's downward trajectory is both sufficient and sustainable.

Economic data released since the Fed's meeting aren't helping on that front. First, January's employment report showed that new jobs and wage growth were much higher than expected. Then last week, the latest Consumer Price Index (CPI) data showed that inflation is proving more stubborn than hoped for. Both of these may prompt the Fed to keep rates high for longer than previously thought.

"This 'super-bad' inflation report for January, along with resilient first-quarter U.S. economic growth, has got to be concerning for the Fed and calls into question market forecasts for aggressive and early rate cuts this year," Scott Anderson, chief U.S. economist at BMO Capital Markets, wrote in a commentary.

The Fed's next rate decision will be announced on March 20. During his Jan. 31 press conference, Chair Powell indicated he doesn't predict a rate cut will come as soon as the first quarter, saying, "I don't think it's likely the committee will reach a level of confidence by the time of the March meeting."

In fact, last week's inflation report caused financial markets to push their forecasts for a first Fed rate cut further into the future, according to CME Group's FedWatch Tool. Last Monday, the majority expectation was for a first rate cut in May. Now it's not until the Fed's June meeting that a majority of traders are betting on a decrease.

What this means for CD rates is that they're likely to keep drifting lower, until it appears clear the Fed is ready to make a cut. But as soon as that seems to be in the cards, banks and credit unions will likely begin lowering rates more substantially.

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.