Current CD Rates: February 2024

The best CD rates remain above 5% annual percentage yields, particularly for six-month through one-year terms. The best CD rates for terms of three years or longer tend to be between 4% and 5% APY. Some of the mid-5% short-term rates have begun to drop, according to a NerdWallet analysis. Skip down to see current CD rates.

Online-only banks and credit unions continue to have the most competitive interest rates on certificates of deposit, but CD rate increases have slowed down as the Federal Reserve has stopped raising the federal funds rate. See where rates are going on on our CD rate forecast.

National average CD rates have also been higher than they’ve been in the past decade, though they remain far lower than CDs at online institutions. The gradual rise of online high-yield CD rates started in July 2021, after a relatively low-rate environment in 2020 and early 2021. If the Fed starts to cut its rate this year, as expected, CD rates may fall. (See more details about historical CD rates as you consider what to expect soon.)

High-yield CD rates today can be several times the national average of 1.40% APY for five-year terms and the national average of 1.83% APY for one-year terms. Unlike regular savings accounts, most CDs have fixed rates, so you can lock in a higher rate while it lasts.

Here’s a look at current CD rates at some online banks and credit unions.

The current trend of shorter-term CD rates being higher than longer-term CD rates continues, both for national averages and among high-yield CDs. While seeing CD rates higher than 5% can be exciting, the term length is also important. You earn less interest with a six-month CD than a one-year CD with the same rate.

Here’s a sample of three high-yield CD rates per term, compared to the national average, at various online banks and credit unions.