Although certificate of deposit (CD) rates have softened a bit since reaching a record rate of 6.50% in October, today's top CDs are still paying historic highs. Dozens of options allow you to lock in 5% or better for terms guaranteed as long as 2027.

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

CD Terms	Yesterday'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	5.56% APY	5.65% 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	4.60% APY	No change

The Best CD Rates Are Still Very High

Today's new 1-year nationwide leader is T Bank. Its 5.65% offer is available for a 13-month term, beating out the previous leading 1-year rate of 5.56% APY. Across all terms, Andrews Federal Credit Union continues to wear the nationwide crown. Its 5.75% APY offer on a 6-month certificate has been the highest nationally available return for more than two weeks now. We also gained a new 6-month contender today. While it doesn't pay as much as Andrews' 6-month CD, now offers the leading 6-month rate from a bank, paying 5.55% APY.

Though rates have been coming down over the past two months, our ranking of the best nationwide CDs still includes 24 options that pay at least 5.50% APY. The terms on those offers range from 3 months to 13 months.

But scoring the highest APY isn't the only way to win with CDs right now. Because it's expected rates will fall in 2024 and beyond, locking in a slightly lower rate today that will be guaranteed for several years 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 rate above 5% with more than one of the best 3-year CDs, allowing you to lock in your rate until 2027.

It's smart to snag rates like these 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 the Fed 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 three 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	5.65% 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	4.60% 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 this last 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 have 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.

January's jobs report surely won't help on that front. New jobs and wage growth were way higher than expected, which may prompt the Fed to keep rates high longer than investors previously thought.

"The job gains, if not revised down in future releases, will definitely put a dampener on early rate-cut prospects," wrote Scott Anderson, chief U.S. economist for BMO Capital Markets. "The Fed was right to be cautious in signaling near-term rate cuts at (the latest) FOMC meeting."

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." And he repeated his cautious stance in a "60 Minutes" interview aired a week ago.

What this means for CD rates is that they're likely to drift lower gradually, until it appears clear the Fed is ready to make a cut. Once 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.