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Best CD rates for May 2024 (Up to 5.36%)

Updated May 13, 2024

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Certificates of deposit (CDs) can be an ideal account to allocate some of your savings, especially if you’re looking for a fixed APY. Bankrate’s list of top-yielding CD rates are much higher than today's national average yield of 1.77 percent for a one-year CD.

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Show me:
Current 1 year CD trends
Bankrate Partner average
4.81% APY
National average
1.77% APY

Featured offers

CD
Member FDIC
APY
as of Jan 11
4.25
%
Min. deposit
$
500
Term
1
yr
Promoted offer
CD account details
Offer valid as of
1/11/2025
Minimum deposit
$500.00

EXPERT TAKE:

Marcus by Goldman Sachs offers nearly every term and type of CD that most savers would want along with competitive rates. Marcus also offers a 10-day rate guarantee if the rate changes after opening the CD. Read full review

Pros

  • Marcus by Goldman Sachs consistently offers competitive yields.
  • Marcus offers a variety of CD terms, so you can easily build a CD ladder at this bank.
  • An account can be opened with as little as $500.
  • Offers three terms of no-penalty CDs.

Cons

  • Some banks have lower minimum deposit requirements.
  • Partial withdrawals are not allowed from the no-penalty CDs
Additional offers
The APYs listed below were last updated between 1/4 and 1/10.
CD
FDIC
APY
4.55
%
Min. deposit
$
10,000
Term
6
mo
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$10,000.00

EXPERT TAKE:

Popular Direct offers a solid array of CD terms with high yields, ranging from three months to five years. However, the $10,000 minimum deposit required to open one is prohibitively high. Read full review

Pros

  • Available CDs earn very high yields.
  • Popular Direct offers terms shorter than a year.

Cons

  • The minimum deposit required to open a CD is extremely steep.
  • All CDs are standard; Popular Direct doesn’t offer bump-up or no-penalty CDs.
  • A harsh early withdrawal penalty applies for CD terms longer than one year.
CD
NCUA
APY
4.50
%
Min. deposit
$
500
Term
3
mo
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$500.00
CD
Member FDIC
APY
4.30
%
Min. deposit
$
500
Term
6
mo
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$500.00

EXPERT TAKE:

Vio Bank is an online bank that offers competitive yields on its CDs and you’ll only need $500 to open one. Nearly every term you’d need for a CD ladder is available. It's one of the few banks that offers a 10-year CD. Read full review

Pros

  • With a 10-year CD, Vio Bank has some of the longest CD terms around.
  • Vio Bank offers a competitive yield on most of its CDs.

Cons

  • Vio Bank doesn’t offer CDs with a term of less than six months.
  • Vio Bank doesn’t offer a no-penalty CD.
CD
FDIC
APY
4.50
%
Min. deposit
$
500
Term
3
mo
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$500.00
CD
FDIC
APY
4.00
%
Min. deposit
$
5,000
Term
1
yr
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$5,000.00
CD
Member FDIC
APY
4.10
%
Min. deposit
$
2,500
Term
1
yr
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$2,500.00

EXPERT TAKE:

Sallie Mae Bank offers 11 terms of CDs. But savers will need to look elsewhere if they don’t have at least $2,500 to open one of these CDs. Read full review

Pros

  • Sallie Mae Bank has nearly every CD needed to build a CD ladder.
  • Sallie Mae Bank offers a competitive yield on its CDs.

Cons

  • You need at least $2,500 to open a Sallie Mae Bank CD.
  • Sallie Mae Bank doesn’t offer CDs with terms less than six months.
  • Sallie Mae Bank doesn’t offer a no-penalty CD.
CD
Member FDIC
APY
4.25
%
Min. deposit
$
0
Term
13
mo
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$0.00

EXPERT TAKE:

Synchrony Bank offers nearly any term of CD you’ll need. You can choose between traditional CDs, a no-penalty CD and a bump-up CD. There’s no minimum deposit required, so nearly anyone can start saving with a Synchrony Bank CD. Read full review

Pros

  • Synchrony Bank CDs offer a competitive yield.
  • You can choose between 14 terms of CDs – ranging from three months to five years.
  • The bank also offers a no-penalty CD and a bump rate CD.
  • Synchrony Bank also offers IRA CDs.

Cons

  • Some banks have higher APYs.
  • Other banks may offer CD renewal bonuses.
CD
Member FDIC
APY
4.00
%
Min. deposit
$
0
Term
1
yr
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$0.00

EXPERT TAKE:

Capital One offers a competitive yield on its CDs. It has pretty much every CD you’d need to build a CD ladder. It offers nine terms of CDs ranging from a six-month CD to a five-year CD. This is a CD for nearly anybody since it doesn’t require a minimum to open the CD like some of its competitors. Read full review

Pros

  • Capital One offers competitive yields on its CDs.
  • Capital One has pretty much all of the standard CD terms you’d need.
  • There’s no minimum deposit required to open a CD.
  • Account holders can opt to receive interest disbursements monthly or annually.

Cons

  • The shortest term available is six months.
  • Capital One doesn’t offer a no-penalty CD.
Offers from banks you may use
The APYs listed below were last updated between 1/4 and 1/10.
CD
FDIC
APY
0.03
%
Min. deposit
$
1,000
Term
1
yr
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$1,000.00

EXPERT TAKE:

Bank of America’s one-year CD doesn’t offer a competitive yield. And you’ll need at least $1,000 to open a Bank of America one-year CD. Read full review

Pros

  • Those who live near a Bank of America location might find it convenient to open a CD at a branch near their home.

Cons

  • The yield on Bank of America’s one-year CD is well below the national average.
  • There’s an $8 monthly service fee if you don’t qualify to waive it.
  • Bank of America’s $1,000 minimum opening deposit requirement is higher than at some other banks.
CD
FDIC
APY
0.01
%
Min. deposit
$
1,000
Term
1
yr
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$1,000.00

EXPERT TAKE:

Chase’s one-year CD pays a competitive yield for its relationship rate CDs. But its standard rates are well below the national average for one-year CDs. You’ll need at least $1,000 to open a Chase CD. Read full review

Pros

  • Chase pays a relationship rate on its one-year CD. While the standard rates are not competitive, the relationship rates are on a few select terms.

Cons

  • The Chase one-year CD has a yield that’s much lower than the national average.
  • You’ll need an eligible Chase checking account to earn a competitive APY on a Chase one-year CD.
  • You need $1,000 to open a Chase CD, which is more than the minimum at some other banks.
Additional offers
The APYs listed below were last updated between 1/4 and 1/10.
CD
FDIC
APY
4.65
%
Min. deposit
$
500
Term
6
mo
Read review
CD account details
Offer last updated between
1/4 - 1/10
Minimum deposit
$500.00

Best CD rates from top banks for May 2024

Note: Annual percentage yields (APYs) shown were updated between May 6 and May 12. All other information is current as of May 13. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Popular Direct

Popular Direct_logo
Rating: 4 stars out of 5
4.0

Overview

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 120-year-old financial services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.
Invest Rate
4.30% – 5.30% APY
Loan
$10,000 minimum deposit
Calendar
3 months - 5 years

America First Credit Union

America First Credit Union_logo
Rating: 5 stars out of 5
5.0

Overview

America First Credit Union offers a wide range of CD terms between three and 60 months, and all earn rates that are highly competitive. Also offered are specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a manageable minimum opening deposit.
Invest Rate
4.20% – 5.25% APY
Loan
$500 minimum deposit
Calendar
3 months - 5 years

Vio Bank

Vio Bank_logo
Rating: 4.6 stars out of 5
4.6

Overview

Vio Bank offers traditional CDs with terms ranging from six months to 10 years, an extensive variety compared to some other banks. The minimum deposit for each account is relatively low at $500. CDs automatically renew once they mature following a ten day grace period. Yields are competitive for all CDs, but Vio’s highest APYs are for CDs with terms of three years or less.
Invest Rate
2.75% – 5.25% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

Marcus by Goldman Sachs

Marcus by Goldman Sachs_logo
Rating: 4.9 stars out of 5
4.9

Overview

Marcus by Goldman Sachs offers a competitive yield on its CDs. It offers a variety of CD terms and CD types. Its regular CD terms range from a six-month CD to a six-year CD.

In addition to its nine terms of regular CDs, it also offers three no-penalty CDs and a rate-bump CD.

All of these CDs have a $500 minimum deposit requirement.
Invest Rate
4.20% – 5.10% APY
Loan
$500 minimum deposit
Calendar
6 months - 2 years

Quontic Bank

Quontic Bank_logo
Rating: 3.8 stars out of 5
3.8

Overview

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive.
Invest Rate
4.30% – 5.05% APY
Loan
$500 minimum deposit
Calendar
6 months - 5 years

Barclays Bank

Barclays Bank_logo
Rating: 4.8 stars out of 5
4.8

Overview

Barclays is an online bank popular for its credit cards, but it also offers CDs and an online savings account. ​​Barclays offers nine terms of CDs ranging from three months to five years.
Invest Rate
3.50% – 5.00% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

Citizens Access

Citizens Access_logo
Rating: 4.2 stars out of 5
4.2

Overview

Citizens Access offers five terms of CDs that all require at least a $5,000 deposit. Citizens’ CD terms range from one-year to five-years.
Invest Rate
3.35% – 5.00% APY
Loan
$5,000 minimum deposit
Calendar
1 year - 5 years

Sallie Mae Bank

Sallie Mae Bank_logo
Rating: 4.4 stars out of 5
4.4

Overview

Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account, credit cards and private student loans. It offers a competitive yield on its deposit products.

Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Invest Rate
4.00% – 4.95% APY
Loan
$2,500 minimum deposit
Calendar
6 months - 5 years

Synchrony Bank

Synchrony Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

Synchrony Bank offers many regular CDs ranging from three months to five years. It also added a no-penalty CD and a bump-up CD earlier this year. Synchrony Bank also offers IRA CDs.
Invest Rate
0.25% – 4.90% APY
Loan
$0 minimum deposit
Calendar
3 months - 5 years

Capital One

Capital One_logo
Rating: 4.9 stars out of 5
4.9

Overview

Capital One offers CDs with terms as short as six months or as long as five years. These CDs have no minimum opening deposit. The bank offers competitive yields, and it doesn’t have a minimum balance requirement.
Invest Rate
3.90% – 4.80% APY
Loan
$0 minimum deposit
Calendar
6 months - 5 years

Bankrate's expertise

Bankrate’s trusted industry knowledge

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

48 years

of industry experience

3 k

deposits rates tracked

120

banks reviewed

Recent news on CD rates

At its last meeting on May 1, the Federal Reserve, once again, kept interest rates steady and projected delaying rate cuts in 2024 due to inflation. The Fed’s Federal Open Market Committee kept its key benchmark, the federal funds rate at a target range of 5.25 to 5.5 percent.

Although it’s generally a bad time to borrow money at these rates, and credit card rates are near an all-time high of 20.66 percent according to Bankrate data, it’s a great time to save as top savings yields haven’t been this high in more than a decade. Top CD yields peaked during this current rate cycle in the last quarter of 2023. But you can still get CDs with yields like we haven’t seen in more than a decade — outside of the current rate cycle. 

The Fed’s next scheduled announcement regarding interest rates is June 12.

CD yields have peaked. Whether your time horizon is measured in months or years, think about locking in current CD yields. — Greg McBride, CFA | Bankrate chief financial analyst

Where are CD rates headed in 2024?

CD rates are likely to maintain their current levels or slightly dip. 

Currently, shorter-term CDs – with terms of six months to 18 months – generally have higher yields than longer-term CDs. But those longer-term CD yields could be peaking soon, if they haven’t already. So locking one in now could be a good decision for long-term money that you want to keep safe in an FDIC-insured bank.

However, most CDs have significant early withdrawal penalties, so consider these when deciding on an account and term.

National average interest rates for CDs

The national average of CD interest rates suggests that shorter term CDs have higher yields than longer-term CDs. With the Fed having raised rates 11 times since March 2022, what goes up might eventually come down. So, getting a long-term CD now could make sense if the Fed lowers rates in the future.

Researching average interest rates provides insight into the CD rate environment and can help in finding a CD with a yield that's much higher than average.

Here are the current average rates as of May 13, 2024, according to Bankrate's most recent survey of institutions:

CD term CD national average APY
1 year 1.77%
2 year 1.52%
3 year 1.41%
4 year 1.49%
5 year 1.42%

Current promotional CD rates

Some banks have promotional CD rates.There might be certain restrictions on these CDs. For instance, you might have to bring money from outside the bank to be eligible for this APY. Promotional CDs may renew at a different term and at a different APY. (That APY is likely to not be known when you purchase a promotional CD.)

Even some of the largest banks might have some featured CD rates. 

Bank name CD product APY Available until*
U.S. Bank 7-month CD 4.55% APY N/A
Wells Fargo 7-month CD 4.75% APY N/A
Ally Bank 14-month CD 4.55% APY June 19, 2024
PenFed Credit Union 18-month CD 4.20% APY N/A

*It’s possible for these offers to end sooner.

These promotional CDs might not be available in certain areas. APYs for some products may vary by region. The CD may renew for a different term. The promotional offers are as of May 6, 2024.

Compare top CD rates today by term

When you open a CD, selecting a term is an important step. The term is the length of time that the money stays stashed in the account. For example, opening a CD with a one-year term means you’re making a commitment to the bank that you’ll keep your money in the account for one year.

Here’s where you’ll find some of the top yielding CDs by term.

Caret Down
Institution APY Min. deposit
Popular Direct 5.30% APY $10,000
America First Credit Union 5.25% APY $500
First Internet Bank of Indiana 4.14% APY $1,000

Note: Annual percentage yields (APYs) shown were updated between May 6, 2024 and May 12, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

How to choose the best CD for you

The top three things to look for when choosing a CD are:

Types of CDs

Banks and credit unions offer a wide range of CDs to fit different financial needs. Take some time to consider which type of CD is best for you.

Caret Down

Traditional CDs are the most common type of CD, and they earn a fixed APY for the entire term. These CDs usually don’t allow you to add more funds after your opening deposit, and they also tend to have strict early withdrawal penalties.

If you withdraw from a CD before it matures, the penalty is usually equal to the amount of interest earned during a certain period of time. For instance, a bank may impose a penalty of 90 days of simple interest on a one-year CD if you withdraw from that CD before the year is up. 

When this CD makes sense: Traditional CDs are a good choice if you know exactly when you’ll need the money and there’s no chance of needing it before the term is up. They’re often good for CD ladders or other CD investing strategies in which timing is important.

Who should get a CD?

A CD is useful when you want to earn a consistent, fixed yield on your lump sum of cash over the term of your savings account, especially if interest rates are declining. It also encourages you to be disciplined in leaving your money untouched as it earns interest because a CD is a time deposit account and imposes an early withdrawal penalty if you withdraw your funds before the CD matures.

A good time to open a CD is when you have a lump sum of money that you want to sock away for a specific period of time in the hopes of consistently growing interest. Also, it’s worth opening a CD when you know you have a specific timeframe in mind when you think you’ll need this money. A six-month CD, for example, could be a good place to put your money aside for an insurance premium that’s due in eight months.

Pros and cons of CDs

Before you choose a CD, weigh the pros and cons to ensure you're making the right investment choice for your financial situation.

Pros

  • Checkmark

    Some CDs earn a higher APY than money market accounts or savings accounts.

  • Checkmark

    CDs are a good place to store funds that you don’t want to be able to dip into too easily.

  • Checkmark

    CDs can help you separate money for financial goals or future expenses.

  • Checkmark

    Deposit insurance covers accounts at FDIC banks and NCUA credit unions up to at least $250,000.

  • Checkmark

    A CD can diversify your savings plan with a guaranteed rate.

  • Checkmark

    Your principal remains intact if you keep your money in a CD for the full term.

Cons

  • CDs tie up your money for a potentially long period of time.

  • Many CDs have early withdrawal penalties.

  • Money committed to a CD could end up earning a lackluster yield if rates rise substantially. The early withdrawal penalty may negate any benefit of switching to a higher-yielding CD, however.

  • You could potentially earn better rates of return in the stock market or by investing in other securities.

CD FAQs

Research methodology

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

The banks and credit unions on this page are selected based on popularity, Bankrate’s review score and CD APYs. The listings are ordered based on Bankrate’s scoring system, and ties are broken through minimum balance requirements and then alphabetical order.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.

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Daily CD rate trends

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