CD Rates Today: May 10, 2024—Earn 4.75% And Up

May 10, 2024: Today’s Highest CD Rates: Earn Up To 5.40%

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May 10, 2024: Today’s Highest CD Rates: Earn Up To 5.40%

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Key Takeaways

Today’s highest CD rate is 5.40% for a 6-month CD.
CD rates from online banks are commonly twice as high as the national average rates.
CD ladders let you leverage high rates without locking up all of your money long-term.

Currently, the best interest rates on CDs (certificates of deposit) are as high as 5.40%. Rates vary by term and often fluctuate. Below, you’ll find a summary of how CD rates are leaning—plus a guide to the best rates across CDs of various lengths.

Related: Compare the Best CD Rates

Highest CD Rates Today

CD Rates Today
Term	Highest APY	Average APY
3 Months	5.39%	1.26%
6 Months	5.40%	1.79%
1-Year CD (12 M)	5.37%	1.95%
2-Year CD (24 M)	5.00%	1.71%
3-Year CD (36 M)	4.75%	1.62%
5-Year CD (60 M)	4.60%	1.61%
Jumbo CD	5.40%	1.70%

Source: Curinos. Rates are based on a $25,000 minimum deposit. Data accurate as of May 9, 2024

A CD is a savings account with a fixed interest rate and a maturity period, which is what makes them time deposit accounts. When you open a CD, you agree to lock up your deposit without touching it until the CD’s term is up, whether that’s in six months or five years. Your patience is rewarded with interest that’s usually better than what you’d earn from a regular savings account.

Withdraw money from a CD before “maturity”—when it reaches the end of its term—and you can be slapped with stiff penalties. For example, you can lose up to six months’ worth of interest if you make an early withdrawal from a one-year CD.

The longer the term, the harsher the early withdrawal penalty. It’s not unusual to lose one full year’s worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment.

Today’s 3-Month CD Rates

For short-term savings goals, three-month CDs might make sense. The current average rate on a three-month CD sits at 1.26%, but the highest rate is 5.39%. Last week, three-month CDs were earning 1.26% on average.

Today’s 6-Month CD Rates

If you’d like a CD with a shorter term than one year, today’s best rate on a six-month CD is 5.40%. That compares with 5.40% a week ago. The current average APY for a six-month CD is 1.79%, up from 1.78% last week at this time.

APY provides a more accurate portrait of the annual interest you’ll earn with a CD because it factors in compound interest. That’s the interest you earn not only on your deposit (or principal) but also on the interest in the account.

Today’s 1-Year CD Rates

The highest interest rate currently being offered on a one-year CD—one of the most popular CD terms—is 5.37%. If you find a 12-month CD with a rate in that vicinity, you’ve found a good deal. One week ago, the best rate was the same.

The average APY, or annual percentage yield, on a one-year CD is now 1.95%, the same as a week ago.

Today’s 2-Year CD Rates

If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 5.00%. The top rate last week at this time was 5.03%. Two-year CDs now have an average APY of 1.71%, an increase from 1.70% last week.

Today’s 3-Year CD Rates

CDs with longer terms often have some of the most attractive interest rates and APYs—if you’re willing to keep your money locked away for years.

Today’s highest rate on a three-year CD is 4.75%, so you’ll want to shop around for that rate or something near it. Last week at this time, the best rate on a three-year CD was 4.85%.

Today’s 5-Year CD Rates

On a five-year CD, the highest rate today is 4.60%, the same as one week ago. APYs are averaging 1.61%, the same as this time last week.

Today’s Jumbo CD Rates

The best rate on today’s jumbo CDs is 5.40% for a 6-month term. The average APY for this category of CD is currently 1.70%, compared to 1.70% last week.

Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there’s no universally agreed-upon definition regarding what qualifies as a “jumbo” CD. Some banks and credit unions slap the label “jumbo” on CDs you can open with $50,000, $25,000 or even less.

Other Top CD Rates By Term

How To Open a CD

CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts. And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They’re one of the safest places to put your money.

Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected.

The FDIC provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the NCUA insures your money up to the same limit.

Traditional brick-and-mortar banks have far greater operating expenses than banks that only exist online. That’s why online banks are usually able to offer more attractive APYs on CDs—they have lower overhead costs, so they can afford to pay higher interest rates to customers.

Best CD Rates Offered by Banks in May 2024

CD rates are rarely the exact same between any two banks, so you should comparison shop when looking for a new account. You may decide to stick with your current bank because it’s convenient or join a new bank to take advantage of higher rates. To find the right CD, look at the specific term you’re interested in with a few different banks.

Traditional, brick-and-mortar banks tend to offer lower CD rates, in general, than online banks without any branches. For example, Chase Bank CD rates currently range from while Discover Bank CD Rates currently range from 2.00% to 4.70%, Bank of America CD Rates currently range from 0.03% to 4.00% and Marcus By Goldman Sachs CD Rates currently range from 3.90% to 5.10%.

Other top CD rates by banks include:

Methodology

Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation.