Top CD Rates Today, June 6, 2023


With just eight days to go until the next Federal Reserve rate decision, the top-paying banks and credit unions are holding CD rates steady at their elevated levels. The highest rate available on a nationwide CD of any duration continues to be 5.65% APY, offered for a 9-month term.

With today’s addition of a new 6-month option paying 5.25% APY, you now have a full two dozen opportunities in our daily rankings of the best nationwide CDs to earn that annual percentage yield (APY) or better, with terms ranging from 5 to 22 months.

With CDs paying their highest rates in more than 15 years, it’s a good time to consider longer-term options as well, which will guarantee your rate far into the future. The longest-duration options right now that return at least 5.00% are a 3-year CD offering 5.13% APY or a jumbo 4-year certificate paying 5.12% APY.

Key Takeaways

  • The most you can earn on any nationally available CD remains 5.65% APY, offered for 9 months.
  • Our rankings now list 24 CDs paying at least 5.25% APY, up from 23 yesterday.
  • The longest-term CDs offering 5.00% or more are a 3-year certificate paying 5.13% APY or a 4-year jumbo CD paying 5.12% APY.
  • The Federal Reserve meets next week, and it’s widely expected it will announce a pause in increases to the federal funds rate. That would likely cause CD rates to plateau or possibly even edge lower, making now a potentially good time to lock in a record rate.
CD Terms Yesterday’s Top National Rate Today’s Top National Rate Day’s Change (percentage points)
3 months 5.15% APY 5.15% APY No change
6 months 5.65% APY 5.65% APY No change
1 year 5.30% APY 5.30% APY No change
18 months 5.45% APY 5.45% APY No change
2 years 5.25% APY 5.25% APY No change
3 years 5.13% APY 5.13% APY No change
4 years 4.85% APY 4.85% APY No change
5 years 4.77% APY 4.77% APY No change
To view the top 15–20 nationwide rates in any term, click on the desired term length in the left column above.
To view our lists of the top-paying CDs across terms for bank, credit union, and jumbo certificates, click on the column headers above.

Despite the suggestion that a larger deposit entitles you to a higher return, that’s not always the case for jumbo certificate rates, which often pay less than standard CDs. Today’s best jumbo offers, which typically require a deposit of $100,000 or more, do beat the best standard rates in five CD terms, but you can do better with standard CDs in the other three terms. So remember to shop every CD type before making a final choice.

Where Are CD Rates Headed This Year?

CD rates are very directly linked to the federal funds rate, with each Fed move generally driving CD rates in the same direction. But while today’s CD rates are already at their highest levels since 2007, whether they’ve peaked or will climb higher depends on what the Federal Reserve decides to do during its next meeting, which will conclude on June 14.

Over the past 15 months, the Fed has been on a campaign to combat decades-high inflation with aggressive increases totaling 4.25% in 2022, and three 2023 increases to-date totaling another 0.75%. That ascent has been a boon for CD shoppers, as well as those stashing cash in high-yield savings or money market accounts.

Fed May Pause Rate Hikes

With the next Fed meeting now just over a week away, market watchers are closely looking at the most recent financial and economic news, as well as comments from Federal Reserve Board members. In the past couple of weeks, several Fed officials have signaled the central bank may pause rate increases for the time being.

Last week, Fed Governor Philip Jefferson (who is also the nominee for Fed vice chair) and Philadelphia Fed President Patrick Harker both indicated that they think the central bank will skip a rate hike at the June meeting.

Then Friday, fresh jobs data showed that an unexpectedly high number of jobs were added in May—which could increase inflationary pressure—but the unemployment rate increased and wage growth slowed.

All of this information has federal funds futures traders currently betting almost 4-to-1 in favor of a June rate pause, with only about 20% thinking rates could still go higher. But putting on the brakes could be temporary, with the majority currently predicting a higher fed funds rate after the July meeting.

Whatever the Fed announces next week or in July, CD rates are expected to follow suit, plateauing if the Fed holds or rising further if the Fed implements another increase. But since CD rates are already at their highest levels since 2007, locking in a top-paying certificate now would still secure an excellent rate for months or years to come.

Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often five, 10, or even 15 times higher.

Rate Collection Methodology Disclosure

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.