What is today’s CD interest rate?

If you want to maximize your money, Certificate of Deposit (CD) Today has a lot to offer for savers.

As the Federal Reserve raised the range of its target federal funds rate through early 2022, several bank CDs did the same. Although just a few years ago, CDs and other savings accounts offered near-zero interest, these accounts can help you today. Increase your balance By hundreds of dollars over the term.

Start your journey by comparing CD rates available now to see how much more you can earn.

What is today’s CD interest rate?

depends on you CD type, terms and other details, there is a varying range of CD rates that you may qualify for today. The following CD rates are current national averages for fixed tenures up to June 5, 2023, Bankrate.

• 1 Year CD Yield: 1.71% APY
• 5 Year CD Yield: 1.22% APY

However, these averages look very different from the actual rates you can find Top CDs today A wide range of posts. Here are some of the best CD rates by maturity today:

6 months CD

• Basque Bank: 5.10% APY
• Popular Direct: 5.10% APY
• Synchrony Bank: 5.00% APY

1-year CD

• Popular Direct: 5.22% APY
• Bread Financial: 5.20% APY
• Basque Bank: 5.00% APY

5 year CD

• Popular Direct: 4.50% APY
• Ally Bank: 4.25% APY
• Bread Savings: 4.25% APY

Want to score the best CD rate for your savings goals? Compare today’s top rates here and start making more money!

How to get a good CD rate

Use these tips to score the best CD rates today.

Check out Online Bank

There is a big difference between the national average savings rate and the top yield available today. This is at least partly because there is a big difference between the rates that different types of banks offer.

Online Bank And the online divisions of larger banks have lower overhead costs to run their day-to-day operations, since there are no physical bank branches. For the most part, these are the banks whose rates have kept pace with the Fed’s changes over the past few months. Today, you can probably find out CDs with competitive rates From Online Bank.

In contrast, large banks with branches across the country — where you can keep your checking account for convenience and easy access to branches and ATMs — often have fewer CDs and savings rate. Many of these banks may have below average CDs and even close to zero.

Consider short-term lengths

Unlike some times in the past, Short term CDs The best way to get a top CD rate today. CD terms can range from about one to three months to 10 years.

But right now, the overall economic environment has made it so Short term CDs (About six months to a year) Interest rates are higher than for longer terms. Bankrate data actually specifies that one-year CD yields have consistently exceeded five-year yields since October 2022.

are called events Inverted yield curve. “This means rates are highest for short-term CDs and Treasuries and actually decrease as you get further out in time,” says Donald F. Dempsey, CFP, founder of Dempsey Investment Management

To take advantage of those higher rates while saving long-term, “a practical approach might be to ladder your CDs,” Dempsey says. “Some buy one year, some two years, some three years, etc.”

See all the best short-term rates you can qualify for here.

Bottom line

CD rates — and savings rates in general — are They are higher today than in years. You can take advantage now by locking in a great rate with flexible terms that can help you reach your savings goals faster. Make sure you compare different banking options and the tenure length that works for you. Start maximizing your balance today with the best CD rates available.