Best CD Rates For June 2024 - Up to 5.40% | Bankrate (2024)

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (1)Written by

Matthew Goldberg

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (2)Edited by

Marc Wojno

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (3)Reviewed by

Greg McBride, CFA

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (4)Edited by

Marc Wojno

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (5)Reviewed by

Greg McBride, CFA

Updated June 17, 2024

Editorial note: While our partners compensate us from links on this page, we maintaineditorial integrity, and partners don't influence our product evaluations.Here'show we make moneyand here is ouradvertiser disclosure.

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 1.79 percent for a one-year CD.

Bankrate provides you with timely news and rate information on top yielding CDs for some of the most popular, and largest, FDIC-insured banks and NCUA-insured credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.

Before opening a certificate of deposit, be sure to read expert advice and tips below to ensure a financially safe decision. Here are Bankrate's top picks for banks with the best CD rates.

  • Popular Direct — 3 months - 5 years, 4.25% – 5.35% APY, $10,000 minimum deposit
  • America First Credit Union — 3 months - 5 years, 4.20% – 5.25% APY, $500 minimum deposit
  • Vio Bank — 6 months - 5 years, 2.75% – 5.25% APY, $500 minimum deposit
  • Sallie Mae Bank — 6 months - 5 years, 4.00% – 5.15% APY, $2,500 minimum deposit
  • Synchrony Bank — 3 months - 5 years, 0.25% – 5.10% APY, no minimum deposit
  • Marcus by Goldman Sachs — 6 months - 5 years, 4.00% – 5.10% APY, $500 minimum deposit
  • Quontic Bank — 6 months - 5 years, 4.30% – 5.05% APY, $500 minimum deposit
  • Capital One — 6 months - 5 years, 3.90% – 5.00% APY, no minimum deposit
  • Barclays Bank — 6 months - 5 years, 3.50% – 5.00% APY, no minimum deposit
  • Citizens Access — 1 year - 5 years, 3.35% – 5.00% APY, $5,000 minimum deposit

Note: Annual percentage yields (APYs) shown were updated between June 12 and June 18. All other information is current as of June 17. 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.

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Table of contents

  • Best CD rates from top banks
  • Recent news on CD rates
  • Current promotional CD rates
  • Compare top CD rates today by term
  • How to choose the best CD for you
  • Who should get a CD?
  • Pros and cons of CDs
  • Alternatives to CDs
  • CD FAQs
  • Research methodology

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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.

Certificate of Deposit (CD)

CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.

Checking account

Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.

Savings / Money Market Accounts (MMA)

Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.

Current 1 year CD trends

Bankrate Partner average

4.81% APY

National average

1.79% APY

The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 6/19/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.

On This Page

Best CD rates from top banks for June 2024

Note: Annual percentage yields (APYs) shown were updated between June 12 and June 18. All other information is current as of June 17. 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 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.

Read Bankrate's Expert Popular Direct Review

4.25% – 5.35% APY

$10,000 minimum deposit

3 months - 5 years

America First Credit Union

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (7)

Rating: 5 stars out of 5



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.

Read Bankrate's Expert America First Credit Union Review

4.20% – 5.25% APY

$500 minimum deposit

3 months - 5 years

Vio Bank

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (8)

Rating: 4.6 stars out of 5



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.

Read Bankrate's Expert Vio Bank Review

2.75% – 5.25% APY

$500 minimum deposit

6 months - 5 years

Sallie Mae Bank

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (9)

Rating: 4.4 stars out of 5



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.

Read Bankrate's Expert Sallie Mae Bank Review

4.00% – 5.15% APY

$2,500 minimum deposit

6 months - 5 years

Synchrony Bank

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (10)

Rating: 4.9 stars out of 5



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.

Read Bankrate's Expert Synchrony Bank Review

0.25% – 5.10% APY

$0 minimum deposit

3 months - 5 years

Marcus by Goldman Sachs

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (11)

Rating: 4.9 stars out of 5



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.

Read Bankrate's Expert Marcus by Goldman Sachs Review

4.00% – 5.10% APY

$500 minimum deposit

6 months - 5 years

Quontic Bank

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (12)

Rating: 3.8 stars out of 5



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.

Read Bankrate's Expert Quontic Bank Review

4.30% – 5.05% APY

$500 minimum deposit

6 months - 5 years

Capital One

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (13)

Rating: 4.9 stars out of 5



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.

Read Bankrate's Expert Capital One Review

3.90% – 5.00% APY

$0 minimum deposit

6 months - 5 years

Barclays Bank

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (14)

Rating: 4.8 stars out of 5



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.

Read Bankrate's Expert Barclays Bank Review

3.50% – 5.00% APY

$0 minimum deposit

6 months - 5 years

Citizens Access

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (15)

Rating: 4.2 stars out of 5



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.

Read Bankrate's Expert Citizens Access Review

3.35% – 5.00% APY

$5,000 minimum deposit

1 year - 5 years

Bankrate's expertise

Bankrate’s trusted industry knowledge

Read our full methodology

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.


of industry experience


deposits rates tracked


banks reviewed

Recent news on CD rates

At its last meeting on June 12, the Federal Reserve, once again, didn’t change interest rates but is projecting only one rate cut this year. 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 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 at the end of 2023, but you can still open a CD with a competitive APY.

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 June 19, 2024, according to Bankrate's most recent survey of institutions:

CD termCD national average APY
1 year1.79%
2 year1.53%
3 year1.42%
4 year1.48%
5 year1.43%

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 nameCD productAPYAvailable until*
Wells Fargo7-month CD4.75% APYN/A
U.S. Bank7-month CD4.75% APYN/A
Ally Bank14-month CD4.55% APYJune 19, 2024
PenFed Credit Union18-month CD4.00% APYN/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 June 7, 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.

InstitutionAPYMin. deposit
America First Credit Union 5.25% APY $500
Popular Direct 5.25% APY $10,000
First Internet Bank of Indiana 4.14% APY $1,000
InstitutionAPYMin. deposit
Bask Bank 5.35% APY $1,000
Popular Direct 5.35% APY $10,000
America First Credit Union 5.25% APY $500
InstitutionAPYMin. deposit
CIBC Bank USA 5.36% APY $1,000
Bask Bank 5.30% APY $1,000
Popular Direct 5.30% APY $10,000
InstitutionAPYMin. deposit
First Internet Bank of Indiana 4.61% APY $1,000
Popular Direct 4.50% APY $10,000
Quontic Bank 4.40% APY $500
InstitutionAPYMin. deposit
First Internet Bank of Indiana 4.50% APY $1,000
SchoolsFirst Federal Credit Union 4.35% APY $500
Quontic Bank 4.30% APY $500

Note: Annual percentage yields (APYs) shown were updated between June 12, 2024 and June 18, 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:

Learn more:What is a CD?

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.

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.

Most CDs charge you a penalty for accessing the funds before the term is up. However, some banks offer no-penalty CDs — also known as liquid CDs — which allow you to withdraw the money early without being charged a penalty.

A bank may require that you wait at least some time after opening a no-penalty CD — generally around six or seven days — before you’re able to withdraw from the CD, and some banks don’t allow for partial withdrawals. No-penalty CD rates tend to be lower than regular CD rates, but they can be better than some high-yield savings account or money market account rates.

When this CD makes sense: Consider a no-penalty CD if you don’t plan to withdraw the money before the CD matures, but you want to keep some flexibility in case you need access to the funds. As a result, you’re willing to give up a little return for added liquidity.

Bump-up CDs enable you to request an increase in your rate during the CD term under certain conditions. Banks that offer this CD usually allow just one bump-up per term. For example, you may open a three-year CD at a given rate, and the bank offers an additional half-point rate increase when you’re one year into the term. With a bump-up CD, you can request a rate increase for the remainder of the term. Like no-penalty CDs, bump-up CDs often pay lower rates than traditional CDs.

When this CD makes sense: A bump-up CD could be a good option if rates are expected to rise significantly during the term of the CD. Otherwise, you’re likely accepting a lower rate for limited potential upside.

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.

Learn more:How to build a CD ladder

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.


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

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

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

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

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

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


  • 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.

Alternatives to CDs

Traditional savings accountThis account typically earns a low yield that’s usually at or below the national average.Caret RightHigh-yield savings accountThis account tends to earn a yield currently of about seven times higher than the national average. At online-only banks, these accounts often won’t have monthly service fees or minimum balance requirements.Caret RightMoney market accountThis is an interest-bearing account available at both banks and credit unions which is similar to a savings account, but also offers some checking account features.Caret RightShort-term bond fundsThese funds, be they exchange-traded funds (ETFs) or mutual funds, typically invest in government and corporate bonds. Short-term bond funds typically have durations of one to three and a half years, according to Fidelity.Caret Right


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.

Learn more

Get Started

Calculate your CD earnings

Estimate how much money you will earn with a fixed APY when your CD matures.


Pros and cons of CD investing

Weigh the benefits and drawbacks of CD accounts to determine if this savings strategy is right for you.

In the news

Daily CD rate trends

Stay informed about today's highest CD yields and what banks and credit unions offer them.

Best CD Rates For June 2024 - Up to 5.40% | Bankrate (2024)


How high will CD rates go in 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYTerm length
Morgan Stanley5.05%2 years
Bask Bank5.00%18 months
LendingClub Bank5.00%18 months
Newtek Bank5.00%18 months
31 more rows

Who is offering the highest CD rates right now? ›

The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%). You can see the full list of the highest-paying CDs here.

Where can I get 7% interest on my money? ›

Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

What is the best CD rate for $100,000? ›

Best Jumbo CD Rates for June 2024
CD Bank5.20% APY$100,000
Luana Savings Bank4.42% APY$100,000
All In Credit Union4.13% APY$100,000
Best non-Jumbo option: TotalDirectBank5.51% APY$25,000
46 more rows

Should I lock in a CD now or wait? ›

CD rates are at a 3-year high—but waiting longer to buy could be a gamble. CD rates have risen steadily over the past 12 months alongside the Fed's rate increases. Interest rates on certificates of deposits (CDs) have been increasing substantially since 2022—in lock-step with the Fed's rate hikes.

Who has 5.25 CD rates? ›

Marcus by Goldman Sachs

If you're more comfortable banking with a big name, its six-month CD is for you. It offers a nice 5.25% APY with a $500 minimum deposit.

Where can I get 5% interest? ›

Summary of the Best 5% Interest Savings Accounts of 2024
AccountForbes Advisor RatingAnnual Percentage Yield
M1 High-Yield Savings Account4.35.00%
Bask Interest Savings Account4.25.10%
UFB Secure Savings4.1Up to 5.25%
Salem Five Direct eOne Savings4.05.01%
1 more row
3 days ago

Can you get 7% on a CD? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)1-year FD rate (% p.a.)
Utkarsh Small Finance Bank8.508.00
Ujjivan Small Finance Bank8.508.25
ESAF Small Finance Bank8.256.00
SBM Bank8.257.10
16 more rows

Are higher CD rates coming? ›

This will likely continue until inflation cools, at which point experts anticipate rate cuts. National average CD rates are higher than in years past. The average 12-month CD earns 1.86% as of June 2024, according to FDIC data.

How to earn 5 percent interest? ›

The best high-yield savings accounts pay up to 5.50% APY and allow you to withdraw anytime you want. Money market accounts give you the ability to write checks and pay a top rate of 5.35% APY. CDs let you lock in a rate that's guaranteed until the CD matures, with options to earn 5% or better for as long as 3 years.

Where to put $10,000 for best interest? ›

A stocks and shares ISA is likely to be most suitable. That is unless you will turn 55 within 30 years, in which case a pension might be a better tax wrapper for you. If you're unsure about the time horizon, you could invest in both a pension and a stocks and shares ISA.

Where can I get 10% interest? ›

Investments That Can Potentially Return 10% or More
  • Growth Stocks. Growth stocks represent companies expected to grow at an above-average rate compared to other companies. ...
  • Real Estate. ...
  • Junk Bonds. ...
  • Index Funds and ETFs. ...
  • Options Trading. ...
  • Private Credit.
Jun 12, 2024

What is the predicted interest rate for 2024? ›

Inflation and Fed hikes have pushed mortgage rates up to a 20-year high. 30-year mortgage rates are currently expected to fall to between 6.5% and 7% in 2024. Homebuyers might consider buying now and refinancing later to avoid increased competition when rates drop.

What will CD rates be in 2025 in the USA? ›

Similarly, the Fed's interest rate cuts are not expected to be overly drastic, but rather, gradual. What this means is that come this time next year, you may not be able to sign a 1-year CD at 5% (or slightly more) like you can today. But it's possible that you'll be able to lock in a 1-year CD at 4.5%, or 4.25%.

What is the interest rate forecast for the next 5 years? ›

The median projection for the benchmark federal funds rate is 5.1% by the end of 2024, implying just over one quarter-point cut. Through 2025, the FOMC now expects five total cuts, down from six in March, which would leave the federal funds rate at 4.1% by the end of next year.

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