Rates are still pretty high, if you’re willing to commit.
While Certificates of Deposit (CDs) don’t usually get much press, today’s higher interest rate environment means they provide strong rates AND one of the safest ways to earn interest on your money. (The downside is you’ll tie up your money for a longer period to get the higher rates.)
Below we offer a list of the best CD rates as of May 1, 2024. We have evaluated individual banks to show those with both the best short-term and long-term rates, so you can choose based on how long you are willing to commit to a CD (bolded rate = highest for that CD length). As of now, BMO Alto is a strong choice:
BMO Alto: No minimum deposit required. Rates:
- 5-Year 4.50% APY
- 3-Year: 4.50% APY
- 2-Year: 4.65% APY
- 1-Year: 5.05% APY
- 6-Month: 5.15% APY
Marcus by Goldman Sachs: Minimum balance of $500. Rates:
- 5-Year: 4.00% APY
- 3-Year: 4.15% APY
- 2-Year: 4.20% APY
- 1-Year: 5.00% APY
- 6-Month: 5.10% APY
Everbank: Minimum deposit of $1000. Rates:
- 5-Year: 4.00% APY
- 3-Year: 4.20% APY
- 2-Year: 4.50% APY
- 1-Year: 4.85% APY
- 6-Month: 4.00% APY
Synchrony Bank: No minimum balance. Rates:
- 5-Year: 4.00% APY
- 3-Year: 4.15% APY
- 2-Year: 4.20% APY
- 1-Year: 4.80% APY
- 6-Month: 4.80% APY
Capital One: No minimum deposit required. Rates:
- 5-Year: 3.90% APY
- 3-Year: 4.00% APY
- 2-Year: 4.00% APY
- 1-Year: 4.80% APY
- 6-Month: 4.25% APY
Ally Bank: No minimum deposit required. Rates:
- 5-Year: 3.90% APY
- 3-Year: 4.00% APY
- 1-Year: 4.50% APY
- 6-Month: 4.40% APY
Barclays Bank: No minimum deposit required. Rates:
- 5-Year 3.75% APY
- 3-Year: 3.50% APY
- 2-Year: 4.00% APY
- 1-Year: 5.00% APY
- 6-Month: 5.00 APY
Discover Bank: Minimum deposit of $2500. Rates:
- 5-Year: 3.75% APY
- 3-Year: 3.75% APY
- 2-Year: 4.00% APY
- 1-Year: 4.70% APY
- 6-Month: 4.25% APY