After holding on to its price tag for over a month, the national top-grossing CD has fallen off its market-leading price today. But the news isn’t all bad, as a new competitor has entered the void, offering the same higher price, albeit for a slightly shorter period. So the highest rate on any CD right now is 5.50% on a 19-month certificate from Hyperion Bank.
The overall CD price landscape saw another improvement today as well. Newtek Bank joined the leaderboard with its advanced issuance of 5.00% APY with a 3-month certificate. The highest annual return (APY) on these short-term CDs was 4.75% APY yesterday.
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- Both the 3-month and 18-month highs have been boosted by a quarter of a percentage point today.
- Four more CDs paying as little as 5.25% APY are available today.
- The 2-year and 3-year periods lost a bit of ground, with top interest rates dropping from 5.50% to 5.35% APY.
- The maximum you can earn in any period is 5.50% APY, but now for 19 months.
- Jumbo CD rates held their own, with a two-period high of 5.25%.
Credit Human, a nationwide credit union, has been offering 5.50% APY on certificates with terms ranging from 24 to 35 months since March 3. Today it lowered that rate to 5.35% APY. But that’s still enough to share a two-year lead with Langley Federal Credit Union, whose 5.35% APY rate is available for a 22-month certification. It’s also still the highest rate available in the 3-year CD class.
Meanwhile, Hyperion Bank stepped up, offering 5.50% APY on a special promotional 19-month certificate. Although it is implied that this is a limited-time offer, Hyperion did not disclose the expiration date. Currently, Hyperion has the highest distinction for the highest CD GPA nationally of any class.
Not all news is at the top of the sites. There was also an upward movement between the second and third ranks. There are now 14 certificates paying as little as 5.25% APY, whereas yesterday there were only 10. You can now also earn 5.00% APY or better each semester from 3 months to 3 years.
CD Jumbo rates marked the time today, with the highest rate remaining at 5.25% in the 6-month and 18-month periods. As is often the case, you can earn more with a standard CD in most terms.
Interest rate moves by the Fed in the coming months are very uncertain at the moment, but most market forecasters expect the Fed rate to go up only a little bit higher, possibly backing off before the end of 2023. For this reason, it might be wise to lock in an attractive CD rate Soon you can enjoy it for months or years to come, regardless of the Fed’s decisions.
| CD term | Yesterday’s national high | Today’s highest national price | Today change (percentage points) |
|---|---|---|---|
| 3 months | 4.75%APY | 5.00%APY | +0.25 |
| 6 months | 5.25%APY | 5.25%APY | No change |
| One year | 5.25%APY | 5.25%APY | No change |
| 18 months | 5.25%APY | 5.50%APY | +0.25 |
| Two years | 5.50%APY | 5.35%APY | – 0.15 |
| 3 years | 5.50%APY | 5.35%APY | – 0.15 |
| 4 years | 4.73%APY | 4.73%APY | No change |
| 5 years | 4.68%APY | 4.68%APY | No change |
| 10 years | 4.30%APY | 4.30%APY | No change |
| CD term | The highest rate of the National Bank today | Highest rate in the National Credit Union today | Today’s National Jumbo Highest Price |
|---|---|---|---|
| 3 months | 5.00%APY | 4.50%APY | 3.91%APY |
| 6 months | 5.25%APY | 5.25%APY | 5.25%APY |
| One year | 5.25%APY | 5.15%APY | 5.15%APY |
| 18 months | 5.50%APY | 5.25%APY | 5.25%APY |
| Two years | 5.28%APY | 5.35%APY | 5.04%APY |
| 3 years | 4.60%APY | 5.35%APY | 4.99% APY |
| 4 years | 4.55%APY | 4.73%APY | 4.89%APY |
| 5 years | 4.50%APY | 4.68%APY | 4.84%APY |
| 10 years | 4.10%APY | 4.30%APY | no one |
Are CD prices going up or down?
Certificate of Deposit rates increased in 2022 as a result of the Federal Reserve raising the federal funds rate to combat inflation. The Fed’s actions this year have pushed interest rates to levels not seen in years. The Fed has already raised the federal funds rate twice this year, both times by 0.25%. While these increases are still on the rise, they were lower than last year when inflation was higher than it is now.
Below you can see how CD rates have trended over the past few years. The points on the graph indicate the highest CD price offered for the quarter as of Monday of that week.
The next meeting of the Federal Reserve ends on May 3, and it seems likely that additional increases will be minimal. It is even possible that the Fed will start cutting the federal funds rate before the end of the year. If you decide to pause the price hike, we can see these lines on the chart either remain the same for some time, or start to fall.
Note that the “higher rates” listed here are the highest rates available nationwide that Investopedia has determined in its daily rate search on hundreds of banks and credit unions. This is very different from the national average, which includes all banks that offer a CD with that term, including many of the larger ones that pay minuscule interest. Thus, the national rates are always very low, while the higher rates that you can find out by shopping around are often five, 10 or even 15 times higher.
Disclosure of the price collection methodology
Every business day, Investopedia tracks pricing data for more than 200 banks and credit unions that offer CDs to customers across the country and determines daily ratings for the highest-paying certificates in each key term. To qualify for our listings, an organization must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial CD deposit must not exceed $25,000.
Banks must be available in at least 40 states. And although some credit unions require you to make a donation to a specific charity or association to become a member if you don’t meet other eligibility criteria (for example, you don’t live in a certain area or work in a certain type of job), we exclude credit unions whose donation requirements are $40 or more. For more information on how to choose the best rates, read our full methodology.
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