Best Bank CD Rates for June 2024 (2024)

The best CD rate across all terms from a bank is 5.51% APY, offered by TotalDirectBank for 3-month and 6-month terms with a $25,000 minimum deposit. To find you the best bank CD rates nationwide, we review CD rates from hundreds of banks every weekday. The top CD rates in our rankings typically pay three to five times as much as the national average—or even more. Below are the top CD rates from banks available from our partners, followed by the best CD rates from banks that we've found from our research that are available to U.S. customers everywhere.

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In the News

The Fedheld rates steady for a seventh consecutive timeat its June 12meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow thefed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall.

The 6 Best Online Banks for June 2024

But be aware that credit unions are also an excellent source of high-paying certificates of deposit. In fact, the top nationwide credit union CDs often outpay those from nationwide banks. The trade-off is that joining a credit union often involves paying a small membership fee or making a small donation to a nonprofit affiliated with the credit union.

Bank CDs can be a little simpler to open since banks don't require membership. The following list highlights the best-paying bank CDs that anyone nationwide can easily open—no extra hoops required. To be eligible for our rankings, the banks must be FDIC-insured and must offer CDs with a minimum initial deposit of $25,000 or less. In cases where more than one institution offers the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum opening deposit, and if there's still a tie, we sort alphabetically by institution name.

BEST NATIONAL BANK CDs
Ranked by highest APY, then shortest term, then lowest minimum
Best 3-Month Bank CDsRateTermMinimum
TotalDirectBank5.51% APY3 months$25,000
Merrick Bank5.40% APY3 months$25,000
Bask Bank5.35% APY3 months$1,000
Best 6-Month Bank CDsRateTermMinimum
TotalDirectBank5.51% APY6 months$25,000
My Banking Direct5.50% APY5 months$2,500
DR Bank5.50% APY6 months$500
Best 1-Year Bank CDsRateTermMinimum
NexBank5.40% APY12 months$25,000
CIBC Agility5.36% APY12 months$1,000
TotalDirectBank5.35% APY12 months$25,000
Best 18-Month Bank CDsRateTermMinimum
DR Bank5.25% APY15 months$500
MYSB Direct5.10% APY18 months$500
Northern Bank Direct5.00% APY15 months$500
Best 2-Year Bank CDsRateTermMinimum
West Town Bank & Trust5.00% APY24 months$10,000
ableBanking4.95% APY24 months$5,000
Crescent Bank4.90% APY24 months$1,000
Best 3-Year Bank CDsRateTermMinimum
DollarSavingsDirect5.00% APY36 months$1,000
Luana Savings Bank4.70% APY30 months$2,000
MYSB Direct4.70% APY36 months$500
Best 4-Year Bank CDsRateTermMinimum
BMO Alto4.70% APY48 monthsAny amount
Seattle Bank4.55% APY48 months$1,000
First National Bank of America4.50% APY48 months$1,000
Best 5-Year Bank CDsRateTermMinimum
BMO Alto4.80% APY60 monthsAny amount
Seattle Bank4.50% APY60 months$1,000
First Internet Bank4.50% APY60 months$1,000

Detailed information on the top nationally available bank CD in each term is provided below, including specifics about minimum deposits and early withdrawal penalties.

If you want to explore more options—including credit union CDs—we also publish a complete list of the best nationwide CD rates, as well as stand-alone pages for the best 3-month, 6-month, 1-year, 18-month, 2-year, 3-year, 4-year, 5-year, and 10-year CD rates. For anyone looking to put $100,000 or more into a CD, you may find even better rates in our roundup of the best jumbo CD rates.

Best 3-month bank CD: TotalDirectBank – 5.51% APY

  • Early-withdrawal penalty: 1 month of interest
  • Overview: TotalDirectBank is an online-only operation of City National Bank of Florida, established in Miami in 1946.

Best 6-month bank CD: TotalDirectBank – 5.51% APY

  • Early-withdrawal penalty: 1 month of interest
  • Overview: TotalDirectBank is an online-only operation of City National Bank of Florida, established in Miami in 1946.

Best 1-year bank CD: NexBank – 5.40% APY

  • Early withdrawal penalty: 6 months of interest
  • About: Chartered in 1922, NexBank operates three branches in Dallas and serves customers nationwide with online banking.

Best 18-month bank CD: DR Bank – 5.25% APY

  • Early withdrawal penalty:6 months of interest
  • Overview: DR Bank was founded in 2006 in Connecticut, where it still operates two branches. Accounts are available nationally through digital banking.

Best 2-year bank CD: West Town Bank & Trust – 5.00% APY

  • Early withdrawal penalty:3 months of interest
  • Overview: Founded in 1922 and based in North Riverside, Illinois, West Town Bank & Trust also operates out of Raleigh, North Carolina. West Town Bank & Trust does not offer online account opening, but CD accounts are available nationwide and can be opened by phone.

Best 3-year bank CD: DollarSavingsDirect – 5.00% APY

  • Early withdrawal penalty: 6 months of interest
  • About: DollarSavingsDirect is FDIC-insured as an online division of Emigrant Bank, which dates back to 1850. Emigrant Bank is headquartered in New York.

Best 4-year bank CD: BMO Alto – 4.70% APY

  • Early withdrawal penalty:6 months of interest
  • Overview: BMO Alto is an online-only division of BMO, which is a U.S. subsidiary of Bank of Montreal. In addition to CDs, it offers an online savings account. It was founded in 1817 in Montreal, Canada. BMO Alto currently operates out of Chicago, Illinois.

Best 5-year bank CD: BMO Alto – 4.80% APY

  • Early withdrawal penalty:6 months of interest
  • Overview: BMO Alto is an online-only division of BMO, which is a U.S. subsidiary of Bank of Montreal. In addition to CDs, it offers an online savings account. It was founded in 1817 in Montreal, Canada. BMO Alto currently operates out of Chicago, Illinois.

Fast Fact

When asked in late April what they would invest in if they had an extra $10,000,12% of Investopedia readerssaid they would open a CD. Back in December and January, 11% and 9% of readers (respectively) said they’d invest extra funds in CDs, with that share dipping even further to 8% in March. While CDs sit below individual stocks as the top response (at 19%), CDs are always a good option for those looking for safer investments.

Pros and Cons of Bank CDs

Pros

  • Often pay higher APYs than liquid accounts

  • Offer a fixed, guaranteed rate

  • Are virtually risk-free

  • Can help deter spending

Cons

  • Incur a penalty for early withdrawal

  • If rates rise, you may regret being locked into your APY

  • Typically return less than other investments

  • Only allow one deposit

Pros Explained

  • Often pay higher APYs than liquid accounts: In exchange for you keeping your money on deposit for a specified period of time, banks generally pay higher annual percentage yields (APYs) on CDs than on savings and money market accounts.
  • Offer a fixed, guaranteed rate: The annual percentage yield (APY) that you sign up for when opening the CD will be fixed for the full term. The bank cannot alter it.
  • Are virtually risk-free: By opening a CD at an FDIC-insured bank, you are federally protected on up to $250,000 of your deposits, in the unlikely case that the bank fails.
  • Can help deter spending: Funds committed to a CD cannot be withdrawn early without a penalty, making CDs a good vehicle for keeping, rather than spending, your savings.

Cons Explained

  • Incur a penalty for early withdrawal: If you need to withdraw your money before the CD's maturity date, the bank will impose an early withdrawal penalty that will reduce your earnings.
  • If rates rise, you may regret being locked into your APY: If the interest rate environment improves after you buy a CD, you may wish you had committed later, when you could have earned a higher rate.
  • Typically return less than other investments: The earnings on CDs are modest compared to what you can potentially earn by investing in the stock market, though stock investments are much riskier and not guaranteed to provide a return during your time horizon.
  • Only allow one deposit: Unlike a savings account where you can continue to make deposits whenever you like, CDs allow just a single investment at the time when you open the account.

Compare the Best Bank CDs

Ranked below are the top 15 or more APYs on nationally available CDs from banks with minimum deposits of no more than $25,000. In the case of ties, we rank them first by the shortest available term, then by the lowest minimum deposit, and finally by the smallest early withdrawal penalty.

InstitutionRate (APY)TermMinimum DepositEarly Withdrawal Penalty
TotalDirectBank5.51%3 months & 6 months$25,0001 month of interest
My Banking Direct5.50%5 months$2,5001 month of interest
DR Bank5.50%6 months$5006 months of interest
Merrick Bank5.40%3 months & 6 months$25,0003 months of interest
NexBank5.40%12 months$25,0006 months of interest
CIBC Agility5.36%12 months$1,0001 month of interest
CIBC Agility5.36%13 months$1,0001 month of interest
Bask Bank5.35%3 months & 6 months$1,0003 months of interest
Newtek Bank5.35%6 months$2,5003 months of interest
Popular Direct5.35%6 months$10,0004 months of interest
DR Bank5.35%9 months$5006 months of interest
NexBank5.35%12 months$10,0006 months of interest
TotalDirectBank5.35%12 months$25,0003 months of interest
Climate First Bank5.34%6 months$500None
CFG Bank5.31%12 months$5006 months of interest
Popular Direct5.30%3 months$10,0003 months of interest
Prime Alliance Bank5.30%6 months & 12 months$5001 month of interest
ableBanking5.30%6 months$5,0003 months of interest
Beal Bank5.30%6 months$25,000The greater of 1% of the amount withdrawn or 50% of the interest that would have been earned on the amount withdrawn
Forbright Bank5.30%9 months$1,0003 months of interest
Northpointe Bank5.30%11 months$25,0003 months of interest
Bask Bank5.30%12 months$1,0003 months of interest
Colorado Federal Savings Bank5.30%12 months$5,0003 months of interest
My eBanc5.30%12 months$5,0003 months of interest
West Town Bank & Trust5.30%13 months$10,0003 months of interest

Alternatives to Bank CDs

High-Yield Savings and Money Market Accounts

Stashing your cash in a savings or money market account offers much more flexibility than a CD, letting you add and withdraw funds as you like. The trade-off is that interest rates on liquid accounts can change at any time. So if rates are declining, the annual percentage yield on your high-yield savings or money market account will almost certainly go down, while any rate on a CD will hold.

Also, liquid accounts don't always offer as high of a return as CDs. So committing your funds to a CD can usually boost your earnings by a substantial margin.

Treasuries

Another possible investment for your cash is a bond offered by the U.S. Treasury. Treasury notes are very similar to CDs in that the rate is typically predictable if you hold the bond until maturity. They are also backed by the federal government, so like CDs, they are exceptionally safe.

U.S. Treasury I bonds are another option. But their fixed rate is only known for six months at a time, with the rate being adjusted twice a year based on the current inflation rate (hence the name I bonds). Like CDs, I bonds have an early withdrawal penalty, but it's a relatively mild three months' worth of interest. But unlike a CD, you cannot for any reason cash in an I bond during its first 12 months.

Bonds & Bond Funds

Diversified bond funds are another idea, as they can potentially return quite a bit more than a fixed-rate CD. Of course, there's always a risk that bond returns could be negative from one year to the next, so the longer your time horizon, the less risky an investment in bonds would be. If you're considering a relatively short CD term, like 1 to 2 years, or even less, then bonds represent a much riskier option than a CD, with no guarantee of delivering a return.

Equities

If your time horizon for investing is several years long, you could instead consider investing in equities, or stocks. The upside is that you could potentially earn quite a bit more in the stock market than with a fixed CD rate. But the significant downside is that you can always lose money on equities, including scenarios where you lose most of your investment. So while CDs won't return as much as stocks that are doing well, on the flip side, CDs are guaranteed to grow with no risk of you losing your initial principal.

How To Open a Bank CD

Opening a certificate of deposit generally follows the same steps as opening any new bank account, and the number of steps involved depends on whether you are a new customer of the bank or an established one.

You’ll first need to fill out an application. You can usually do this online, but you can do it in-branch if you’re opening the certificate at a bank that operates in your community. Some banks also allow you to send paper applications via U.S. mail. If you’re not already a customer of the bank, you’ll need to prove your identity with photo identification. And you’ll be presented with various written account terms and disclosures that you’ll need to sign off on.

Just like with a savings or checking account, you’ll be offered various options for making your initial deposit, whether that’s at the time of account opening or slightly later. Most banks offer transfers from another account at that bank, an external transfer from another bank, or a check that’s mailed in or submitted via mobile deposit. Just remember that you can only make one deposit to the CD, so choose your amount carefully.

As soon as you’ve completed the account opening process, it’s smart to put a reminder on your calendar a month or two before the CD will mature. That way you can think ahead about what you want to do with the money when it becomes available, and can also watch your mail for a notice from your bank about how to convey your CD maturity instructions.

Frequently Asked Questions

  • What Is a Bank CD?

    A certificate of deposit account is simply another deposit product available at banks, alongside savings, money market, and checking accounts. But instead of depositing money that you can withdraw from or add to whenever you want, you can generally only make a single initial deposit to a CD. When you open one, you're making an agreement to keep your funds in the account without withdrawals for an established period of time, known as the CD term.

    The trade-off to committing your funds is that you are able to lock in your interest rate. While a savings account rate can change whenever the bank sees fit, opening a CD involves the bank making a written promise on the interest rate it’ll pay you for the duration of the term.

    CDs are typically offered in standard maturity terms from 1 month to 10 years, with the most common terms ranging from 6 months to 5 years. But note that a bank can offer a CD in any term it wants. In fact, sometimes the top national rate is for an odd-term certificate—say, 5 months or 19 months—that is being offered as a limited-time promotion.

  • How Much Do CDs Pay?

    CDs generally pay more than more-liquid savings and money market accounts. That is, in exchange for your commitment to keep the funds in place, the bank will pay you more than it pays savings account holders.

    Banks also typically pay a higher rate for longer commitments, because they mean the bank can count on that money being in place for a longer period of time. So typically, 5-year CDs pay a higher rate than 1-year CDs.

    A higher initial deposit can also sometimes earn a more lucrative return, such as with jumbo CDs requiring $50,000, $100,000, or even $250,000. But many banks don’t offer jumbo tiers, and even when they do, the incremental rate improvement is often fairly small.

    The FDIC calculates a weekly national average for various CD terms across all 4,000-plus FDIC banks. Though the average represents a fairly low yield, it’s fortunately easy to earn many times that by simply doing your homework to find the best current rates.

  • Are Online Bank CDs Safe?

    Traditional banks have been offering CDs for decades. But the banking environment has changed with the advent of the internet. Online banks now pepper the banking landscape, as do internet-only divisions of brick-and-mortar institutions.

    The good news for CD shoppers is that the type of bank offering the CD is of little importance, so long as you verify that it’s FDIC-insured. That’s because internet banks are approved, regulated, and insured in just the same way that physical banks are. So whether you deposit $25,000 in a CD at a local branch of a bank in your community, or in a bank that operates only online with no branches at all, your money is equally protected.

    This is especially fortunate when you learn that online banks are often among the top-paying CD banks. Given their lack of physical branches, internet banks operate with lower overhead and are therefore generally able to pay higher rates to their customers.

  • What If I Need My Money Early?

    You can withdraw your money early, but it will cost you. While it’s true that locking your funds into a CD is the reason you can earn a higher return than with other savings accounts, it’s not impossible to withdraw your money early should you need to. Of course, doing so carries financial consequences, but the option is available if the need arises.

    Every bank is required to have an established early withdrawal penalty policy, and as a potential CD depositor, you should review the policy before you commit to a CD. The most common way banks penalize you is by deducting a certain number of months of interest payments from your balance at the time of early withdrawal. Often, the longer the CD term the more months' worth of interest you'll lose.

    Each bank can set its own policy, and the penalties vary widely. Though some are mild, others are quite onerous, with some policies even potentially reducing your principal. For this reason, it’s critically important to investigate the early withdrawal penalty policy for any bank CD you’re considering, and when comparing two otherwise similar certificates, choose the one with the milder penalty.

  • Why Do Shorter CDs Sometimes Pay More Than Longer Ones?

    The longer you’ve agreed to hold your CD funds on deposit without touching them, the more cost-effective it is for the bank. That’s why, in theory, banks are willing to pay you more for longer commitments than short ones.

    However, many other factors come into play regarding a particular bank’s deposit strategy. The bank must take into account several things: what it expects to happen to national rates in coming months and years, how much in deposit assets it needs to fund the lending side of its business, and how much in certificate balances it already has on hand for different maturities.

    If rates are expected to decline in the future, banks may again offer a better APY on shorter terms, and lower yields on long CDs. That's because they don't want to be stuck paying a higher rate for a lengthy period if the current interest rates are much shorter.

  • Why Don't I See My Bank in Your List?

    You typically won't see big names like Chase, Bank of America, or Wells Fargo in our list of the best high-yield savings accounts. While we do monitor their rates, they usually aren't high enough to make our ranking. That's because large banks typically don't need to attract deposits in the way that smaller institutions do, so their rates tend to be lower. You will sometimes see one of the top 25 U.S. banks in our rankings, such as Citi, BMO, or Ally Bank, as these institutions do occasionally offer competitive high-yield rates.

    Some banks you may be looking for that we track, but that don't make our list, are Marcus by Goldman Sachs, SoFi, Synchrony Bank, CIBC Bank USA, LendingClub, Bread Savings, FNBO Direct, and Citizens Access.

    Still other institutions may not appear in our ranking because they don't meet our qualification criteria, such as by not being available to customers in at least 40 states, significantly limiting the balance on which you can earn the high-yield APY, or not offering what qualifies as a high yield rate. These include U.S. Bank, PNC, Varo, American Airlines Federal Credit Union, Delta Community Credit Union, Boeing Employees' Credit Union, Bethpage Federal Credit Union, and Western Alliance Bank.

  • Financial Institutions We Review

    We researched and reviewed more than 250 banks, credit unions, and financial institutions to find the best CD rates you see above on this list. While we write individual reviews for most, we do not always write reviews for those we would not recommend. Below are the banks, credit unions, and financial institutions we researched along with links to individual company reviews to help you learn more before making a decision:

    1st Source Bank, 5star Bank, ableBanking, Abound Credit Union, Achieva Credit Union, Affinity Federal Credit Union, Affinity Plus Federal Credit Union, Air Force Federal Credit Union, Alabama Credit Union, Allegacy Federal Credit Union, Alliant Credit Union, Ally Bank, Amerant Bank, American 1 Credit Union, American Express, American Heritage Credit Union, Andrews Federal Credit Union, Apple Federal Credit Union, Banco do Brasil Americas, Banesco USA, Bank of Baroda, Bank5 Connect, Bank7, Texas Capital Bank, bankESB (Easthampton Savings Bank), BankUnitedDirect, Barclays, BBVA Bank, Bellco Credit Union, Blue Federal Credit Union, BMO, BMO Alto, BrioDirect, Cadets Federal Credit Union, California Coast Credit Union, Capital One, Capitol Federal Savings Bank, CD Bank, CFG Bank, Chase Bank, Chevron Federal Credit Union, CIBC (Agility Banking), CIT Bank, Citibank, Citizens Access, Citizens Trust Bank, Colorado Federal Savings Bank, Bread Savings, Communitywide Federal Credit Union, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Corporate America Federal Credit Union (CAFCU), Credit Union of Denver, Credit Union of the Rockies, Digital, Federal Credit Union, Discover Bank, DollarSavingsDirect, Dover Federal Credit Union, Dow Credit Union, Evergreen Bank Group, RocklandTrust Bank, Elements Financial, EmigrantDirect.com, Liberty Federal Credit Union, Fidelity Investments, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Financial Credit Union, First Financial Northwest Bank, First Internet Bank, First National Bank of America, First Technology Federal Credit Union, Fort Bragg Federal Credit Union, Garden Savings Federal Credit Union, Georgia Banking Company, Georgia's Own Credit Union, GreenState Credit Union, Greenwood Credit Union, Grow Financial Federal Credit Union, GTE Financial, Gulf Coast Bank & Trust Company, Hanscom Federal Credit Union, Heritage Bank, Hiway Federal Credit Union, Home Loan Investment Bank, Home Savings Bank, Hope Credit Union, HSBC Direct, Hughes Federal Credit Union, Hyperion Bank, Ideal Credit Union, iGObanking, Interior Federal Credit Union, Justice Federal Credit Union, Kinecta Federal Credit Union, KS State Bank, La Capitol Federal Credit Union, Lafayette Federal Credit Union, Lake Michigan Credit Union, Langley Federal Credit Union, Latino Community Credit Union, Limelight Bank, Live Oak Bank, Luther Burbank Savings, MYSB Direct, MAC Federal Credit Union, Main Street Bank, MainStreet Bank, MapleMark Bank, Marcus by Goldman Sachs, Market USA Federal Credit Union, Matadors Community Credit Union, MECU Credit Union, Merrick Bank, Michigan State University Federal Credit Union, Mills42 Federal Credit Union, Mountain America Credit Union, MTC Federal Credit Union, MutualOne Bank, My Banking Direct, My eBanc, My Savings Direct, NASA Federal Credit Union, Nationwide by Axos Bank, Navy Federal Credit Union, nbkc, NexBank, North Country Savings Bank, Northern Bank Direct, Northfield Bank, Northpointe Bank, Nuvision Federal Credit Union, Oklahoma Central Credit Union, One American Bank, OneUnited Bank, Pacific National Bank, Paramount Bank, PARDA Federal Credit Union, Partner Colorado Credit Union, Patelco Credit Union, Pen Air Federal Credit Union, PenFed Credit Union, People's Credit Union, First Service Credit Union, Pinnacle Federal Credit Union, Popular Direct, Premier America Credit Union, Presidential Bank, FSB, Prime Alliance Bank, PSECU (Pennsylvania State Employees Credit Union), Quontic Bank, Quorum Federal Credit Union, Rising Bank, Merrimack Valley Credit Union, Salal Credit Union, Sallie Mae Bank, Santa Clara County Federal Credit Union, Signature Federal Credit Union, Spectrum Credit Union, SRP Federal Credit Union, State Bank of India Chicago, State Bank of India New York, State Bank of Texas, State Department Federal Credit Union, Summit Credit Union, Sun East Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, Teachers Federal Credit Union, Technology Credit Union, The Federal Savings Bank, , EverBank, TotalDirectBank, Transportation Federal Credit Union, TruStone Financial Credit Union, UNIFY Financial Credit Union, Expedition Credit Union, United States Senate Federal Credit Union, United Texas Bank, University Federal Credit Union, US Bank, USAlliance Financial, USPS Federal Credit Union, Velocity Credit Union, VeraBank, Vio Bank, Virtual Bank, WebBank, Webster Bank, Wells Fargo, Western Vista Credit Union, Wings Financial Credit Union, XCEL Federal Credit Union, BankPurely, Umbrella Bank, giantbank.com, CapEd Credit Union, Zeal Credit Union, Finworth, Coastal1 Credit Union, Service Credit Union, National Cooperative Bank, Premier Members Credit Union, Bank of America, Flagstar Bank, 1st MidAmerica Credit Union, INOVA Federal Credit Union, Genisys Credit Union, Ivy Bank, Heartland Credit Union, Luana Savings Bank, Spectra Credit Union, Workers Credit Union, Credit Human, EFCU Financial, Poppy Bank, Credit One Bank, Vibrant Credit Union, CFBank, Department of Commerce Federal Credit Union, Seattle Bank, Crescent Bank, Pima Federal Credit Union, Cross River Bank, USAA, Great River Federal Credit Union, Brilliant Bank, Merchants Bank of Indiana, LendingClub, Chartway Credit Union, First Central Savings Bank, AgFed Credit Union, North American Savings Bank, Pelican State Credit Union, First Community Credit Union, Bask Bank, Skyla Credit Union, SkyOne Federal Credit Union, 3Rivers Federal Credit Union, Utah First Credit Union, Pasadena Federal Credit Union, Magnifi Financial, AloStar, Primis Bank, Farmers Insurance Federal Credit Union, Tampa Bay Federal Credit Union, Veridian Credit Union, Republic Bank, Salem Five Direct, All In Credit Union, Bethpage Federal Credit Union, Self-Help Federal Credit Union, Forbright Bank, Jovia Financial Credit Union, Sun Canyon Bank, Fortera Credit Union, Partners 1st Federal Credit Union, SouthEast Bank, American Bank, Newtek Bank, CBC Federal Credit Union, Vanguard, All America Bank, Amalgamated Bank, Citizens State Bank, AmBoy Direct, Republic Bank of Chicago, Oklahoma Community Credit Union, BluPeak Credit Union, Valley Direct, Bayer Heritage Federal Credit Union, First Harvest Credit Union, Orion Federal Credit Union, Wellby Financial, FedChoice Federal Credit Union, CoVantage Credit Union, Choice First Bank, Sandia Area Federal Credit Union, OMB Bank, Minnequa Works Credit Union, Securityplus Federal Credit Union, Bank of South Texas, T Bank

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, banks must be federally insured by the FDIC, the CD's minimum initial deposit must not exceed $25,000, and any specified maximum deposit cannot be under $5,000.The banks must also be available in at least 40 states. For more about how we choose the best rates, read our full methodology.

Best Bank CD Rates for June 2024 (1)

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.

Related Terms

What Is a Certificate of Deposit (CD) and What Can It Do for You?

A certificate of deposit (CD) is a type of savings account offered by banks and credit unions that pays a fixed interest rate on money held for an agreed upon period of time.

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What Is the American Consumer Council?

Learn how membership in the American Consumer Council can provide access to the benefits of credit union membership.

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Jumbo Certificate of Deposit (CD): What It Is, Pros and Cons

A jumbo certificate of deposit (CD) is a type of savings account with higher balance requirements than a traditional CD. It generally pays a higher interest rate.

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Types of Specialty Certificates of Deposit (CDs) Explained

Specialty CDs offer features such as the ability to add to the principal or avoid early withdrawal fees. Some options offer more flexibility but may have lower rates than standard CDs.

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Add-On CDs: Meaning, Pros and Cons, Example

Add-on CDs are specialty CDs that allow you to add more funds to your CD after the initial deposit. Learn whether an add-on or standard CD is a better choice for you.

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CD Ladder: How to Make One, Benefits, FAQ

A CD ladder is a strategy in which an investor divides a sum of money into equal amounts and invests them in certificates of deposit (CDs) with different maturity dates.

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Best Bank CD Rates for June 2024 (2024)

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