21 best CDs to open for June 2024 (up to 5.30%) (2025)

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.

MoneyWatch: Managing Your Money

By Joshua Rodriguez

Edited By Matt Richardson

/ CBS News

21 best CDs to open for June 2024 (up to 5.30%) (2)

If you want to save money for the future, but don't want to lose buying power to persistent inflation, a certificate of deposit (CD) may be able to help. These accounts typically offer stronger returns than savings accounts in exchange for a willingness to lock your money up for the CDs entire term. While you may be penalized if you access the money in your CD early, opening one of these accounts doesn't mean you have to say goodbye to the liquidity of your savings for years to come.

There are short-term and long-term CDs to choose from. In fact, some popular options only require a three-month savings commitment - making them strong options for housing your money for your short-term savings goals.

But, regardless of the term of the account you open, you'll want to make sure that you earn the highest return possible. And, the financial institutions that offer CDs often use returns as an opportunity to compete for your business. Some will offer better returns than others. So, what are some of the top-paying CDs on the market today? Check out our list for June 2024 below.

Compare the top CDs on the market now.

21 best CDs to open for June 2024 (up to 5.30%)

A CD can help your savings produce stronger returns. But, it's important to choose an account with a competitive APY. Here are leading CD options based on varying maturities:

3-month CD accounts

  • Popular Direct - 5.30% APY: This CD comes with a $10,000 minimum opening deposit. The early withdrawal fee for this account is equal to 89 days of simple interest.
  • America First Credit Union - 5.25% APY: This CD comes with a $500 minimum opening deposit. The early withdrawal fee for this account is equal to 60 days of simple interest with a $5 minimum.
  • First Internet Bank of Indiana - 4.14% APY: This CD comes with a $1,000 minimum opening deposit. The early withdrawal fee for this account is equal to 90 days of simple interest.

Open a CD now before rates like this slip by.

6-month CD accounts

  • Popular Direct - 5.30% APY: This CD comes with a $10,000 minimum opening deposit. The early withdrawal fee for this account is equal to 120 days of simple interest.
  • America First Credit Union - 5.25% APY: This CD comes with a $500 minimum opening deposit. The early withdrawal fee for this account is equal to 60 days of simple interest with a $5 minimum.
  • BMO Alto - 5.15% APY: This CD doesn't have a minimum opening deposit. The early withdrawal fee for this account is equal to 90 days of simple interest.

1-year CD accounts

  • First Internet Bank of Indiana - 5.26% APY: This CD comes with a $1,000 minimum opening deposit. The early withdrawal fee for this account is equal to 180 days of simple interest.
  • America First Credit Union - 5.25% APY: This CD comes with a $500 minimum opening deposit. The early withdrawal fee for this account is equal to 60 days of simple interest with a $5 minimum.
  • Popular Direct - 5.15% APY: This CD comes with a $10,000 minimum opening deposit. The early withdrawal fee for this account is equal to 120 days of simple interest.

18-month CD accounts

  • Lending Club - 5.00% APY: This CD comes with a $2,500 minimum opening deposit. The early withdrawal fee for this account is equal to 180 days of simple interest.
  • First Internet Bank of Indiana - 4.98% APY: This CD comes with a $1,000 minimum opening deposit. The early withdrawal fee for this account is equal to 180 days of simple interest.
  • Popular Direct - 4.80% APY: This CD comes with a $10,000 minimum opening deposit. The early withdrawal fee for this account is equal to 270 days of simple interest.

2-year CD accounts

  • First Internet Bank of Indiana - 4.76% APY: This CD comes with a $1,000 minimum opening deposit. The early withdrawal fee for this account is equal to 360 days of simple interest.
  • Popular Direct - 4.70% APY: This CD comes with a $10,000 minimum opening deposit. The early withdrawal fee for this account is equal to 270 days of simple interest.
  • BMO Alto - 4.65% APY: This CD doesn't have a minimum opening deposit. The early withdrawal fee for this account is equal to 270 days of simple interest.

3-year CD accounts

  • First Internet Bank of Indiana - 4.61% APY: This CD comes with a $1,000 minimum opening deposit. The early withdrawal fee for this account is equal to 360 days of simple interest.
  • BMO Alto - 4.60% APY: This CD doesn't have a minimum opening deposit. The early withdrawal fee for this account is equal to 365 days of simple interest.
  • Popular Direct - 4.55% APY: This CD comes with a $10,000 minimum opening deposit. The early withdrawal fee for this account is equal to 270 days of simple interest.

5-year CD accounts

  • BMO Alto - 4.80% APY: This CD doesn't have a minimum opening deposit. The early withdrawal fee for this account is equal to 545 days of simple interest.
  • First Internet Bank of Indiana - 4.50% APY: This CD comes with a $1,000 minimum opening deposit. The early withdrawal fee for this account is equal to 360 days of simple interest.
  • Schoolsfirst Federal Credit Union - 4.35% APY: This CD comes with a $500 minimum opening deposit. The early withdrawal fee for this account is equal to seven days worth of interest if the withdrawal is made within six calendar days of opening the account. Following the first six calendar days, early withdrawal penalties will be charged at a flat rate of $10. That $10 fee will be waived if you use the money in your account to purchase a home.

Earn more on your savings with a CD today.

The bottom line

There are a wide range of CDs to choose from. As you choose which is best for you, consider the term, APY, minimum deposit and early withdrawal penalty and how these factors might fit in with your overall financial picture. Compare today's leading CD accounts now.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he's not working, he enjoys time with his wife, two kids and two dogs.

21 best CDs to open for June 2024 (up to 5.30%) (2025)

FAQs

21 best CDs to open for June 2024 (up to 5.30%)? ›

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.

What are the highest yielding CDs 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.

Who is offering a 5% CD rate? ›

Highest current CD rates (overall)
Institution nameAPYTerm length
Morgan Stanley5.10%18 months
MYSB Direct5.10%18 months
Bask Bank5.00%18 months
CFG Bank5.00%18 months
31 more rows
4 days ago

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.

Which federal credit union has the highest CD rates? ›

Compare the Best CD Rates
InstitutionRate (APY)Early Withdrawal Penalty
Apple Federal Credit Union5.40%All earned interest (6 months maximum)
NexBank5.40%6 months of interest
Northern Bank Direct5.40%12 months of interest
NASA Federal Credit Union5.40%All earned interest up to 6 months
17 more rows

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%.

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

7% Interest Savings Accounts: What You Need To Know
  • 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.

Should I lock in a CD now or wait? ›

Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

Is there a 6% CD rate? ›

Right now, the only financial institution offering a 6% CD is Financial Partners Credit Union.

Is 5% for a CD good? ›

Is 5% for a CD good? It indicates an expandable section or menu, or sometimes previous / next navigation options. Yes, 5% APY is a good CD rate. Average CD rates only pay around 0.23% to 1.86% APY, depending on the term.

How to avoid tax on CD interest? ›

If the CD is placed in a tax-deferred 401(k) or individual retirement account (IRA), any interest earned on the CD may be exempt from paying taxes in the year it was earned. 2 Instead, you will pay taxes on that money when it is withdrawn from the 401(k) or IRA after you retire.

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

Compare the Best Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
KS State Bank5.30%$100,000
Third Federal Savings & Loan5.25%$100,000
CD Bank5.25%$100,000
Affinity Federal Credit Union5.25%$50,000
11 more rows

What is a Jumbo CD? ›

A jumbo CD is a certificate of deposit that traditionally requires a minimum deposit of $100,000. Some banks and credit unions offer jumbo CDs with lower minimums, such as $25,000. If that sum is far higher than the right amount for you to put into CDs, you can skip these CDs.

Where can I earn 5% on a CD? ›

Best CD rates of July 2024
  • Alliant Credit Union: Earn up to 5.20% APY.
  • Ally Bank®: Earn up to 4.50% APY.
  • Barclays®: Earn up to 5.00% APY.
  • BMO Alto: Earn up to 5.15% APY.
  • Bread Savings™ (formerly Comenity Direct): Earn up to 5.25% APY.
  • LendingClub: Earn up to 5.15% APY.
  • Marcus by Goldman Sachs®: Earn up to 5.10% APY.
Jun 24, 2024

Is a CD better at a bank or credit union? ›

Average CD interest rates at credit unions nationwide are almost an entire percentage point higher than bank CD rates at the time of this writing. In general, credit unions offer better savings account rates than banks. Of course, rates differ among credit unions and among banks.

What is the current rate for CDs at bank of America? ›

FAQ: Bank of America CD Rates

Bank of America's current CD rates range from 0.03% APY for most fixed-term CDs to 5.00% APY for its seven-month featured CD. The bank also offers a one-year flexible CD with penalty-free access to your money at 4.25% APY.

How much does a $10,000 CD make in a year? ›

The national average APY for a one-year CD is 1.74 percent, based on Bankrate research, which shows this average has increased or remained the same since March 2022. If you deposited $10,000 into a one-year CD that pays this national average rate of 1.74 percent, in one year it would be worth a total of around $10,174.

Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)Additional interest rate for senior citizens (% p.a.)
DCB Bank8.050.50
RBL Bank8.000.50
AU Small Finance Bank8.000.50
Induslnd Bank7.990.26-0.50
16 more rows

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Delena Feil

Last Updated:

Views: 6195

Rating: 4.4 / 5 (45 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Delena Feil

Birthday: 1998-08-29

Address: 747 Lubowitz Run, Sidmouth, HI 90646-5543

Phone: +99513241752844

Job: Design Supervisor

Hobby: Digital arts, Lacemaking, Air sports, Running, Scouting, Shooting, Puzzles

Introduction: My name is Delena Feil, I am a clean, splendid, calm, fancy, jolly, bright, faithful person who loves writing and wants to share my knowledge and understanding with you.